This Is How Much Brits Are Saving For An Engagement Ring

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It's news to absolutely no one that getting married can be horrendously expensive. It's been reported that the average cost of a British couple's wedding could be as much as £30,000.
Hidden and semi-hidden expenses can mount up so much that one Money Diaries user told us that her wedding had ended up costing twice her budget.
Now it's been estimated that British couples are aiming to save an average of £1,902 for the all-important engagement ring, a pre-marital tradition that dates back as far as Ancient Rome.
That's according to the team at saving app Chip, who analysed how much their users are trying to set aside for their engagement rings.
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It takes Chip users an average of 102 days to reach their engagement ring saving goal, which is definitely some impressive saving.
The £1,902 average saving goal represents a slight rise from 2019, when Chip users were aiming to save an average of £1,800 for an engagement ring. Back in 2018, the average saving goal was quite a lot smaller at £1,471.
Although February is home to Valentine's Day and Leap Day, the extra day which occurs once every four years, historically seen as the one time when women "can" propose to their male partners, Chip found that September is actually the most popular month to become engaged.
“I think it’s no surprise that February is no longer the most popular month for proposals," said the app's CEO Simon Rabin. "Not only are more people turning their backs on the commercialisation of Valentine’s Day, but our data also suggests that we’ll see very few people sticking with the Leap Year tradition this weekend."
Rabin also said he is glad that Chip gives people "the tools to save up for something so important and monumental - whenever it feels right for them, and not when the tradition tells them to do so".

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