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.