• Danny Lee, CFP®, CRPC®

Thinking of Proposing 💍? Read This!

Updated: Mar 17

Planning on proposing to you forever 😍? That's so exciting, and congratulations! Before getting on one knee, you need to buy an engagement ring, if that what she wants, of course. Remember, getting engaged and planning for the wedding can be a substantial financial commitment, so be prepared financially and mentally. There is no written rule (more of an unwritten rule) stating you need to have an engagement ring to get engaged; love is love, but I'll let you hash that out with your significant other.

1. Have the discussion (or let a friend)

Suppose your significant other has not already hinted at the idea of getting married to your beautiful soul and expressed the type of ring she one day hopes to get. In that case, she likely has with her girlfriends. What else do they talk about during their bottomless mimosa brunch dates? Ask one of her best friends (one that can keep a secret!) and get some ideas on what she is looking for and when. If not, ask her yourself and let her show you her Pinterest vision board.

2. Have a budget and start saving

We all have heard the old saying, "three months of your income is how much you should spend on an engagement ring." Don't let this old saying dictate your budget. Have a budget you feel comfortable with and, most importantly, an amount you can afford. Don't let "status" get in the way, or you'll go broke. You can always upgrade her engagement ring in the future. The size of the diamond doesn't represent how much you love her (cute). After you determine your budget start saving. You may have to change some spending habits but remember why you're doing this - for love! ❤️

3. Do your research and shop around

Now that you have an idea on style and you have started to save, the search process begins. There are many factors of an engagement ring 💍 to consider; the shape of a diamond, the diamond's quality, the diamond's size (higher the karats, the more expensive), and the ring's color. Are you overwhelmed? I was. This was even before looking at the price tag 💳. There are excellent resources available online on how diamonds are rated (Pro tip: research this before going shopping. You want the jeweler to think you've done this before.). If you prefer to see it in person, go see a jeweler. (Another pro tip: don't let the jeweler convince you to buy the ring; shop around.) Maybe ask a friend that recently got engaged and ask them where they purchased their ring. Diamond wholesalers usually offer better pricing than retail stores (e.g., Shane Jewelers, Kay, Jared's). Costco (wholesaler) has some great quality rings and diamonds, and I suggest checking out their selection.

4. Purchase the 💍

Now that you have reached your savings goal and you're ready for the next step in live, go buy it and make sure you hide 👀 it so she can't find it and don't start to act weird! Okay, let's talk money really quickly - if your jeweler offers financing options, e.g., zero-interest (0%) loan for 12 months and if you're someone good with money, look further into this offer and see if you may benefit from deferring the lump sum payment. Be smart!


Throughout this process, I hope you were thinking about some ideas on how to propose. Be creative! This is something you both will reflect back on forever, so you want to make sure it memorable and unique. Think outside the box! Good Luck, and once again, congratulation to both of you!


Danny Lee

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