They say someone proposing a marriage should spend three months salary on an engagement ring.
In Australia, according to the average monthly income of Australian males, that would be between $15,000 and $20,000.
I’m not quite convinced Australian men are dedicated to following this tradition. (That would be a lot of very expensive hands walking about.)
Instead, the average Australian male is spending around $5,000 for an engagement ring. That’s still a lot of money sitting on one small finger.
Yes, yes, I understand the sentiment behind a diamond ring. That diamonds are forever. That most girls have dreamed about the grand gesture of a wedding proposal, and a shiny, sparkly forever-stone to go along with it.
But what else this money might be spent on?
A friend of mine is musical. She really, really wanted a bass guitar. She knew her boyfriend of seven years wanted to propose. She asked for the guitar instead of the ring. He loved the idea. Now, they are married. Have matching wedding bands. And a baby is on the way. She is happier than ever with her bass guitar and her husband and her little family-to-be.
There are other options too.
You could open a travel fund, or book two around-the-world tickets, with the money put aside for an engagement ring. The memories you will make while travelling, plus the way it will
test strengthen you as a couple, will be invaluable in the long-run.
Maybe you both love hiking, or surfing or skiing. You could spend the money on equipment you will use for these adventures. Keeping you both doing what you most love to do, for years to come… Together. Now that is investment.