If price is a big deal, why not look at a synthetic diamond with a promise to replace it on your 5 year anniversary? By then you will be out of school and a couple of thousand of dollars won't be that big of a deal to you (assuming it is now). I realize that most women (and men) look at them as junk, but the truth is that you can't tell the difference with the naked eye.
Keep it as your little secret and spend the money on a house.
To simply answer your original question, I spent about $800 on my wife's engagement ring which was almost 1 paycheck at the time.
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