Many among today’s younger generation are realising the importance of managing their finances early on. So, when it comes to marriage, most of them are willing to say yes but for a lesser cost.
A report says two-thirds of millennials and generation Z are only willing to spend less than $2,500 on engagement rings. Although it’s still a bit high, this is about half of what most people are willing to pay. The average price of an engagement ring in the country costs at least $5,680 nowadays.
Meanwhile, millennials are willing to pay for their wedding instead of asking for help from their parents. It’s a significant relief for most parents, especially when 93% of them expect that they’ll be covering a few expenses on their children’s wedding.
Financial awareness among the younger generation
One of the most crucial things that people notice about the younger generation is that they plan differently compared to most married individuals. Instead of spending their money on engagement rings, they’d rather focus on other important things.
Most of the people who belong in the younger generation would like to save for their retirement, for one. Meanwhile, others would instead save up for a house and land in Melbourne’s West within three years.
How much you should genuinely spend
It’s a dilemma that every couple will have to face. Traditionally, people would say to save at least three months of your salary on an engagement ring. But given the current market, spending that much is no longer practical. But how much do you need to spend on an engagement ring?
Instead of following the old rule, couples should follow the two-month rule. Although your partner would love an expensive one, modern brides would instead choose unique gemstones. Instead of spending much of your money on a piece of jewellery, it’s only practical to focus on crucial things such as your savings and paying off debt.
The secret to saving money for an engagement ring
Everyone knows how expensive engagement rings are. That’s why it’s crucial to save as much as you can to prepare for it. One way to do so is by being strategic with the setting. If you don’t have enough budget for a large stone, then it’s best to have an alternative option.
You can choose a ring that has a halo setting to create an illusion of supplementary carats. You can also choose a minimal prong setting so that you can highlight the precious stone. It will also make the ring maintenance much more comfortable since the stone is visible. But make sure to get the platinum prong to ensure that it’s strong enough to keep the precious stone in place.
Marriage is not about the ring that you have on your finger. It’s about companionship and the love that you have for one another. So, choose an amount that you feel comfortable and stick with it. An engagement ring should be a symbol of your love and not the money that you have in your bank.