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Buy whatever ring at whatever price you want to spend. I spent about $2700 all said and done and it was a good fit for my means and my wants. Don't let anyone tell you what is or isn't enough.
On the investment side, I would just drop it into a open GIC. Something you can grab out if the need arises (or if the 'buy ring now' urge strikes). Better then a savings account and allows for access.
Further, if you are planning on saving more, you can consider financing it. It isn't as bad as many people make it sound and many jewelry locations have reasonable in-house credit. I was approved for 0.7% (i12), which was about 8.7% effective (although I never actually used it). A good investment is an 8% return, so it worked for the diamond house, my visa rate is 13.99%, so it worked for me. When coupled with potential time period money shrinking (inflation, service charges for short term investments, etc), a low interest rate is a fine option. On 1500, you probably won't earn enough to make it worthwhile (you can probably pick up a shift or two to equal the earnings - two days work vs 365 days of investment). With a 1500 deposit, you have enough money to get a ring that will be worthwhile to you. If you can afford to 'save more', you can probably afford to make payments. Obviously, don't get into a situation you can't afford, etc etc.
Last point... I had decided to propose before I had started saving. I don't think I could have lasted an entire year waiting to pop the question if it would have taken me an entire year to save, and you have already been saving for a while. Can you last a year? Can she?
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