Personally, I would "save up my pennies" and spend the money to purchase a decent/high end meter that would be useful for years/decades.
My "go to" meter is a Fluke 87V these days. Sadly, Fluke discontinued their 187 model 5-10 years ago....JUST as I was in the market for a new digi meter. But, my Fluke 87 is "almost there" as a meter that covers most everything for me.
I still wish I owned a Fluke 187...but...Oh Well...
Reasons for a high end meter? (Keep in mind....I design/repair pro recording studios as well as doing a lot of custom DIY...)
1. ASSumed accuracy of the meter readings, especially on the AC voltage ranges. Cheap meters crap out above 400 Hz...the frequency used for the Mains on older aircraft. As Mr. Crowley mentioned, the accuracy of the AC ranges is often NOT a problem.....but I want accurate numbers in my work.
"If a man has one clock, he knows what time it is. If the man has TWO clocks, he NEVER knows what time it is." Same deal with a meter......
2. Useful feature on ANY meter includes a 'beep mode' for checking continuity. Easier to hear the beep vs. staring at the readout.
3. My Fluke has a capacitance range up to 9999 microfarads. Cheap meters lack any capacitance ranges, or maybe only go up to a few dozen uF.
4. Once in a blue moon, I am interested in temperature degrees F or C, and my Fluke came with a temp. probe.
I can Ramble On (a GREAT/ ANCIENT Led Zepplin song...lol) about meters, but my suggestion is to Bite the Bullet and purchase a very decent meter that will last you for decades.
That said, I have found that MCM gear is decent for the price: Electrical Meters / Testers within Test Equipment - MCM Electronics Category
PS, in addition to my Fluke, I also own a cheap analog meter bought at Radio Shack. SOMETIMES a wiggling analog meter is helpful when troubleshooting vs trying to decipher the numbers diddling around on the Fluke.