I disagree that you're paying for brand names with art materials, there is a massive difference in the quality and consistency of their products.
Once you've used half decent acrylics you'll never go near stuff from the works etc again, and realize why people pay for the better stuff. Most of us make the mistake of thinking there's no point in getting good stuff as beginners, but it's a mistake, as experience is needed to use the cheap stuff well.
A lot of painting, even when you don't have a clue what you're doing, is about color mixing and brush strokes.
That gets compromised by paint that drags, and doesn't have even pigmentation etc.
In agreement with WiddlinDiddlin - splash out a little bit on System 3, Graduate or Pebeo, a reasonable brush or two, and heavier weight paper, because the more miserable the materials the greater experience is needed to get much out of them - not helpful when your starting out.
Hobbycraft do a Daler Rowney System3 acrylic starter pack for £11.60 ish. (If you know a student get them to register, and take with you for a 10% discount) It gives you everything you need to mix your own colors.
System 3 (and similar student level paints) have good amounts of pigment in relation to the amount of binder and other components, unlike most cheap and especially cheap Chinese paints.
Good balance of pigment means the smaller amount of paint you need to mix without loosing tinting strength.
In other words less paint will cover more, making it less costly than it might seem at first.
It can be easily thinned with water to create translucent washes without loosing its clarity and a little will go a long way.
Drys fast and evenly but not too fast to work with. Doesn't fade easily or change color a year later. There's a reason why it's loved by art students trying to buy as cheap as possible but within decent quality.
BTW if you cover any unused paint with clingfilm and smooth it down round the edges of the paint , it will keep for an suprising length of time.
Charcoal is cheap and can be sharpened or blunted for different effects, add white chalk and enjoy. Try gently covering the paper with charcoal and using an eraser to 'draw' with.
A good soft eraser is useful, a putty eraser worth every penny.
If you can get to a Cass art shop, they usually have a product try out table so you can test drive materials. What they're promoting changes frequently but they usually have half used tubes of student grade paint (and better) from demo's in a box in the back somewhere. Ask, they're mainly staffed by ex art students.