The Money-Guy Show family has been extremely busy lately! We’re excited to celebrate a number of big life milestones with the leaders of Tightwad Nation.
This show is a bit different, as Bo is busy welcoming Baby Hanson to his family. Gabe joins the show today as a guest co-host. He’s another UGA grad and soon-to-be CFP® — and he just got engaged!
To celebrate these big events in the lives of our Money-Guy family, this show goes through some great information, details, and resources on finding the right engagement ring and getting started with your wedding planning. Even if you’re already married, Brian and Gabe take a deep dive into this subject and provide a lot of knowledge that you could pass along to other friends and family members who have yet to hit this milestone.
Fascinating Facts on Engagements — and the Rings
- 61% of guys consult with girlfriends before buying the ring
- 27% of brides call best friends after proposal
- 2,000 couples get engaged at Disney World
- 14.7 months average length of engagement, and December is the most popular month
- 37% of brides completely surprised
When you’re ready to go shopping for a ring, make sure you read this article from 1982 (yes, 1982!). It’s from the Atlantic, called Have You Ever Tried to Sell a Diamond, and it goes well beyond just a article. It’s a well-researched, informative essay on this subject.
The article helps you understand the true value of diamonds — and how diamonds came to be the popular choice among couples getting engaged. There’s nothing wrong with buying a diamond ring if that’s your preference, but know that most rings aren’t investments.
How Much Should You Spend on an Engagement Ring?
Consumer driven websites have higher averages and rules of thumbs. Other, less biased sites will be lower. Common “rules” state that you can spend 1 to 3 months’ worth of salary on an engagement ring.
But the rule you probably need to follow? Forget the rules. Brian says the ring should be timeless, and you don’t have to spend more money than you can truly afford. It’s up to the person buying to determine what makes sense on the financial side.
There’s another interesting article from The Huffington Post makes connections between more expensive rings and a higher chance of divorce. The article also states that women whose weddings cost $20,000 or more were 3 and ½ times more likely to get divorced.
Getting a Good Deal on an Engagement Ring
That being said, Gabe explains that you can do some legwork and get a great deal on a ring. First, you need to make sure you’re financially prepared to get engaged and married. You need a firm financial foundation before you jump into .
Here are some more of Gabe’s tips:
- Budget, budget, budget!
- Understand what your significant other wants, and see where that falls into your budget. If it doesn’t, consider how you can lower the cost or generate more money to
- Know the diamond quality scales
- Familiarize yourself with the “5 Cs” of diamonds
- Don’t forget about the metal used for the setting of the ring.
Be sure to tune into the show today to pick up one big piece of knowledge Gabe shares to save more money on an engagement ring — he and Brian explain an important action he took before buying.
You’ll also want to listen in to the very end to grab a list of apps and tools that can help you stay financially on track through the wedding planning process!