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1.
Used to describe someone who is incredibly cheap or something that was done in cheap taste, regardless of the financial situation. Those who are of this nature often refer to themselves as thrifty.
1. Dude, you are so low budget.
2. Dude, that was so low budget.
by dalbort June 21, 2004
 
2.
cheap, no money, poor
Yo! I can't handle this low budget shit!
by cocococo December 15, 2003