When I read she wanted to pick her own ring, I started getting pissed off. I don't care if you're broke or a stright up baller, she should like what you get her, what you felt was right and represented your loving her. I hate status bullshit. If you go to her with a gumball machine ring, and she loves you, it should not matter at all. So long as it's the nicest gumball ring you could reasonably afford in your relationship.
A friend of mine proposed to his girl with a $8,xxx ring, it was pretty sick. She said yes, but she wanted a different ring. A $14,xxx ring at that. I was like WTMF!!! I wanted to kill her for him. He had saved 8 months of military pay and used part of his bonus he got. He got a loan and they married. He has made pretty good money after getting out of the Marines and they were in a $500,000 house with all the high end things that go along with that. She was a royal pain in the ass snob for 15ish years. I just found out they divorced and she's tapping him for $2500 a month in support and he lives in an apartment.
Point being; gumball machine ring and a heart full of love would be fine if you both are on the same page.
Good luck