Money

Here’s how much Americans think you should spend on an engagement ring

When you get engaged, you'll often have to field questions about the ring.

But before deciding to get married, couples may find themselves with questions of their own. A popular one: How much you should spend on an engagement ring?

Though conventional wisdom dictates that you should fork over one to three months' salary on an engagement ring, the trend has fallen out of style in recent years. After all, it did start as a campaign by diamond retailers to improve sales.

On average, Americans now say you should spend around $2,000 on an engagement ring, according to TD Bank's third annual "Love & Money Survey." However, 10 percent of survey respondents believe a ring isn't necessary at all.

At the end of the day, the amount is arbitrary.

What really matters, experts say, is that couples see eye to eye. "If each partner's expectations aren't met or communicated to each other, frustration and disappointment can result that will eat away at the happiness in the relationship," Terri Orbuch, also known as The Love Doctor, told TD Bank.

Many young couples these days choose not to purchase a diamond at all. Although millennials spent $26 billion on the stones in 2015 alone, more than any other single generation, according to the De Beers Annual Diamond Insight Report, they approach both money and marriage differently, and it's affecting their spending habits.

For one, millennials aren't getting married as soon as the generations that came before them. Many millennials are choosing not to get married at all.

Among those who do plan to say "I do," many opt for non-traditional stones, such as sapphires or rubies, to signify commitment. Those can stand out more as unique and can also serve as a way for consumers to rebel against what they see as the diamond industry's heavy-handed marketing tactics.

Many millennials also simply have priorities. As they increasingly value experiences over things, young couples would rather put their money toward a wedding or honeymoon than blow the budget on one ring.

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