Wedding expert advises against following the 3 months' salary rule when buying an engagement ring.

According to a Zola report, the average cost of a wedding in 2024 is $33,000, making it a significant financial commitment.

An engagement is typically the start of expensive celebrations, with the purchase of a costly diamond ring often involved. According to the rule-of-thumb, an engagement ring should cost the buyer three months' salary.

A recent Bank of America Survey suggests that almost two-thirds, 61%, of people believe that the traditional rule no longer applies in the current economy.

Experts suggest that the rule can be disregarded and shoppers should adhere to a more deliberate budget.

Sarah Hanlon, an editor at The Knot, states that the guidance is not based on any logic.

"The 'three-months' salary' rule is an outdated myth that was based on a marketing campaign from the Great Depression era and not on current facts or data, so feel free to disregard it," she says.

The "three months' salary" rule for diamond rings was popularized by an advertisement campaign by Da Beers in the 1930s, which initially recommended spending one month's salary on a ring but later increased the recommendation to three months' salary.

In short, the rule was a marketing strategy.

Hanlon advises taking long-term financial goals and expenses into consideration instead.

'The only wrong thing to do is overspend'

Jake Alfonzo, a custom design specialist at Fitzgerald Jewelry in Brooklyn, New York, states that most of his clients do not allocate three months' worth of income towards purchasing a ring.

"People are spending a lot less," he says.

At Fitzgerald's, most shoppers prioritize uniqueness over flashiness when selecting items.

""It doesn't have to be expensive or fancy; it just needs to match your partner's love language," he says."

Determining which of the "4C's" to prioritize and which to sacrifice can help you budget properly for a ring, according to Hanlon.

If you want to save money on a diamond, consider a lab-grown one, which is usually 20% to 50% less expensive than a mined one.

According to Allison Cullman, a wedding expert and vice president of brand marketing at Zola, you don't have to buy wedding jewelry from a traditional jeweler.

Couples can explore pawn shops, antique stores, and estate jewelry sections for stylish, pre-owned pieces at affordable prices, according to Cullman.

Whatever you do, don't go into debt for an engagement ring.

"Cullman advises against overspending and creating financial insecurity, even if it means missing out on making a grand impression. Instead, he suggests avoiding debt as the best way to go."

To stop worrying about money, enroll in CNBC's online course, Financial Wellness: Be Happier, Wealthier & More Financially Secure. We'll teach you the psychology of money, stress management, and healthy financial habits. Plus, use code EARLYBIRD for a 30% discount through September 2, 2024. Start today!

Sign up for CNBC Make It's newsletter to receive tips and tricks for success at work, with money and in life.