I have mentioned before how much I love the site Daily Worth, a personal finance site for women. A few days ago a writer added the post, “On Not Springing for an Engagement Ring.” She broke down all the other things a couple could buy if they decided not to buy a $5,000 engagement ring. For instance, they could 100 nights of paying a babysitter $50 for nights out or he could buy his wife $10 bouquets of flowers once a week for 10 years!
My own little diamond ring and wedding band is pictured in this post. The set is very simple. My husband and I got married 11.5 years ago fresh out of college and broke as can be. I think my set–the ring and the band–cost under $500. My husband asked me once if, when we reached a milestone engagement and were financially secure, I would like a different, flashier ring.
I love my simple ring set and have never cared much for the big rocks some women sport. Not that there is anything wrong with a big ring; it just isn’t my style. I don’t wear necklaces or earrings, and I like my wedding ring just as it is.
While the Daily Worth post was interesting, as always the comments were even more interesting. Many readers extolled the virtues of frugal rings including one woman whose fiance bought her a ring from a pawn shop for $25. Another reader went as far as to say that perhaps people shouldn’t get married if they couldn’t afford a big ring.
According to People Magazine, in 2006, the average wedding band cost $650, and the average engagement ring cost $2,100. Many jewelers recommend that an engagement ring cost 3 times the man’s monthly income. As Calla Gold Jewelers in Santa Barbara, California recently said, “The engagement ring is a symbol to the rest of the world not only that you love the woman, but also that the man is economically successful” (Seattle Times).
In our modern age where 22% of women earn more than their husbands (Slate) and many men are glad to be stay at home dads, do we really need a ring to demonstrate how much the man makes?
What do you think? Was your diamond expensive, or do you prefer a smaller, less costly ring?
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