I hate my engagement ring help?

I am having a slight issue and I hope I dont sound like a snob. My boyfriend and I have been together for 2 years, we have talked about marriage, but I have told him I wanted to wait a little while. Anyways, 2 months ago we found we were pregnant!! Shortly after this he started in on the marriage talk again, and how since were having a kid we need to get married. I didn’t have a problem with this because I love him, and I wouuld love to marry him, but I don’t like the idea of rushing marriage because we have a baby on the way. Anyways, we looked at rings online, and in the stores and I told him the kind of rings I liked. So today he proposed to me, it was nothing crazy, but it was cute, I said yes. After he went to work I looked at the ring, and I honestly do not feel like it is an engagement ring. It looks and feels to me like its more of a promise ring. I have actually had a bigger promise ring in my past, and I’m not saying this to sound stuck up or snobby. It’s just I showed him the kind of ring I was interested in and I feel like he just got the most basic ring available. Now we don;t have a lot of money, and I’m not expecting a ring thats a million dollars. But I feel like if he doesn’t have enough money to get me a decent ring, he should have waited until he could afford something that I would like better. I thought about maybe saying something along the lines of I;ve been thinking and maybe we should just until we have a little more money, and you can take the ring back and use that money for some things we need (his car broke down right after he left for work). Anyways I was hoping someone could give me some advice on how to handle this, because I love him and I don;t want to hurt his feelings, but I;m a little embarassed by this ring.

Here is an image of the ring http://postimg.org/image/o6bpolzh3/full/