Two weekends ago, I proposed to my girlfriend at the top of Griffith Park. We hiked up the dusty trail which winded to the top overlooking the skyline of Los Angeles. Near the top (the actual observatory was closed for filming that day), I got down on one knee and proposed to her, solidifying a potential at the rest of our lives together.
My Personal Finance Tips for Engagement
Don’t focus on the ring
Wedding Planner
Combining finances
Ring, Ring, Ring
In 2020, the average cost of an engagement ring was around $5,500. That’s $5K spent on an object and not time with your loved one. When shopping for a ring (or telling someone you know helpful tips), be sure to mention the below:
1.) Have the buyer work with different salesmen at different stores. If you can work your way around to different jewelry stores and speak with different associates, you have more bargaining power at the end of the day
2.) Be clear about your budget and push to get the best offer available. At the end of the day, what matters is the foundation of the couple - not some rock on your hand
3.) Consider flash sales at jewelry shops. After returning three weeks after the engagement, I saw the jewelry store had a flash sale that I could have completely taken advantage of had I known
For some additional tips, be sure to buy below the whole number carat size and consider lab-grown diamonds. I’m glad to have bought a lab-grown diamond, helping my wallet and the environment. Win win!
Wedding Planning
Here comes the hard part. Wedding planning can be taxing on the couples wanting to live their happily ever after.
To mitigate the stress, consider hiring a wedding planner in the area you will be getting married. After hearing successful planner stories, planners often find a way to think about the things none of you considered. They’re on the front line of defense and I see them as a perfect use of your money. Be sure to include them in the budget!
Combining Finances
When it comes down to it, you’ll need to talk finances with your significant other at some point.
I’m going into this engagement fully accepting of my fiancée’s dreams and debts. When you move together in life, your finances and assets will be combined for the benefit of the couple. The sum is greater than its parts!
Remember to consider your significant other’s money habits (spending, saving, investing). I have seen married couples lead themselves to ruin because one person could not stop gambling, leading to divorce at the end of the day.
All in all, be sure to remember these tips!
Have a great rest of your week,
Jordan