I agree Seoulsearch. And I'm not knocking those that do spend the best they can for a moment like this. Cause hopefully, it is a once in a lifetime moment. If you have the means to do it, by all means go do it if your heart desires. We just live in a society that is all caught up in materialistic things when all you really need is each other.
How Much Is Appropriate to Spend On an Engagement Ring?
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In order to grasp this better, could you share some cost-of-living examples? Like... what does a typical meal at a steak house cost? What might a new mid-range car cost? What is the average family income for people in your area?
$50,000 is a good deal more than most people in the US make in a year. O_O Unless your cost of living and earning is significantly higher than ours, I don't see how average people can afford to pay that much for a wedding? Just curious!
$50,000 is a good deal more than most people in the US make in a year. O_O Unless your cost of living and earning is significantly higher than ours, I don't see how average people can afford to pay that much for a wedding? Just curious!
Good question, Grace. Here is more information to help you understand this better.
I'll start with the costs
Food & Beverage: A typical traditional meal at a small road-side cafe would cost about $1.00. A McChicken at McD would cost about $0.50. A 500mL (16.9oz) bottle of Pepsi would cost about $0.50. A pair of donuts from Krispy Kreme would cost about $3.00. A typical meal for 2 at TGIF or a steakhouse would cost around $16.00. A brunch for 2 at Hyatt would cost around $44.00.
Cost of housing: I can only speak of the costs in the metros because I've always lived in big cities. The monthly rent for a 2BHK (2 Bedrooms, 1 Hall-cum-dining & 1 Kitchen) apartment unit for 800-1,000 sq.ft. would range from $170.00 to even $400.00. This is excluding the maintenance, utility and furnishing costs. Buying the same house would set you back by $80,000 (excl. registration and taxes) to even $110,000.
A family of 2 parents with 2 kids would usually go for a 3BHK or 4BHK of size 1,600 sq.ft. apartment unit. The monthly rent would range between $500.00 to even $1000.00. Again, this is excluding the maintenance, utility and furnishing costs. You have to be extremely rich to buy this house because it would cost anywhere between $120,000 to even $800,000!
If you want to buy a house, you will mostly go for a housing loan.
Cost of education: A term fee for kindergarten would range between $50.00 to even $300.00. This is excluding the capitation fees which may have to be paid at the time of joining a new school and the cost of transport, food, books, stationery, clothes, etc. A 4-year Bachelors of engineering degree would set you back by at least $10,000 (excl. hostel, food, books, etc.) if you enrol in an average private university and by about $6,000 (excl. hostel, food, books, etc.) if you are extremely intelligent & lucky to get into a public university.
Higher education fees are usually met through savings and education loans.
Other costs: An ICU bed in a good-quality private hospital would cost about $1,000.00 for a single night (excl. surgery, medicines, consultation fees, etc.). A Honda City starts from $14,500 (excl. accessories, registration, taxes) and a Toyota Corolla starts from $19,500 (excl. accessories, registration, taxes). A pair of Nike shoes would cost $40.00 (if on sale), and would cost $80.00 otherwise.
Now here's the income
An average IT engineer with 3 years of experience would earn around $8,000 per annum.
An MBA grad passing out from a good B-school would start off with at least $14,000 per annum. If it's the top B-schools, it can even go up to $30,000 per annum. A Ph.D. research candidate usually starts off about the same salary levels as an MBA grad.
A cardiac surgeon with over 20 years of experience in surgery would charge $1,000.00 per surgery. He may even do 5-6 surgeries in a single day. An MBA professor with over 20 years of experience can charge anywhere between $1,000.00 to even $2,500.00 for an hour of teaching.
How does the average Indian family fund their wedding costs?
If we are talking about the bridegroom's family, they dig into their savings. Indians are the largest consumers of gold in the world and that is for a reason (unless they belong to my church, in which case they wouldn't have any gold stock). Our parents and their early generations used to save a lot (at least 50% of their income).
If we are talking about the bride's family, they will also have to fund the girl's dowry apart from the wedding expenses. Dowry depends on the caste. For the lower caste, it would be about $15,000 in cash plus some furniture for the new couple's home. For the upper caste, it would be a BMW 5-series plus 70-100 sovereigns of gold plus $20,000 in cash (or furniture for the new home). They fund it through selling/passing off their gold stock, from their savings or through personal loans.
**********************
I hope this offers you some perspective into how we spend. As much as the world calls us a third-world (or developing) country, some of our costs are far higher than what you may experience in the U.S.
P.S. All this is with today's exchange rate between Indian Rupee (INR) and U.S. Dollar (USD).
P.P.S. Inflation in India hovers around 5% per annum.
I'll start with the costs
Food & Beverage: A typical traditional meal at a small road-side cafe would cost about $1.00. A McChicken at McD would cost about $0.50. A 500mL (16.9oz) bottle of Pepsi would cost about $0.50. A pair of donuts from Krispy Kreme would cost about $3.00. A typical meal for 2 at TGIF or a steakhouse would cost around $16.00. A brunch for 2 at Hyatt would cost around $44.00.
Cost of housing: I can only speak of the costs in the metros because I've always lived in big cities. The monthly rent for a 2BHK (2 Bedrooms, 1 Hall-cum-dining & 1 Kitchen) apartment unit for 800-1,000 sq.ft. would range from $170.00 to even $400.00. This is excluding the maintenance, utility and furnishing costs. Buying the same house would set you back by $80,000 (excl. registration and taxes) to even $110,000.
A family of 2 parents with 2 kids would usually go for a 3BHK or 4BHK of size 1,600 sq.ft. apartment unit. The monthly rent would range between $500.00 to even $1000.00. Again, this is excluding the maintenance, utility and furnishing costs. You have to be extremely rich to buy this house because it would cost anywhere between $120,000 to even $800,000!
If you want to buy a house, you will mostly go for a housing loan.
Cost of education: A term fee for kindergarten would range between $50.00 to even $300.00. This is excluding the capitation fees which may have to be paid at the time of joining a new school and the cost of transport, food, books, stationery, clothes, etc. A 4-year Bachelors of engineering degree would set you back by at least $10,000 (excl. hostel, food, books, etc.) if you enrol in an average private university and by about $6,000 (excl. hostel, food, books, etc.) if you are extremely intelligent & lucky to get into a public university.
Higher education fees are usually met through savings and education loans.
Other costs: An ICU bed in a good-quality private hospital would cost about $1,000.00 for a single night (excl. surgery, medicines, consultation fees, etc.). A Honda City starts from $14,500 (excl. accessories, registration, taxes) and a Toyota Corolla starts from $19,500 (excl. accessories, registration, taxes). A pair of Nike shoes would cost $40.00 (if on sale), and would cost $80.00 otherwise.
Now here's the income
An average IT engineer with 3 years of experience would earn around $8,000 per annum.
An MBA grad passing out from a good B-school would start off with at least $14,000 per annum. If it's the top B-schools, it can even go up to $30,000 per annum. A Ph.D. research candidate usually starts off about the same salary levels as an MBA grad.
A cardiac surgeon with over 20 years of experience in surgery would charge $1,000.00 per surgery. He may even do 5-6 surgeries in a single day. An MBA professor with over 20 years of experience can charge anywhere between $1,000.00 to even $2,500.00 for an hour of teaching.
How does the average Indian family fund their wedding costs?
If we are talking about the bridegroom's family, they dig into their savings. Indians are the largest consumers of gold in the world and that is for a reason (unless they belong to my church, in which case they wouldn't have any gold stock). Our parents and their early generations used to save a lot (at least 50% of their income).
If we are talking about the bride's family, they will also have to fund the girl's dowry apart from the wedding expenses. Dowry depends on the caste. For the lower caste, it would be about $15,000 in cash plus some furniture for the new couple's home. For the upper caste, it would be a BMW 5-series plus 70-100 sovereigns of gold plus $20,000 in cash (or furniture for the new home). They fund it through selling/passing off their gold stock, from their savings or through personal loans.
**********************
I hope this offers you some perspective into how we spend. As much as the world calls us a third-world (or developing) country, some of our costs are far higher than what you may experience in the U.S.
P.S. All this is with today's exchange rate between Indian Rupee (INR) and U.S. Dollar (USD).
P.P.S. Inflation in India hovers around 5% per annum.
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I would say two months of a man's salary should be acceptable though I have heard a woman tell me she expects three months.
There is a survey that states excessive engagement ring (1.3 times likely) and wedding (3.5 times likely) expenses were more likely to end in divorce, but I am most likely sure there were other reasons related to money as to why those marriages did not last.
There is a survey that states excessive engagement ring (1.3 times likely) and wedding (3.5 times likely) expenses were more likely to end in divorce, but I am most likely sure there were other reasons related to money as to why those marriages did not last.
Roh, thanks for this great post on cost-of-living in India. It's been fascinating to read. Some things there seem to cost less (homes, schooling) while other things are higher (weddings! Ha). It definitely looks like your culture knows how to save money though, which we could sure learn more of here in the U.S. 
I personally spent over $5000 and don't regret it one bit. I do think a family ring is a really cool option, but my family doesn't have anything like that, and I wanted my wife to have a big shiny rock. I want to be seen as someone who can provide, and that definitely helps people take you seriously when you try to minister to them.
On the flip side, my ring only cost $80 and came with a free bracelet for some reason. And our entire wedding didn't cost more than her ring, but it was still really nice.
On the flip side, my ring only cost $80 and came with a free bracelet for some reason. And our entire wedding didn't cost more than her ring, but it was still really nice.
Ha! Ha!
Something in there, like a horse race, might be lacking some luck "to be winners" at the long run.
Probably there is something of brands and catle. I have heard there are proud families who succeded in marriage races and that pride has a brand name (any of you probably know better than me there).
Something in there, like a horse race, might be lacking some luck "to be winners" at the long run.
Probably there is something of brands and catle. I have heard there are proud families who succeded in marriage races and that pride has a brand name (any of you probably know better than me there).
I think in regards to rings it all boils down to how much you can 'actually' afford to pay.. It's a bad sign when people start spending outwith their means..
My own personal view is that for most or for the average working class person anything over £400 isn't a great idea especially when you have a wedding ring/s to purchase and a wedding. Mind you i'm just a tight Scotsman
My own personal view is that for most or for the average working class person anything over £400 isn't a great idea especially when you have a wedding ring/s to purchase and a wedding. Mind you i'm just a tight Scotsman
Don't worry, pwrn.
Your opinion concerns me even less than the price of eggs.
Fortunately, I have more important things going on in my life and am able to ignore both.
Next time I'll include a box that opts for the utter disregard of your regular, plentiful rounds of Flame'N'Go, especially since you always claim to be the World's Most Excellent Old-Fashioned Values Christian.
Your opinion concerns me even less than the price of eggs.
Fortunately, I have more important things going on in my life and am able to ignore both.
Next time I'll include a box that opts for the utter disregard of your regular, plentiful rounds of Flame'N'Go, especially since you always claim to be the World's Most Excellent Old-Fashioned Values Christian.
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