Does it matter what would be the price of an engagement ring?

I saw at target for like 20-60 bucks. There’s also a $200-500 range.

I don’t know much about sacrament of marriage but when you buy the engagement ring, does it matter what wedding ring you buy? Or is the wedding ring just a “second” ring specifically for life and ceremony?

Can’t I just buy a $30-200 wedding ring?

I’m not ready for marriage been with my girl almost two years. So I’ve seen people propose in 6 months to one year which I don’t know how would be possible

I don’t know her ring size I’m scared to ask if it’s for the sake of the future

She also mention she doesn’t want an expensive reception. I’ve seen a simple wedding reception at the parish hall to book 2000 bucks but idk.

Thoughts on your experiences?