When you're ready to propose to your partner, it can be tempting to go all out on an expensive diamond engagement ring. But experts agree: Don't splurge.
"Forget all the bulls--- about two months of salary," says Ramit Sethi, personal finance expert and author of "I Will Teach You to be Rich." "That is pure marketing nonsense. Look at your own financial situation to decide what you can comfortably afford."
That amount will vary, person by person. "If you want to spend $100 on a ring, great! If you want to spend $50,000 on a ring, and you can afford it, also great," says Sethi. In the same way, he thinks it's fine to spend a lot on your wedding — assuming you've been saving for and can manage the expense.
In the end, he says, getting the ring should make you feel good. "I don't believe in focusing solely on the price — I want to focus on the value of your gift, which ultimately only you decide. You should consider what your partner wants, but ultimately you decide," he adds. "Not your friends, not society, not De Beers, and certainly not some random frugalista commenter on the internet."