Richardson Wealth’s Alysha Tse explains why ring budgets, celebration costs, and early financial conversations are all indicators of future money management
This weekend some Canadians will seize the opportunity to make Valentine’s Day extra special by popping the question to their loved one.
But the engagement ring marks far more than a symbolic commitment. It is often the first major financial decision for a couple and can be an early test of how they will navigate money as partners, with some major expenses likely along the way.
Alysha Tse is a wealth advisor and associate portfolio manager at Richardson Wealth and she tells WP that couples often need guidance to ensure that emotions do not overshadow sensible financial planning – starting with the ring.
“Purchasing an engagement ring is often one of the first major financial milestones a couple navigates together, which makes the budgeting conversation just as important as the ring itself,” says Tse. “An advisor’s role is to ground that discussion reality, looking at cash flow, liquidity, and near-term obligations, so the decision is made in proper context.”
For Tse, a responsible ring budget is not about hitting a socially accepted number. “A responsible budget is one that doesn’t compromise emergency reserves or derail other priorities,” she explains. “In many cases, the true value lies not in the final dollar figure, but in the process itself: having thoughtful conversations that establish how couples will navigate financial decisions together over time.”
Expenses add up
Once the ring is purchased, many couples are surprised by how quickly engagement-related costs accumulate. While the ring tends to get the most attention, Tse notes that it’s often the secondary expenses that create the most strain.
“Beyond the engagement ring, it’s often the smaller, less obvious costs that add up quickly,” she says. Engagement celebrations, travel, attire, and pre-wedding events are commonly underestimated, particularly because of timing. “Many of these expenses occur within a short timeframe and can place added strain on cash flow.”
Advisors play a key role in preventing that pressure from spilling over into other financial goals. “Advisors can help by mapping out these costs early, giving couples a clearer picture of what’s coming,” Tse explains. “That visibility reduces pressure, supports better planning, and helps avoid last-minute financial trade-offs that could impact other goals.”
In today’s higher cost-of-living environment, fixed benchmarks for wedding spending often fall short. Tse prefers a more personalized approach when advising clients.
“Rather than relying on fixed percentages, capacity-based guardrails tend to be more effective,” she says. Those guardrails focus on what couples can truly afford today. “That usually means focusing on surplus monthly cash flow and savings that have been intentionally set aside, rather than relying on future income.”
The aim is to celebrate without lingering stress. “The goal is to mark the moment without feeling financially stretched once it has passed,” Tse notes. When positioned correctly, these guardrails don’t feel limiting. “When framed thoughtfully, these guardrails feel supportive rather than restrictive, helping couples celebrate confidently while keeping the rest of their financial life on track.”
Bigger picture
Engagements and weddings rarely exist in isolation. Couples are often juggling emergency savings, home ownership, or early investing at the same time. Tse encourages advisors to help clients zoom out and view spending decisions in context.
“Advisors can help couples see engagement and wedding expenses as part of a bigger financial story and life milestone, rather than standalone decisions,” she says. By laying out timing and trade-offs, priorities become clearer. “When couples understand the ripple effect of their choices in advance—what that money might otherwise have been used for—decisions tend to feel calmer and more intentional.”
The objective, she adds, is balance rather than sacrifice. “The goal is to honour meaningful life moments while continuing to make progress toward longer-term goals and the future they’re building together.”
Cultural norms and family expectations can further complicate spending decisions, adding emotional weight to financial choices. Tse believes these pressures deserve careful and respectful handling.
“Family and cultural expectations often carry deep meaning and deserve to be acknowledged,” she says. Advisors can help couples reflect on what truly matters to them. “Advisors can help couples step back and reflect on which traditions matter most to them personally, and how those traditions fit within their financial reality.”
Having an objective third party in the conversation can make a meaningful difference. “Bringing a neutral, experienced perspective into the conversation can make it easier to navigate these discussions with confidence and clarity,” Tse explains. “That balance allows couples to honour tradition while still making choices that feel financially comfortable, thoughtful, and sustainable.”
For couples hoping to celebrate meaningfully without starting married life under financial strain, Tse sees one strategy as essential.
“The most effective approach is for couples will always be to have open, honest financial conversations early, before commitments and expectations start to build,” she says. Discussing budgets and comfort levels upfront can change the entire experience. “Discussing budgets, priorities, and comfort levels upfront helps ease pressure later in the process.”
Planning together
Planning and saving together also plays a critical role. “When couples plan together and save gradually, major milestones and celebrations tend to feel more intentional and far less stressful,” Tse notes. Just as important is what they avoid. “Avoiding high-interest debt allows couples to begin married life with confidence, rather than carrying financial strain into the next chapter.”
From an advisor’s perspective, engagement and wedding planning often act as a gateway to deeper conversations about money. Tse sees this period as a pivotal opportunity for long-term alignment.
“Engagement and wedding planning often surface differences in spending habits and financial priorities, which can be challenging conversations to navigate,” she says. Advisors can help normalize and guide those discussions. “Advisors can use this moment to encourage open, practical discussions around money, helping couples better understand each other’s perspectives and values, an investment that pays off over the long term.”
How couples manage these early conversations matters. “How these conversations unfold can set the tone for future financial decision-making, which is where early guidance can add meaningful value,” Tse explains. When handled thoughtfully, the impact extends well beyond the wedding day. “When approached thoughtfully, these discussions become less about the dollars involved and more about partnership, laying the groundwork for a future built together with intention and trust.”
