Now-full-time-mum Lindsey Holland, from Hartlepool, lost the precious piece of jewellery while working as a care-worker but the cash-strapped family weren't able to replace it.
Dad Mike was finally able to replace the sentimental ring with a three-diamond band costing £650 after he swapped places with a wealthy family on the Channel Five show.
Mike, who works as a goods and administration clerk for a supermarket, picked the stunning rock as he thought the three stones represented perfectly their three children, James, Faith and baby Aria.
The Holland family usually have just £167 to spend a week on food, clothes and transport for themselves and their three kids.
But when they took part in the week-long social experiment – where they swapped homes, budgets and lifestyles with the Pages, a high income family – they were given the luxury budget of £3,420.92 per week.
Mike said: "I’ve been thinking for the last couple of days and Lindsey lost her engagement ring about two years ago now while she was working and I’ve not had the money to buy a new one.
"I’m hoping to actually re-propose and I’m getting her a nice ring. She does deserve it.”
After picking out the ring from a fancy jeweler, Mike took his whole family out for a Champagne afternoon tea, where he re-popped the question.
He said: "So you lost a piece of us a few years ago and it’s about time you got it back.
"Would you do the honour to agree to love me today tomorrow and always and agree to be my wife?”
Overcome with emotion Lindsey could barely hold back her tears as she agreed and accepted the ring.
But that wasn't the only luxury for the family during the week of spending.
The Hollands stayed in the Pages' plush £2million home complete with three acres of land, eight bedrooms, eight bathrooms, three reception rooms, a hot tub and a gym.
The family – who live in a simple three bed worth around £64k – were blown away by the space and the size of the rooms.
The children also enjoyed a private cricket lesson at £40 for the hour.
Lindsey said: "Faith’s gymnastics for nine hours per week costs £50 a month.
"They’ve clearly enjoyed the one-on-one but we couldn’t afford it. Not in a million years.”
On ending the experiment Mike said: "It’s kind of made me want to go back and reassess my life and try and see where I can provide some stability for my family and try to do better going forward.”
But on the other side of the experiment wealth family the Pages were learning what it was like to cut their weekly spending to just £167 – more than £3250 LESS than their usual budget.
Dad Tony, a self-employed consultant in retail industry, and mum Sarah, live with their two children Olivier, 10, and Daisy, 8, in West Yorkshire.
Tony said: "We’ve come from very normal backgrounds both Sarah and I grew up in comprehensive schools with not a lot between us and I guess in a way we’ve made our luck."
Despite having the perfect recipe for spoilt diva-style tantrums, the whole family adjusted well to their smaller living quarters, with mum Sarah rolling up her sleeves and finding ways to make the finances stretch.
On receiving their cash for the week Sarah said: "So that’s £167 for everything and our food bill normally comes to £200 a week.
“If something goes wrong you’re stuffed aren’t you?”
And unfortunately for the family disaster struck at the end of the week when the car broke down costing £40 for a mechanic's call out.
The unplanned expense meant the family had to scrap their plans for a fun night at the bowling and instead enjoy a pocket-friendly walk to the beach where they played with kites.
Sarah said: "We can go out and do a very basic activity with the kids in the holidays and literally before you know it you’ve spent £100.
"How parents who have got no money, how do they? And what do they do in the holidays to entertain the kids?"
Watch Rich House, Poor House, Wednesday, 9pm, Channel 5.
Previously a debt-ridden family were moved after the family they swapped with on Rich House Poor House decided to pay off most of their five-figure debt.
Recently, we spoke to a rich kid, 22, who swapped her Range Rover, £10k designer shoe and bag collection and ‘five-figure’ monthly spend to stay with family-of-five – and was shocked at their £50 weekly food budget.
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