You're new to spinning. So, here's lesson 1. 8 oz of fiber is a good bit! It goes a long way. Start by drafting thin. Since your budget is tight you gotta get that down. Makes nicer yarn that way too. You can at least make a scarf or fingerless mits or maybe a hat out of 8 oz.
Lesson 2: More like advice or whatever....Spindlers should practice about 15 mins a day. I dunno why but I've read it many times. It'll be frustrating at first, but out of the blue it clicks.
So 8 oz will go a long long way at first :D
Day's end roving will last a while and is 7 bucks. Not bad at all. I have no idea how it spins though. If you like it then ask them.
Wollery has coarse roving for about 7 too. Then there's the softer corriedale for 13. Don't get merino....very difficult to spin.
And to try silk get soy silk. It is beyond soft and shiney. 26 bucks for a pound!
I'm sure your spindle comes with roving of some kind. Spin it then knit something out of it. I'm making a rug out of my first singles. Felted items work good too. After it's knitted then buy some more. That will make you feel better.
Don't forget your LYS if they have roving. Let them know you're a budget minded spindler. They should have something that will fit what you need.
Stay in the wool and wool blends. They are cheaper. Find a spinner's guild and join. Knisters give out their stash yarn so spinners give away their stash roving. And they know where the deals are.
I'm off to my first guild meeting today! The members all seem to sell fiber and wheels. I'm in big, big trouble.....the Kromski Sonata is begging me to buy it. And I'm riding with a lady that has her own alpacas.