Engagement season is upon us. If you're looking to buy that ring for that special someone, you're going to have to cough up about $6,000, according to a new study by The Knot.
The digital media wedding company surveyed more than 12,000 brides and 1,200 grooms in the U.S. this year for its annual jewelry and engagement study. It discovered that men on average are spending $5,978 on engagement rings, up from $5,403 in 2013 and just over $5,000 in 2011. Some of the inflation may be due to men wanting to customize rings more for their ladies.
They aren't keeping mum on the price, either. Sixty-eight percent of brides knew how much he spent on the ring.
"Definitely throw out the old two-months salary rule when figuring out your budget," said The Knot editor-in-chief Kellie Gould. "Instead, find out what kind of ring your soon-to-be spouse really wants by asking them directly, consulting one of their friends or a family member, or by browsing together. We recommend buying the best ring that you can afford."