Let’s be honest. Talking about money can be awkward...even if you’ve been married for years. The cost of an engagement ring can be a large expense, and it might be the first biggest purchase for some couples. Every relationship is different, so every financial talk will be too. But, we’ve put together some helpful tips on how to break the ice and have an open and honest conversation about a very important (and gorgeous) topic.
For The Live-In Couple
Today, it’s not uncommon for couples to start living together before they’re married, or even engaged for that matter. If this is your situation, it would not be far fetched to have already had a few financial discussions -- especially if you bought or are renting a home together. Therefore, discussing your budget for an engagement ring might come naturally. It’s important to talk about a price that you’re both comfortable with and what you’re looking for in a ring. If you don’t know exactly what style, size or shape you want, a budget is a great starting point for a conversation with a diamond expert. Even if you’re planning on shopping for the ring together, like any big purchase, it’s better to have a price point in mind.
For The Traditional
So you both know you’re ready to take that next step, but you want to take the traditional route? Discussing a ring budget could be a bit trickier, however, it’s still just as important. If a birthday gift is the biggest present you’ve given your significant other up to this point, money might not be a topic that you’ve yet breached. If an exact price is too uncomfortable, a ballpark number is a great way to have the conversation without being too forward. It’s also important that your significant other knows what type of ring you’re hoping to receive. Knowing this and your ballpark budget will help more than you might think.
For The Surprise Engagement
If you’re hoping for your engagement to be a complete surprise, a price conversation might seem out of the question. However, there are still ways that you can have this ‘talk’ without giving it away that you’re planning to pop the big question. If you have friends or family members that get engaged around the time you start to think about buying a ring, this is an easy way to discuss engagement ring prices. Ask your significant other their opinion about the ring and how much they think it costs. Not only could this give you tips on what type of ring they like, but you’ll be able to tell by their response about price if it’s a range that they think is too much, too little or just right.
Once you do have an idea of where you want to stay in terms of price, there’s an easy way to save money and even surprise your partner with a bigger or better ring. Buying a lab-grown diamond can be 20-30% less expensive than a mined diamond. With that saved money, you could easily upgrade your diamond or setting, while also saving money. To put this into perspective, you could upgrade a 1.5-carat ring to a 2 carat for the same price that you discussed with your significant other!
Although you might feel uncomfortable bringing up the topic of money, this is great practice to start talking about financials with your partner -- an important skill to have in any serious relationship. Plus, it will help to ensure you get the ring you’ve always been dreaming of!