Convoy S2.
i4
Would LOVE some links if possible, so we can all “look at it” 
A picture is worth a 1000 words!
Small sun ZY T08…must have budget thrower and good mod host…
An Xin TD C8. Not exactly low budget but not super expensive either.
I think this is the best value “keeper” single 18650 flashlight there is.
I think Convoy L4 is even better than C8.
Akoray K-106 modded with a nichia 219b. Sweet budget light.
My signature is basically my list of recommendations. However, many of those items probably don’t count as “budget”. So… the budget torches I’d recommend:
- L3 Illuminations L10 (Nichia 219 model, preferably with 4 modes): Great EDC, and the first light I reach for lately. Wonderful beam color and shape. The add-on clip helps too.
- DQG Tiny AAA IV: Great keychain/backup light, smaller and nicer than most AAA lights. Preon P0 could be good too.
- XinTD C8 V4 or later (I got a neutral white with 4 modes): Nice budget thrower and large-ish general purpose light.
- Convoy S# series tube lights (any/all): Depends on your uses; I use mine mostly for biking. DX has a cheap handlebar mount made of rubber and velcro.
- Sipik SK-68 or clone (of course): A classic. Dirt-cheap, smallish, and versatile. Great for gifting.
And I’m very fond of my CNQG/FFL “brass beauty”, but I don’t think it’s available for sale any more. Very small 1x18650 light, beautiful, and well-made.
Plus, of course, some of the more expensive lights. I consider a Zebralight H51 or H52 to be a “must have”, but even the old model is still at least $45 or so.
Cheap flexible AA - Sipik SK68 - around 6$ or less
Good allround light for the money- Convoy M1 - Around 21$ with the XM-L2 emitter of you choice (preferably something around a "5" tint)
Compact thrower - ZY-T08, around 22$
SRK - Around 35$
Some may not be super cheap. But those 4 lights should cover most situations, they are great value compared to rivals , have good runtime, can be modded, , and they fit in your pocket.
I4 charger, around 20$
That's a charger.
Convoy S2, M1 and C8, all as hosts, configure your own. All that's left is a really good thrower.
Perhaps a C8 with a smooth reflector?
I agree. Love this light.
xintd c8 v4 from intl outdoor (80 cri is my fav emitter tint)
ultrafire hd2010
skyray king
Ultrafire 501b with an XM-L with a charger or two.
Then recycle Tesla sedans for free 18650s.
Around $10 at best, and no worse than $15 unless you just go crazy. Well, the Tesla may set you back a little more…
It’s made for P60 drop-ins, so you can tailor it to your specific needs. It’s not for “throwing”, but if you have things close enough to see, you’ll appreciate the dimming modes (but no one likes blinkies!!!), as 2.8A on High will light up a room with amazing daylight & make it hard to see some things close at hand.
If you want plain old AA batteries, and don’t mind doubling the price, I love my little Ultrafire U20S! SWMBO “swipes” it constantly, which also makes me smile. It’s not as bright or throwy as the 501b, but for any work you do within your hands’ reach, it’s like the Goblin King said, “That’ll do it!”
this light will beat any light under $20 C8 XM-L2
best bang for your buck!
next one will be Small Sun Zy-T08 under $25
I don’t own any lights that I would consider a ‘must have’, mainly because of my ecclectic tastes.
I do think though that everyone needs a monster light. Some kind of user-modded, throw-by-sheer-horsepower battery-burner that carves the red letter of lumen-whoredom on their shoulder with a shining-hot aluminum brand.
In all seriousness, everyone needs at least one P60 host. Sure they’re an obsolete format but there’s just something about them…
Not a light, but a must have… only buy them when they are a buck or less… which is pretty much always: http://www.harborfreight.com/multipurpose-scissors-47877.html (note that they have them under three different SKUs)
Hellsfire there TexasP you actually pay for your’s? They give them away like they’re used orange peels with their 20% off coupons! 
I must have like 40 laying around the house plenty still in bubble paks. I’m thinking of handing them out on Halloween. I ain’t never even bought one for a nickel and I sure ain’t gonna start handing over a $1 now!
You Texans must have money oozin’ like crude out yer wazoos! 
Thrunite TI
Ultrafire T-50
Small Sun Zy-C-10S
Zebralight H51f
ITP A3 Eos