If you are rich enough to walk into an establishment such as Tiffany’s and spend your pocket change on an expensive engagement ring, then no doubt you have inherited money to burn and squander at will. If on the other hand you are one half of a young couple embarking on a future together you really shouldn’t be spending too much money on an engagement ring, no matter how much you think it will bring tears of joy to your fiancée. This has nothing to do with the fact that you are completely tasteless and will most likely choose a ring she hates, but everything to do with handling your money sensibly.
Jewelry is not one of life’s necessities, and if you are youngish and starting out together the money would far better be spent towards a house deposit or a savings plan. If you consider buying an expensive ring which you can ill afford, or if you resort to borrowing or credit to pay for a ring, it should send out one clear signal to you – that you are not yet financially ready for marriage yet. You are demonstrating a low sense of fiscal priority and a worrying trend of borrowing to pay for what you have failed to save up for.
If your young lady is shallow enough to value a ring on her finger which is paid for by credit then she is not going to have enough financial prudence to keep you in check in the future. With two spendthrifts together you are probably looking at a life of future debt and financial mismanagement.
You will find that lots of young ladies like to acquire expensive engagement rings so they can flash them around and boast to their unengaged friends what a catch they’ve found. The young lady won’t be saying that when the debt collectors are on the doorstep demanding payment for the ring which is now only worth a fifth of the value it was when you paid for it.
Another factor to bear in mind is that if you spend a lot on a ring now whilst you still have other things to prioritise, is the future Mrs You may well start to expect such baubles for anniversaries and birthdays. This could well be a major expense which you could well end up working long hours in a job you hate to pay for. Really you shouldn’t spend too much on an engagement ring as it could have drastic consequences and lead to a life of penury and misery.
By all means buy a nice cheap ring to go with your proposal, but some gaudy costume piece will do fine and you can assure her that after the mortgage is paid for in full, and the funds put aside for the children’s college education, you will buy her a nice engagement ring then. If she turns you down because of this take a big sigh of relief that you have just had a lucky escape from a woman who valued a piece of jewelry more than you.