This Is How Much the Average Engagement Ring Costs

Diamonds are not your bank account's best friend.

Getting to marry the love of your life? Priceless. Buying them an engagement ring that will bring happy tears to their eyes? That'll cost you. Engagement rings can be one the biggest investments people make in their lifetime. But just how much is too much to spend on an engagement ring?

You've probably heard the old adage that one should put three months of their salary toward an engagement ring for their partner. But that rule is largely outdated, and definitely doesn't work for everyone's financial situation. Some salary ranges are too high to make this a realistic option, and some are much too low to make this a smart financial decision.

"Do you have to spend one to three months' worth of your salary on a ring? Absolutely not!" says The Knot editor Maggie Seaver. "There's no use starting your marriage in debt."

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In EBates 2017 Wedding Survey, 45 percent of the men and women interviewed say they'd expect to spend between $1,000 and $5,000 on an engagement ring. In actuality, however, The Knot's 2017 Real Weddings Study found that the average engagement ring cost $5,764, while Brides' American Wedding Study 2018 reported that the average engagement ring cost $7,829. Averaging those numbers together, that's a hefty $6,796.50 for an engagement ring.

That said, you can certainly get a beautiful ring for far less than that. Like anything else, engagement ring costs vary due to cut, carat size, the stone's clarity and color, setting metal, and individual design.

It's also important to note that with a proposal comes many other major expenses: a wedding, a honeymoon, possibly buying a home, and starting a family. You should consider all of these factors when figuring out how much you want to spend on an engagement ring.

It may sound obvious, but when it comes to engagement rings, "spend what you can afford to spend," WeddingWire trend expert Anne Chertoff tells Forbes. "You can find beautiful rings at every price point."

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