i dont recommend cheaping out on spanners. you dont need top dollar stuff but $10 set of 20 spanners will let go on those occasions when you really put some weight on them. a set of combination spanners such as kinchrome,sidchrome,jbs etc as previous suggested will last you a lifetime.
stanley screwdriver sets are usually about $30 for 10 or so and are very durable.
socket sets are another essential. from what ive seen the weakest link in a cheap set is the ratchet so either get a cheaper set and buy a good ratchet/breaker bar separately or just buy a half decent set from the start.
other things like pliers cutters etc i usually go cheapish as i lose them all the time. i havent had a pair of sidecutters longer than a couple months.
if you have already been going to m`mates place and doing some jobs you probably already know what tools you need first