Forgo the Engagement Ring?

Times are still tough, and by many accounts we are still in a recession.  Weddings, no matter how small; do cost money. Many couples are looking for alternatives and ways to save money on their wedding expenses.  Some are doing without flowers for their wedding and saving money with DIY projects as opposed to professional services.  But would you forgo the ring?  This was a question posted on the LearnVest site, (LearnVest is a site that helps users live their "richest life", and is full of great tutorials and information for budget-savvy consumers).

So...would you skip the engagement ring in order to save money, to make a down payment on a house or for other financial reasons?  With engagement rings averaging over $5, do you feel that money could be put to "better" use?  Leave a comment below and let us know if you would be willing to skip the engagement ring.