Should you split the cost of an engagement ring
When it comes to the check, it makes sense to split the bill for dinner or alternate paying for movie-outings between you and your boyfriend or girlfriend. But when it comes to splitting the cost of your engagement ring is the choice just as obvious? The resounding answer is yes.
Currently trending among the newly engaged is the decision to split the cost of the engagement ring between both spouses-to-be. Over the last several years the topic has been hotly debated, and more and more engaged folks are choosing to split the costs of the engagement ring and wedding bands rather than putting the financial responsibility solely on one person (typically the groom).
Traditionalists may sneer at the concept of letting the bride-to-be share the cost of her engagement ring or wedding band. However, the times they are a-changing. By putting all of the financial responsibility for the engagement ring on one spouse, you’re adhering to antiquated notions of propriety which could ultimately, and unnecessarily, cause resentment later on down the line. Choosing to split the cost of the engagement ring (or bands, should the groom also be interested in a ring of his own) seems to be the more financially practical and emotionally sensitive approach.
So should you split the cost of the engagement ring? Overwhelmingly, we think yes! Making financial decisions together from the beginning of your marriage will set you up for a successful financial future and allow both spouses to be involved in this important decision.
However, there are certain scenarios in which it becomes more acceptable to leave the financial responsibilities to one of the future spouses, namely when one spouse makes significantly more than the other. Should you or the person you are marrying happen to be independently wealthy, then by all means, it makes sense for one person to foot the bill, as long as it has been discussed and both parties are comfortable with this arrangement.
On the other hand, if both parties are starting out in their professional ventures, then splitting the cost of the engagement ring is not only the more practical option, but it is more considerate as well. Understanding that both you and your future spouse are living on a fixed income that may or may not change over time, but at the moment doesn’t allow for lavish expenses that were not accounted for or planned months (or possibly even years) ahead of time, makes the splitting of the cost of the engagement ring a little more manageable. It also allows for greater budget flexibility, whereas budget may be more limited in a situation where one individual is carrying the entire cost of the engagement ring.
Ultimately, the choice needs to be discussed; but remember if you choose to split the cost that you are not alone in your decision. Also, what is more romantic than sharing? Remember folks, sharing is caring!