There are a lot of theories about how much an engagement ring should cost. Convention says 2 months’ salary. Some people say 3 months’. Some say 1 month.
I say it doesn’t matter. As long as the ring is special to the person giving it and the person receiving it, it can cost $1 to $10,000,000. The monetary value of an engagement ring is probably the least important thing about it, so my advice to engagement ring purchasers is to spend whatever feels right and whatever can get you a ring you are happy with - whether it be an hour’s salary or 3 months’ pay.
I personally really dislike the “____ months” rule because for me, and most other people I know, a month’s worth of pay is not expendable. Hell, even a week’s worth can be a lot to spend if you’re a 20-something paying back student loans, a car loan, rent and utilities - not to mention credit cards, gas, food, etc.
Your relationship (and the roof over your head) is more important than the ring, so it helps to have some perspective when you’re shopping.
On the TLC site, we have rings that range from under $100 up to almost $7,000. Each one is gorgeous in its own way, and each one is meant for a different person, a different relationship, and a different budget. I can say with the utmost honesty that most of my favorite engagement rings on the site right now are well under $1,000. For example, the Clementine Vintage Diamond Engagement Ring, the Silver Disc Garnet Engagement Ring, the Rose Cut Sapphire Engagement Ring, and the Carmella Vintage Diamond Engagement Ring.