27 year old boyfriend giving me promise ring

Hey guys , I posted a poll about this before, my boyfriend and I are both 27 and have been dating for a little over a year . He wants to get me a promise ring as sort of a “pre engagement ring”. I talked to him more about it- he says that it’s a promise to marry me one day, and he wants to save up in the meantime for a really nice engagement ring.

I see where he is coming from, but at the same time I feel like he could just put that money that he would spend towards an engagement ring (I dontcare how expensive the engagement ring would be) . If he wants to marry me why doesn’t he just propose ? Were supposed to move in together in September and I told him before that my values are to either be engaged or married before we move in together, so I feel like this is just a stand in for an engagement. What do you guys think?