There are no set rules on how much to spend on the ring, but budget expectations have risen. Today’s typical price of an engagement ring falls between $3,000-$7,000. According to The Knot’s 2019 Jewelry & Engagement Study, the average price of an engagement ring was $5,900.
Ultimately, your budget depends on financial circumstances. Some follow the “two months’ salary” rule as a budget baseline. The most important factor is choosing a ring within your means that fits your partner’s style.