For anyone wondering where this idea of your engagement ring needing to cost a quarter of your partner’s salary… *shocker* it came from a 1930s ad campaign from De Beers to encourage customers (namely men buying engagement rings for their fiancées) to spend more money.
And it worked! Almost 100 years later and now we think this is what we’re supposed to spend.
But that can be a heck of a lot of money! So have a real discussion with your partner about this before you even get engaged. Ideally you would have already had a few money talks so you both know what you earn, what debts you have, and what your affordability is.
I’m not saying not to spend however much you want to on a ring, but it’s important to have those open conversations well ahead of time. Or do something different like get an antique ring for a fraction of the cost then spend your money on the wedding, honeymoon, down payment on a home, or pay off some of your debts.
As someone who has been married for 10 years now, I’ve gotta say, no one cares how much your ring costs and no one will ever ask. It literally doesn’t matter in the long run. So choose your own price point.
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#engagementring #weddingbudget #budgetingtips #personalfinance #personalfinancecanada #moneytips #moneyexpert #financialliteracy
