What is the old rule for buying an engagement ring?

The old rule for buying an engagement ring was that a person should spend the equivalent of three months of their salary on the ring. However, that idea has largely been abandoned in the 21st century due to the rise in the cost of living and wage stagnation. Now, most people find it reasonable to spend only what they can afford on an engagement ring. Shop a wide range of engagement rings on 1stDibs.