The idea that you’re “supposed” to spend $X on a ring is absurd. Are you getting engaged to show off your wealth or to commit to a relationship? What does spending excessive amounts of money on a trinket have anything to do with the latter?

I wouldn’t call myself frugal by any means, I generally support people spending their money on nice things that they find value in so long as they’re not living beyond their means.

That being said, IMHO dropping $5k on a ring makes you a god damn idiot.