What is the 'right' amount to spend on an engagement ring?

Tradition says the purchaser should spend about three months’ worth of wages on the ring.

My ruby engagement ring. Picture: Polly Pierce

WHAT is the appropriate amount to spend on an engagement ring?

My colleagues and I were left pondering that question yesterday after hearing reports that Footy Show host Erin Molan's sparkler set her fiance back upwards of six figures.

Now $100,000 is a lot of money in anyone's books, but what is a reasonable amount to spend these days?

Tradition says the purchaser should spend about three months' worth of wages on the ring.

I can say mine didn't cost nearly that much, but I don't treasure it any less than if thousands had been spent.

A friend of mine doesn't have an engagement ring and merely wears a simple steel band on her left finger, while other friends have simply stunning rings.

I guess at the end of the day, it comes down to what suits the bride and groom to be.

I was also shocked to hear that the average cost of a wedding in Australia these days is $65,000.

With members of my generation complaining about not being able to afford their first home, can I suggest that cutting back on the wedding celebrations might be a good place to start for a deposit.

There's nothing wrong with having a wedding to remember, but a home is a much better investment.

How much do you think is too much? Join the discussion and tell us your thoughts below. 

Originally published as What is the 'right' amount to spend on an engagement ring?