The whole discussion about engagement rings started last night, when I saw this post on Savvy Sugar about the average cost of an engagement ring for 2010. Their number? $5,392. This comes from a big list of average wedding expenses compiled by theknot.com and WeddingChannel.com. I feel like that list could fuel a few more posts on its own! We could touch on the individual costs mentioned, or even how they compiled and analyzed the data. Either way, I was blown away. You know I’m not keen on the idea of spending a lot on a wedding. To be honest, I have no good concept of how much engagement rings cost. But that number seemed really high.
So, I shared that article on Google Reader, which also means it showed up in my Google Buzz. And then so many friends started commenting. Some friends thought the number looked about right, some too high, some too low. We’d heard the rule of thumb being 1 month’s salary, 3 months’ salary, or Michael Scott’s confused 3 years in “The Office”.
There was a discussion about not wanting “blood diamonds”, and one friend suggested conflict-free diamonds that he bought for his fiancée through Brilliant Earth.
The discussion was among single, coupled/dating, engaged, and married people. We didn’t come to one solid conclusion on what you should spend. Rather, we seemed to agree that it is up to the individual on what to spend. Some would rather spend the money on a honeymoon or a house. A nice ring is important to some people.
It really was quite the discussion. I think that’s the longest discussion I’ve seen among my friends on Buzz. Definitely the longest non-politics discussion!
So, how much would you spend (or did you spend)? Do you think an expensive ring is an important part of the wedding and/or the marriage? Would you skip the diamond all together and opt for a nontraditional engagement ring (like those discussed at Well Heeled Blog?)