If you're deciding how much to spend on an engagement ring, there are several factors to consider. While $5,500 is the national average cost of a ring, the spend per couple varies. Our study found that nearly half of all respondents are spending between $1,000 to $4,000 on their engagement ring.

According to a 2022 study from Credit Donkey, most couples reported wanting to spend between $1,000 and $5,000, though the average cost of an engagement ring was around $5,225.

You've probably heard the phrase 'three month's salary' bandied about quite a lot, and yes, you can use this as a guideline for how much you should spend on an engagement ring.

The answer to whether $20,000 is a lot for an engagement ring depends on your personal financial situation, preferences, and what you believe the ring represents. It's a significant amount of money for many people, but it's essential to find a balance that aligns with your values and budget.