Calculator: How Much Should You Spend on an Engagement Ring?

Somewhere between "just browsing" and "adding to cart," engagement ring shopping gets very real, very fast. Before you swipe your card, though, it helps to have a game plan. According to The Knot Jewelry and Engagement Study, the average cost of an engagement ring in 2025 was $4,600. But that number is a data point, not a mandate. The real question is, "What makes sense for you?" Heather Boneparth, director of business affairs at Bone Fide Wealth and coauthor of Money Together, explains, "The right amount is a number that doesn't compromise your long-term financial stability."

Instead of focusing on a single price tag, Boneparth recommends looking at your bigger financial picture: your emergency savings, existing debt and overall cash flow. "We like to see couples aim for the goal of having at least six months of living expenses held in cash," she says, noting that while a one-time purchase like a ring might justify dipping into savings, it's important to be thoughtful. "Going into high-interest consumer debt or draining your savings for a ring can create stress at the very start of your financial lives together," she says. And don't forget to account for insurance in your plan. A purchase this monumental deserves to be protected, which is why Jewelers Mutual has been a trusted name in dedicated jewelry insurance for over 110 years.

Ultimately, Boneparth suggests that ring spending should reflect a couple's shared values, since it can impact both long- and short-term goals. With that in mind, our calculator is designed to give you a smart place to begin—think of it as a jumping-off point, not a hard-and-fast rule. The goal isn't to box you in; it's to help you start this next chapter with confidence, clarity and financial alignment.

Please note: The Knot and the materials and information it contains are not intended to, and do not constitute, financial or tax advice and should not be used as such. You should always consult with your financial and tax advisors about your specific circumstances. This information contained herein is not necessarily exhaustive, complete, accurate or up to date and we undertake no responsibility to update. In addition, we do not take responsibility for information contained in any external links, over which we have no control.