I am going to offer a slightly different perspective. This is predicated on the basis that you will be interested in doing your own heat treat.
First off, for reasons that have been well explained here, the eutectoid steel 1075/1080 requires essentially no soak and is at the correct temperature for quench when it becomes non-magnetic. It can be heated with the simplest apparatus, a torch or one-brick forge. It also has a longer time to get quenched properly. Properly HT'd, it makes a very good blade. It is preferable over 1095 for the beginner, which takes substantial skill to realize its full potential.
I just checked Admiral Steel and they want $7.17 for a 5 foot bar of 1" 1075, not substantially more than HD crappo-grade practice steel. (Plus the ever-present S/H of course).
http://www.admiralsteel.com/pdf/bladesteel.pdf
I recommend doing your practice on 1075 because:
1) As you work your way practicing making KSOs (Knife Shaped Objects), you will have a steel available that you can also practice heat treating. Better that than botching the first good blades.
2)Should you grind something you are happy with, it will have the potential to be a knife if you can HT it properly. If it is practice steel, it will never be anything but a KSO.
I am not arguing that the idea of practice steel is bad, just that I personally see advantages to using knife steel that still won't break the bank.
Just my .02.
Edited to add: I was typing this as Joe was suggesting wood. Wood is not a bad idea. It teaches fine control.