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Should I spend as much on an engagement ring as I do on the wedding ring?
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Yes of course, because she would want to show it to her friends.
It really depends on you. Wedding bands can be as simple as you want, which is great if you are working on a budget. Go for gold or white gold if you want something that doesn't tarnish. If you have enough money, you can have wedding bands as thick as you want, decorated with precious stones or have your wedding date and names carved on them. Or they can just be simple bands! What's important is the meaning of the rings, so spending more or spending less is acceptable, as long as you can afford it.
Actually engagement rings are often more expensive, as they usually have a diamond. Wedding rings are usually just a band of gold (or another precious metal), hence cheaper.