Jason knew Miriam was the one from the day they met. Still, he took his time and thought about his feelings thoroughly before making this responsible decision, which, in his opinion, should be taken once and for the rest of his life. When he realized Miriam was the love of his life, he started to think about the proposal and calculate the associated costs. As Jason always knew his girlfriend wanted a luxury experience when it came to engagement and marriage (her Pinterest boards helped him much during this mission), the figures quickly exceeded $5,000 once only the engagement ring was added up.
However, time was on his side. Jason had about six months until the perfect moment, so he developed a money-saving strategy that worked perfectly for his situation and would keep his plans secret from Miriam. Below, Jason shares his tips and provides additional advice on how to adapt them to your current financial shape.
Major Proposal Expenses to Account for
Here is a cost breakdown to help you better understand what to expect.
Engagement Ring
According to the Knot 2024 Jewelry & Engagement study, the average cost of an engagement ring in the US was $5,200. While the price continues to fall each year, it’s still one of the major expense categories couples face when it comes to proposals.
Location
Location costs range from free for public areas to those costing hundreds or thousands of dollars. Jason was the one who decided to propose at the Rockefeller Center ice rink, making the experience quite expensive. The cost of the VIP package was around $1,650 for a 30-minute private, exclusive access.
Venue Decor
If you choose to propose somewhere in a private space (house, hotel, restaurant, etc.), you should account for an extra cost for decor. You can expect to pay from $200 to $600 for a DIY setup and over $1,500 for professional proposal styling services.
Proposal Planner
While being optional, a proposal planner is an individual who is tailored to the experience and will help you arrange everything to make the big moment truly special. However, hiring a professional may cost you around $2,000, making it the expense category many couples skip to save money on other necessities.
Photography
Most couples now hire a professional photographer to capture this special moment. The cost may be included in a package if you decide to turn to proposal planners, but if you arrange it yourself, get ready to pay an extra $500–$600 for a standard, 1-hour session.
How to Budget for the Big “Yes” without Letting Your Partner Know
Budgeting is one of the most crucial and difficult parts. If you share your finances with a partner, saving money for a marriage proposal secretly may become a real problem. However, Jason was smart enough to come up with several ways to do this. Below are a few tips you can use.
Determine How Much You Can Save Monthly
Each of us has our own financial situation as a starting point. Therefore, it’s important to rely on your current financial shape when planning a proposal. To get started, calculate your monthly expenses, including rent, utilities, groceries, service subscriptions, credit card payments, and other mandatory costs. Then, list all your income sources and see what you have left.
As Jason wanted to keep the surprise intact and save the needed amount without any visible impact on their monthly budget, he decided to find a side gig as a UI/UX designer. This way, he was able to save the extra money earned specifically for the proposal goals.
Calculate The Total Cost of the Proposal
Break down the costs by their type, amount, and number of hours required to work on that specific project. Then, provide a cost summary, split the total by the number of months you have left, and look at figures realistically. If the amount is too high for your budget, look for areas where you can cut back, for example, videography or help from a proposal planner.
Tip: Use realistic, documented costs rather than estimates to ensure the budget is accurate.
Decrease Unnecessary Spending
Jason states that cutting off certain expenses saved him hundreds of dollars without even noticing. He started by reviewing his bank statements to spot spending patterns. This is how he detected several subscriptions he no longer uses and suspended them.
Then, he realized that eating out was costing them much more than cooking at home. He suggested his girlfriend switch to healthier, homemade meals. This allowed him to cut back on this expense and use the freed-up money to plan the perfect proposal, while Miriam remained unaware. This decision also had a positive impact on their health and physical activity.
Choose a Budgeting Strategy
Common budgeting strategies include the 50/30/20 rule, zero-based budgeting, and the envelope method. The first strategy says you need to allocate 50% of your monthly income toward needs, 30% toward wants, and 20% toward spending. The second and third strategies allow for more flexibility and adjustments.
Tip: Create a separate account for savings so as not to tap into that money occasionally.
Create an Emergency Fund
Even if you think you planned everything thoroughly, emergencies can still happen. Therefore, you should create a financial cushion that will help you manage unexpected expenses or unforeseen events.
Financing Tools When Savings Fall Short
Jason has faced a problem since he had to book the venue in advance due to the high demand during the Christmas holidays. He contacted the Rockefeller Center team as soon as he decided to propose, 6 months before the desired date. That’s how he found out he needed to make a 50% deposit before he even saved for the venue.
“I have already maxed out my credit card balance, so I was afraid my credit utilization would creep up if I kept using it for that purpose. As I have already thought about purchasing a house after getting married, a credit score was an issue for me. Plus, I needed money for a short period since my paycheck was just a few weeks away, and there was no need to create a long-term debt. After thorough research, I decided to turn to alternative lenders who offer short-term loans with no impact on a credit score. I’ve compared several offers and settled on one provided by the 300 Cash Loans platform. This is how I secured the needed amount for 14 days and was able to make a deposit so as not to miss the right date.”
However, there are other options to pay for proposal-related expenses that may work best for your situation. Below are some of the most common ones.
Buy Now, Pay Later
BNPL products allow you to split the purchase cost into several monthly or bi-weekly payments right at checkout. In most cases, you need to make the first payment upfront. This option works best for buying jewelry, decor setup, and other stuff you can’t cover out of pocket right away. BNPLs often come with no extra interest as long as the debt is repaid on time. They also involve no hard credit checks. The repayment period is usually 6 to 8 weeks, while larger purchases may come with longer repayment terms of up to 36 months.
Credit Cards
A credit card is a flexible financing option that allows you to pay for a purchase upfront and only make minimum payments. This way, you can adjust your monthly payment to your budget. However, APRs on credit cards are usually high and can fluctuate under certain market conditions. If you only pay on schedule, interest adds up quickly, making the cost of the purchase even more expensive. Therefore, it’s recommended to pay more than the minimum to cover the debt faster and pay less in interest over time.
Personal Loans
A personal loan can be a great option for packages with a certain cost. It provides you with a lump-sum amount that is then repaid gradually over a set period, usually up to 60 months. Interest rates on personal loans typically range from 5.99% to 35.99%. Monthly payments are fixed, making this option more predictable. However, you will need to have good credit to qualify for favorable loan terms. A hard credit check is also a part of the verification process, meaning that it can take longer to receive the funds.
Money Saving Tips
Here are a few ways to make your marriage proposal more budget-friendly.
Choose Free or Low-Cost Locations
You do not need to book a costly hotel or restaurant to make this moment romantic and special. Consider a home proposal with a breakfast in bed, meaningful spots like your first date location or a city viewpoint, or consider scenic spots like beaches, botanical gardens, or mountain peaks.
DIY Some Elements
You can not only save hundreds of dollars but also create a more vibrant atmosphere by replacing expensive decorations with handmade items. Additionally, you can create your own playlist that will consist of the songs that are meaningful for both of you.
Focus on Sentimentally
Handwritten notes, photo memory books, and homemade meals often feel more romantic and create a sense of personal touch and connection. On top of that, they will typically cost you less to nothing.
Ask Your Friends for Help
If you have talented friends with good camera or decorating skills, asking them for help instead of hiring a professional can be a great money-saving idea.
Written by: Victoria Richardson
