diamond engagement ring

Don't want to take out loans on a diamond engagement ring? Do the names Cartier, Tiffany's or Harry Winston bring you to the brink of cardiac arrest? Overwhelmed that you have to give both a diamond engagement ring and a diamond wedding band? If you have a fiancé who doesn't have such high expectations, think Target.

The diamond engagement ring ranges from $199.00 for 1/5 carat all the way to $3,999.99 for 1 1/3 carat.  How about diamond stud earrings? The is $79.99 for 1/5 carat and the highest price can go all the way up to $1,699 for 1 carat.

According to CNN Money in 2005, only 1/4th of couples had the bride's parents pay for the actual wedding. Nearly 1/3rd forgo the tradition and foot the bill themselves. Beware; the diamond engagement ring could become a large portion of wedding costs. Let's be realistic here: with roughly 50% of all marriages failing, much of this debt may continue even after the marriage itself is over. Marriage is certainly a monetary risk.

The average cost of a wedding is $26,327, fast approaching $30,000. The average cost of the diamond engagement ring is $4,146. That's nearly 16% of the entire wedding cost! Imagine, getting a diamond engagement ring for $199.00. Your potential overall wedding cost lower to $22,320. There are certainly ways of lowering the cost of a wedding if you have a cost effective mind.

Is it really worth having around an average yearly salary of a bachelor's degree to spend on a wedding? Is it worth it to have almost two months of that hard earned salary spent towards a diamond engagement ring?