How Much Should You Spend on an Engagement Ring?
Valentine’s Day is one of the most popular days to pop the question. You always hear stories of couples getting engaged on Valentine's Day. That's the day I asked my wife to marry me. I was so poor, I had to wait to get the engagement ring, though.
It used to be that people spent two months’ salary on an engagement ring. That is not true anymore.
GOBankingRates.com asked 5,000 people, “How much do you feel should be spent on an engagement ring?”
The results show that 36% of Americans feel less than $1,000 should be spent. Both men and women favor low-cost engagement rings. Younger adults are more likely to say that “money is no object” when it comes to engagement ring cost.
Here's the breakdown on how much they think should be spent:
36% - Less than $1,000
19% - $1,000 to $2,999
11% - $3,000 to $4,999
7% - $5,000 to $9,999
4%- $10,000 or above
6% - Two months’ salary
17% - Money is no object