How Much Money Should You Spend on a Wedding Ring?

Wedding rings are a big expense, possibly the largest one you’ll have made as a couple. 

In fact, 72% of proposees reported being involved in the selection of their engagement ring, according to The Knot 2020 Jewelry & Engagement Study.  

More and more, couples are forgoing the traditional diamond solitaire engagement ring and gold wedding bands and spending their money on non-traditional and more budget-friendly options.  

When it comes to buying your wedding bands or an engagement ring, the most important thing to consider is your budget, practicality, and the sentiment itself. 

The national average cost of an engagement ring is currently around $5,500, according to the study. The amount people spend varies depending on which part of the country they live in. 

That said, there’s absolutely no hard and fast rule about spending that much on a wedding ring. The study found that one-fourth of all respondents spend between $1,000 to $3,000 on their engagement rings, with 11% of ring shoppers spending under $1,000.