a) A compliment. To call someone zero budget is to suggest that they cost nothing to be created. This means that no contraception was used to try and prevent the birth of the person, therefore not costing one single, hard earned copper.

b) An insult. To make someone feel small and unvalued.

(NOTE) People will be able to tell by your voice and facial expressions which definition of the word you have used on them.
a) e.g. Man, you're totally zero budget!

b) e.g. Jordan, you're a dirty, zero budget rentboy
by Vaas May 3, 2014
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