The amount you should spend on an engagement ring varies widely and depends on personal financial circumstances and preferences rather than strict rules. Traditional Rules:

• The classic guideline suggests spending about three months' salary on an engagement rings, as it symbolizes a significant investment in your partner's lifelong symbol of love

• Some sources recommend two months' salary as a benchmark, but this originated as a marketing strategy by diamond companies rather than a cultural tradition

Modern Trends:

• Many couples today spend closer to one month's salary, reallocating funds to other priorities like the wedding, honeymoon, or home

• The average cost of an engagement ring in the U.S. is around $5,200 to $6,000, with many couples spending less than $6,000 and a significant portion spending under $3,000

• Millennials and younger generations often reject the old salary-based rules, focusing on what fits their budget and financial goals without going into debt

Factors to Consider When Setting Your Budget:

• Your current and expected income, savings, and other expenses
• The cost of the wedding and honeymoon
• Your partner’s preferences and input on the ring style and budget
• Regional price variations and market trends
• Avoiding financial strain or debt just to meet a traditional spending target

Alternatives:

• Some couples buy a placeholder ring and choose the final ring together after the proposal to ensure it fits both style and budget

Summary

Rather than adhering to a fixed formula, choose an engagement ring budget that feels meaningful and financially comfortable for you. The traditional "two or three months' salary" rule is outdated and was originally a marketing tactic. The average spend is about $5,000 to $6,000 in the U.S., but many spend less or more depending on personal circumstances. Prioritize love and financial health over arbitrary spending targets