General Rule: You should spend at least 2 months salary on the engagement ring. If, for example, you are making $60,000 per year, you should spend $10,000 on the engagement ring.
Similarly, how much do engagement rings cost normally?
According to a 2019 survey from The Knot, the average engagement ring cost is actually somewhere around $5,900, and a good number of survey respondents (10%) said they spent less than $1,000.
Then, is 20k a lot for an engagement ring? A $20,000 engagement ring budget is far above the median amount spent on a diamond ring, which is around $3,000 – $5,000. When we discuss the average engagement ring cost, we note that people spending 20k are significantly above the mean.
Also to know is, is 3 months salary engagement ring?
It’s known as the “three months’ salary” rule, and it implies that a buyer should put three months of their salary toward a sparkler for their future spouse. For context, The Knot 2021 Jewelry and Engagement study found that the average cost of an engagement ring in the US is $6,000.