On average, Americans think you should spend about $2,000 on an engagement ring, though the idea that you have to part with thousands to prove your devotion has also fallen out of style in recent years.
More and more people, especially millennials, agree with "Shark Tank" star Kevin O'Leary, who suggests sidestepping the expense altogether. According to TD Bank's 2017 "Love & Money Survey," 10 percent of survey respondents believe a ring isn't necessary at all.
If you do want a traditional engagement ring, best-selling author and co-founder of AE Wealth Management David Bach offers some simple, straightforward advice: "You should only spend what you can actually afford."
"Don't fall for this idea that you need to be spending six months of what you make on a ring. That's utter nonsense," he says. "I want you to buy a ring that you can afford."