Quality is always better than quantity. If you have $50 for your entire face, don't get 10 cheap things, get 4 good-quality things ($25 foundation, $10 mascara, $10 for blush, and then a $5 lip-gloss).
When choosing eye makeup, take the occasion into consideration. For everyday makeup, just use a pencil. Black or dark brown will do. Liquid eyeliners are best for special occasions. Your eyeliner should be more natural looking for day makeup, and can be a bit heavier for evening looks. If you want a more dramatic look, dot the eyeliner under the lash line, then use the angle brush to blend. Your mascara will bring the eyes out more.