Have you thought about getting the current Pentax 18-55 kit lens? Since you mentioned that money doesn't grow on your trees (neither does it mine), what you could do is just get the body and then either go to the Marketplace on this forum or Fleabay and pick up a kit lens for $50 (US) or so plus shipping. The same could apply to a telephoto. While I don't have the kit lens, I've seen some impressive images taken with it. If you're lucky, you might be able to pick up both kit and tele lenses for $200 or so gently used.
The 18-250 is a good lens, if you tend to take more tele-type pics. I had one of these for a short while and one of the reasons that I got rid of it was that I wasn't too happy with the performance on the wide end (significant vigenetting when used with a UV filter). If you're on a budget, it's not the most cost-effective lens. It (or the Pentax version) runs $450-500 new while you can pick up both the kit and 70-300 brand new for $250 or less.
While I don't have the 50/1.4 myself, I do know it does a good job with low-light, and for around $200, you can't beat it with a stick.
HTH,
Heather