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    Men are spending way less on engagement rings

    Men are spending significantly less on engagement rings. Photo by ThinkstockMen are spending significantly less on engagement rings. Photo by Thinkstock

    Engagement rings are supposed to be the ultimate symbol of love, but during this recession men can't afford the giant rocks they once could. A new study by home insurance firm LV found that while many guys used to spend three months' salary on a ring, now two thirds of grooms are spending only about three weeks' salary. So while men used to cough up $8,000 on a ring the majority are now spending around $2,000.

    Related Link: 15 things you can't do once you're married

    LV’s managing director, John O’Roarke, told the Daily Mail, ‘It’s not surprising to see men tightening their belts in these tough economic times. Regardless of how much a ring is worth, it is still a treasured possession.’

    Some other interesting info from the study:

    • Over 50% of the women surveyed had no idea how much their engagement ring cost, but figured their man spent at least one month's salary
    • 40% of men refused to tell how much they spent on their engagement rings
    • 3% confessed they lied about spending more than they really did.

    Related Link: Woman wears 127-year-old wedding dress

    When people are struggling financially it's safe to say there are more important things to spend money on than a big diamond, but many women have at least some expectations for their engagement rings.


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    Kim Kardashian's wedding: The aftermath

    Store refuses to sell wedding dress to lesbian bride

    A new surprising relationship predictor

     

    18 comments

    • libralady75  •  8 months ago
      $8000 or $2000 is way too much for a piece of metal and a rock stuck together. I mean really, why not use that money on paying off debts or a down payment (or at least toward the total down payment). I spent under $250 for my diamond ring (10k gold and .10 ctw diamond) and it's as beautiful as the more expensive ones. the reality is is that people are wanting to show off for their wedding, having 300 people and all that stuff, what a waste! I could put the high priced amounts (10,000$$) to something more useful. anyone to waste over $1000 for a ring is nuts.
      • allie 8 months ago
        .1 cttw? sorry but thats tiny. if my husband had got me something that small I would have read this in it "well heres a ring and see theres even a little diamond on it, by the way I know I spend more than that on your watch for christmas but hey this whole getting engaged than married thing isnt worth anything to me" as it is he bought me a 2.5 cttw (3 stone) D color set in 18k white gold total cost I dont know for sure but I do know that he showed the world that marrying me was worth spending a paycheck or two on.
    • Dr. T  •  8 months ago
      I spent 8 months salary.... Cheap asses
      • Girl 8 months ago
        Sounds like someone's overcompensating....
      • mick_ilhenney 8 months ago
        8 months salary won't buy you much when you work as a Wal-Mart greeter.
    • mctool123  •  8 months ago
      Women, stand up and unite and stop desiring this shit.

      For all the complaining about blood diamonds and this and that, who wears all the jewelry?
    • chezchurch  •  8 months ago
      When we got engaged, my husbands "friends" told him he had to spend three months salary on an engagement ring, My response was "No you don't! I'd rather go to Hawaii!" So - he bought me a lovely sapphire ring and a Hawaiian Honeymoon. After almost 20 years of marriage we still have the photographs and wonderful memories of Hawaii. I would not wear an expensive ring as I would be scared of losing it.
    • neurocognitive  •  8 months ago
      I enjoyed my wedding, and we kept it reasonable, but the whole wedding industry is a scam desinged to rip people off with stupid over the top expenditures. They day is so hyped up in girls minds that when they become women, its expected that they should have something crazy.

      The rings are a part of this. 3 months salary for a ring? Be serious!
    • A Yahoo! User  •  8 months ago
      Who cares how much a ring is worth? I kind of find the Cracker Jack ring romantic. It's not the ring that matters it's that the guy is asking you to spend the rest of your life with him. Personally, I'd prefer to forgo the ring entirely and spend the money on a honeymoon or something we can enjoy together. Besides, diamond mining is unethical and detrimental to the environment.
    • Carissa  •  8 months ago
      $8,000 is a bit much for a ring. Rather hear that he spent a while looking for the "right ring." A big stone doesn't look nice. The engagement ring doesn't have to be a diamond. The engagement ring is a marketing ploy by the jewelry industry?
    • Girl  •  8 months ago
      I think telling a man how much money he needs to spend to tell a woman he loves her is insane. if my man spent 3 months salary on a ring for me I'd slap him silly! and what about women? since women now usually have thier own incomes and the old fashioned ways are gone i think women should be buying something for thier man. See how much they like spending 3 months salary. When my boyfriend proposes I'll be buying him something of similar value as an engagement present. he wouldn't want a ring, but a guitar or a watch or something just seems fair to me.
    • Mr snow  •  8 months ago
      The thought of people slaving away digging for these things make me cringe. " Here honey I bought you 2500 dollar ring that some poor boy or girl dug out of the friund and probably only got a few dollars for their troubles".
      What exactly do diamonds do anyways? Even the non -essential items people use day to day , have a purpose.
      • burgerbarn 8 months ago
        you know there are legit diamond mines out there..not all come from blood...
      • catselale 8 months ago
        http://www.cracked.com/article_19367_6-companies-that-rigged-game-and-changed-world.html answers the why do we buy diamonsd question.
      • allie 8 months ago
        we buy because they are pretty, they sparkle they are durable and they coordinate with everything in my closet (good as I wear it everyday)
    • cher  •  8 months ago
      I wouldn't expect a $8000 ring! That is insane! ...Not even a 1000$...leave that for the honeymoon!
      • Becky Clark 8 months ago
        The honeymoon? How about leaving it for life: a home, retirement, their future child's tuition?
      • allie 8 months ago
        is everyone so broke that $8k would mean no home, no retirement and no college fund for junior? really people $8000 is not a big number, you need way more thane that for a downpayment on the average house, you spend more than that on a car, and there is no way you can retire on only $8k. we spend $5000 on the wedding $8000 on the honeymoon, $15,000 on the downpayment on our house (2 weeks before the wedding) and $4000 on the downpayment on my car (1month after the wedding)
        oh, and retirement and juniors education is taken care of
    • J  •  8 months ago
      If a woman only cares about how much a ring costs then she isn't worth it anyway. It is a stupid tradition, I think.
    • Lindy Vegas  •  8 months ago
      I just got engaged 2 weeks ago and my future husband decided to let me pick out my own ring. we went shopping together and i chose the one i wanted. I was able to find a stunning beautiful ring for 1500 bucks and we did not have to start our life together in debt.
    • Kathy  •  8 months ago
      I would be unhappy with a ring that cost over $500.00. It's a tiny piece of jewellery and the thought behind it means so much more than how much a little rock can sparkle. Most of the rings I have ever seen that are priced over $1000.00 are not that nice and a huge rock just seems unnecessary.
    • great_white_...  •  8 months ago
      I just got engaged recently, and have to admit, I would be a little upset if my guy had spent 8K or something ridiculous on a ring. With everything else going on in the world today, buying a huge ring seems somewhat trivial. It won't make you any more in love, or any more married for that matter. If you love the guy, it shouldn't matter what size the ring is. As long as his choice shows that he got something he thought you would actually like. No one should be stuck with a ring that they hate. You have to wear it forever (or in today's society, at least six months.....)
    • Shooter  •  9 months ago
      Historically, buying the ring is the groom’s job, and his ability to save two month’s salary—a standard invented in the first half of the twentieth century by the jewelry industry—signifies his prowess as a provider. Since most brides have their own incomes these days, this tradition doesn’t make much sense, but we haven’t scrapped it.
      • A Yahoo! User 9 months ago
        The diamond engagement ring was a marketing ploy by De Beers to sell more diamonds. The whole industry is corrupt, and unethical. We should no better.
      • MZT 8 months ago
        ....except Michael Scott in "The Office", who thought they said two YEARS salary....hahaha....
    • greg  •  8 months ago
      I always thought it was about the marriage, not the cost of the ring.
    • Sarah  •  8 months ago
      For $2000 at Mumbai or at Dubai, you will buy the equivalent of a $10,000 ring, but then the poor jeweler here will have to suffer. Oh well !
    • wayne  •  8 months ago
      I was surprised by how many women said a $8000 dollar was ridiculous but not one of them suggested the price of a ring before he bought it or offered to take it back to exchange for one he could actually afford
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