When you're ready to put a ring on it, prepare for the cost.


An engagement ring marks the start of your wedding journey, but these pretty sparklers are often associated with a hefty price. Before setting a budget, here's a guide to how much most people spend on an engagement ring.

According to a recent TD Bank survey, the average millennial couple spends around $3,000 on their engagement ring. But with all the ways to customize your ring, there's really no such thing as a "standard" ring cost, which means it's difficult to land on a definitive number. The price range for an engagement ring could start in the hundreds and jump all the way to the millions.

So what impacts a ring's price tag? The diamond's cut, color, clarity and carat all factor into the final cost. The band's material will also contribute to the total cost. For example, a platinum band will cost more than one in gold.

There's also an old adage that says you should spend the equivalent of two-months' salary on an engagement ring. According to the pros, skip this advice for more practical budgeting. Your salary is just one part of the equation, so your budget should factor in potential wedding costs, your monthly expenses, current debt, and any future saving goals.

And that future could include an upgrade to your spouse's ring. When a big anniversary rolls around, you may want to get a bigger diamond or add to the band. Keep those future costs in mind when you're purchasing an engagement ring for your loved one.

When you're ready to put a ring on it, prepare for the cost, and don't let that trip to the jewelers surprise you.