Caleb, if you don't have any tools at all then making a knife for $50 is going to be tough. If you can beg, borrow and scrounge some tools then you'll stand a better chance.
Buy some O1 flat bar from onlinemetals.com or knifemaking.com
I recommend 5/32" thick, by 1-1/2" wide for a basic outdoors knife.
Then start working on getting some basic hand tools (files, drill, sandpaper, hacksaw, etc...) for more info on what you'll need have a look at the videos on my YouTube channel:
https://www.youtube.com/user/aaronmarkgough/videos
The video on making and using a filing jig will give you a way to do your bevels.
The video on heat-treating O1 will show you how you can get the steel hard for your knife blade (a charcoal BBQ can be substituted for the small forge)
The videos about using files and hacksaws will be useful too.
The time-lapse and infantryman videos will give you a good overview of the process start to finish.
It's a good idea to just spend a few weeks reading everything you can find about how knives are made before you start buying stuff. Watch videos, read all the forum posts that are happening. Ask questions in the threads if you don't understand. This step will save you a lot of wasted time and money!