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You're in love and ready to buy an engagement ring. But are you ready to part with three months' salary as the diamond industry has traditionally suggested? Engagement rings come with unique financial and emotional expectations.Here are five tips to help you size up how much to spend on an engagement ring.The average spent on an engagement ring grew by 3 percent to $5,598 last year from a year earlier, according to The Knot.The average total carat size for engagement rings, including any diamonds on the setting, is 2 carats, Miles said.If the ring isn't paid off within the promotional period, or if you're late on a payment, you could end up being retroactively charged 25 percent interest or more on the total price.You can always trade up for a nicer ring in a few years when your financial picture is more established.
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