Valentine’s Day is peak proposal season—but behind every sparkly ring moment is a very unsexy question: can we actually afford this? From outdated “rules” about how much to spend to the pressure of social media-worthy diamonds, it’s easy for couples to start their forever story by overextending their finances.
In this Q&A, Alysha Tse, Wealth Advisor & Associate Portfolio Manager at Richardson Wealth, breaks down how Canadians can budget for an engagement ring in a way that still feels meaningful—without turning a romantic milestone into long-term money stress. —Noa Nichol
Let’s start with the big myth: Is there actually a “three months’ salary” rule for engagement rings—or is that one we can finally retire?
The idea of spending three months’ salary on an engagement ring is more cultural myth than financial guidance. A more helpful rule of thumb is that a ring should feel like a celebration, not a financial stretch. Everyone’s circumstances are different, and broad, one-size-fits-all advice rarely works. What matters far more is whether the purchase fits comfortably within someone’s overall financial picture and long-term goals.
Love vs. logic: When couples are ring shopping, what’s the biggest financial mistake you see them make in the name of romance?
Often, the biggest mistake happens before ring shopping even begins, avoiding early conversations about money. Without transparency, financial stress can surface later, not just around the ring, but also the wedding, housing decisions, and lifestyle choices. Another common pitfall is overspending to meet perceived expectations rather than shared priorities. Treating the ring purely as an emotional decision, without considering the broader financial context, can set couples back from their longer-term goals.
What should a healthy engagement ring budget really be based on—income, savings, debt, future plans, or all of the above?
All of the above. A healthy ring budget reflects income stability, available savings, and existing financial obligations. It should also take into account near-term priorities such as buying a home, travel, or family planning. Ultimately, the right number is one that both partners feel comfortable with both financially and emotionally.
If someone has student loans or credit card debt, should their engagement ring budget change, and how do you recommend prioritizing?
Yes, especially when high-interest debt like credit cards or unsecured lines of credit is involved. Financing a ring at a high interest rate means paying far more than the purchase price over time. Carrying debt changes both the financial and emotional impact of a large purchase. In many cases, prioritizing debt reduction and long-term financial health leads to stronger outcomes for couples overall.
Culture plays a huge role in ring expectations. How can couples balance family pressure or social norms with what actually makes financial sense for them?
Cultural traditions and family expectations can be deeply meaningful and deserve respect. At the same time, couples benefit from making decisions that reflect their own financial realities and shared values. Open communication and joint decision-making help create balance, allowing couples to honour tradition while still making responsible, personalized choices.
Is financing a ring ever a smart move, or is paying interest on a symbol of love a red flag?
Financing can make sense in limited situations, such as when low- or no-interest options are available and there’s a clear, realistic repayment plan. However, high-interest financing should be approached with caution. The goal is to start a partnership feeling intentional and secure, not financially pressured from the outset.
How can couples plan ahead—especially if they know a proposal is coming—without spoiling the surprise or stressing their budget?
Couples can discuss general budget ranges or comfort levels without getting into specific details. Planning ahead reduces stress, supports better decision-making, and helps manage expectations. Ideally, the surprise should be the moment itself, not the financial consequences afterward.
Do you think ring prices and expectations are shifting as more couples prioritize experiences, travel, or buying a home together over traditional luxury purchases?
Yes. Many couples are placing greater value on experiences, flexibility, and long-term financial security. Engagement rings are becoming more personal and less about status, reflecting a broader shift toward intentional and values-driven financial choices.
What advice do you have for couples who want something meaningful but less expensive—are there smarter alternatives to going bigger or flashier?
Meaning often comes from intention rather than size or price. Lab-grown diamonds, vintage rings, or family heirlooms can be thoughtful and financially savvy options. Some couples also choose to start modestly and revisit the decision later, upgrading, or redesigning rings at milestone anniversaries when their financial situation has evolved.
Bottom line: What’s the most financially attractive thing an engagement ring can represent, and what should couples remember long after the proposal photos are posted?
An engagement ring is often one of the first shared financial decisions a couple makes, and how that decision is made matters more than the dollar amount. Strong partnerships are built on communication, shared priorities, and mutual respect -not the cost of a ring.
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