My boyfriend bought me a ring, what does it mean?

Anonymous
Me and my boyfriend have been dating for almost 3 months. He is an amazing guy and he tells me he loves me all the time. About a week ago he asked me what my ring size was when we were FaceTiming.. for Valentine’s Day he bought me a ring, not an expensive one ($50 from Khols) and I picked it out. We went together. He didn't say why he was giving it to me or what it meant or anything.. is it a promise ring? He said I could wear it on my left or right ring finger and I asked him which one I should wear it on and he said my right hand. He says he wants to marry me someday. What does this ring mean?
My boyfriend bought me a ring, what does it mean?
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