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Engagement Ring Cost: Should You Split the Bill?

Last updated on July 22, 2020

Should you split the cost of the engagement ring? To answer this question, let’s look back a few years. 


Fifty years ago, most couples planned on the husband working full-time and the wife caring for the home and family. According to 2016 census data, in about half of Australian families, both spouses are now employed.


The massive change in dynamics leads to all kinds of questions concerning the division of household chores and childcare. Couples also have to figure out how to manage their money, divide expenses and plan for their futures. These kinds of questions affect so many issues. And if you’re thinking about getting married, you’ve probably started asking questions about how to pay for the wedding and how to divide expenses.


When it comes to weddings, tradition can be embraced or thrown out the window. Or, as is more likely, you might choose to adopt some customs and ignore others. Which traditions you keep is entirely up to you.


In this article, we look at the question of whether or not couples should split the bill for the engagement ring. Ultimately, each couple must make this decision for themselves. Hopefully, the following guidance will help you decide.


In Favour of Splitting the Bill

If you’re leaning toward dividing the expense of the engagement ring, consider the following reasons.


Keeping Things 50/50

Some couples plan to share financial burdens 50/50. If this is the case for you, splitting the bill for wedding jewellery might make the most sense. You’ll start your financial plans with consistency and enter marriage without anyone feeling burdened or indebted. Some women don’t want their partners to experience the financial stress of purchasing a big-ticket item all alone. If this sounds familiar, an even split might be the best solution.


Avoiding Debt

In some couples, the man is currently financially strapped due to changing employment, education or business investments, but the woman enjoys a more financially stable situation. Instead of the future husband incurring debt for the ring, the couple might consider splitting the cost. After all, their mutual financial stability will soon be a concern for all involved.


Particular Tastes

If the bride has her heart set on a ring that happens to be very expensive, it might make sense to split the bill. Again, splitting the bill may assuage guilt the bride might feel if she has openly talked about wanting a particularly pricey ring.


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Against Splitting the Bill

But maybe splitting the bill doesn’t feel right to you? Check out the following reasons some people choose the old-fashioned way of purchasing an engagement ring.


Sticking with Tradition

There’s something about weddings that brings out the traditionalist in most people. Even if we’ve seldom dressed up or cared about printed invitations, all the old traditions seem to come out as soon as the wedding date is set. If you want to embrace old customs, then don’t split the bill. 


Creating a Surprise

Some guys love the drama of a well-planned surprise. It’s challenging to produce a surprise when the future bride knows all about the ring and has even helped with the purchase. So if you’d like to pop the question with pizazz, forget splitting the cost. Mum’s the word.


Keeping it Modest

It’s true that if you combine your cash, you’ll be able to afford more, but some couples want to start their marriages off with more stable financial footings. With so many gorgeous engagement ring styles out there, most people find that the hard part is choosing from among so many great options, not in finding something affordable. By confining your purchase to the budget requirements of just one person, you keep your spending under control. And when you can start your marriage with a more modest spending outlook, you’ll keep your stress lower and your expectations in check.



A Few More Thoughts

As you embark on your engagement ring selection process, keep the following tips in mind.

  1. Create a Budget. Even if you decide to split the ring’s cost, start with a budget in mind. It will help you to narrow your options and shop without the stress of creating untenable financial demands on your new household.
  2. Research Your Options. Before you get too far in the shopping process, make some fundamental decisions about the kind of engagement ring you’re looking for. Do you prefer diamonds or coloured gemstones? Which metals do you favour? Is it important to you that you only purchase ethically sourced diamonds
  3. Protect Your Purchase. Whether you split the cost or purchase it as a surprise, you’ll need to protect the engagement ring from loss, theft and damage. Specialised ring insurance lets you and your partner enjoy that gorgeous ring every day, whether you’re at home, at work or even travelling overseas.

To learn more about our value ring insurance, contact us at JewelCover, or check out our prices with an instant, online quote.


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