I just recently got engaged and bought a ring. I stressed a little about it because I wanted it to be something nice but not too cheap and I didn't want to go into debt for it. I picked a price range that I was comfortable with that I could pay outright for and shopped around. The 2 months salary figure I had heard as well, but found to be bullshit. Eventually I found one that was about $1600 that i felt was the perfect ring. I kept my eye on it and still shopped around but always came back to that one. I finally decided to buy it and noticed it was reduced price. I pulled the trigger and went to the store. Luckily, it was valentine's day weekend and they had a valentine's weekend sale, so I got it even cheaper. So i got a nice ring on the cheap. When i gave her the ring, so loved it and everyone she showed it to loved it and I got complements for doing a good job picking it out. She knew nothing about it and was so surprised and shocked, even if she knew it was coming eventually. So my point is, don't listen to the bullshit that people say. If you know your woman well enough, you'll know what she likes. Don't break your bank going overboard. The ring is important, but not as important as you think. The ring is a symbol of your love, so whatever you present, will let her know what she means to you. If you put effort into it, she will know. If she's vapid and criticizes the ring, then maybe that's a strong signal that it isn't the best option to settle down with.
As far as weddings go, save your money and go cheap. Weddings are nothing but a price gouging nightmare. I think we planned on a $6k wedding and so far, I'm not sure we've paid for anything. Family/friends have offered to cover just about everything thus far so we might clock in under 3k or less. We're going very basic. We already live in a house, but if you're younger, save your money and use the money you would spend on a big wedding for a house downpayment.