To be honest, I don't think mining bitcoin will be profitable unless you can get your hands on an ASIC very quickly (which will be hard as there's people that ordered 6 months ago that still haven't recieved them)
It's currently far more profitable for most people to buy bitcoins rather than trying to mine them, although there is risk involved. The other option is to try and mine an alternative cryptocurrency (such as Litecoin/Terracoin etc) as the difficulty is still quite low. Still, with that budget you're gonna find it hard to make any sort of decent money.
It sucks but that's the way it is unfortunately...
