Is the Average Engagement Ring Price Within Your Budget?
The number people quote for engagement rings is often outdated the moment it gets repeated.
According to The Knot's 2026 Real Weddings Study, the average spent on an engagement ring in 2025 was $4,600, a number shaped heavily by the rise of lab-grown diamonds, which now account for 61% of all ring purchases.
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What $4,600 Actually Represents Today
Lab-grown diamonds have grown 239% since 2020, and the report ties that shift to larger average carat sizes (along with a lower average cost). A lab-grown stone in the study averaged 2.0 carats for $4,300, while a natural stone averaged 1.6 carats for $7,000. Buyers are getting bigger stones for less money than they would have five years ago.
How Much of a Paycheck That Ring Actually Represents
SoFi reported that in the back end of 2026, the average U.S. salary was $69,846.57. That means the average $4,600 ring works out to about 7.1% of a full year's median income.
The Monthly Math To Save for It
Saving $4,600 in six months requires setting aside about $767 a month.
Stretching the same goal across a full year drops that number to about $383 a month, a more manageable pace for anyone building the ring fund alongside other savings goals, such as the wedding itself or a home.
A Few Ways To Hit Either Number
Automating a transfer right when a paycheck lands removes the temptation to spend first and save what's leftover. A high-yield savings account adds a small amount of extra growth on top of the monthly contributions, which matters more the longer the savings window runs.
For couples planning together (since The Knot's data shows 79% of ring recipients now participate in the shopping process), splitting the monthly savings goal between both partners cuts the six-month number to around $383 each, or the one-year number to about $192 each.
The Bigger Picture Worth Remembering
The average total wedding cost in 2025 landed at $34,000, with a median of $24,000, meaning the ring itself is a small fraction of what many couples ultimately spend on their nuptials. Treating the ring as its own separate savings goal, rather than lumping it into wedding costs that come later, makes both numbers easier to plan around.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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