Cooking is mostly about a few things: ingredients, prep, assembly, flavors, and timing.
Sure, you can throw some things in an oven, or put peanut butter on a lot of things (I do this), but to make the most of your money and eating, you need to spend a little time and effort on meals.
Even with the most basic ingredients, as long as you have a range or stove, a knife, a pot and a pan, you can make a lot of shit.
So really, you have to think 'what do I have/can afford'? And then you can look up things you can make with your groceries.
http://www.supercook.com/ is your friend!
Picking ingredients can be as simple or as involved as you want. Try to get fresh things, but on a budget, you'll want dried/canned stuff from bulk or store brand (some store brand is ok, some isn't, quality varies between items sometimes, you just have to figure them out). Don't just buy the easy, cheap crap that's mostly filler (hi hot dogs!). It sucks, but meat is going to be really limited on a budget. Sorry, bacon! I'm not from the States, but I know coupons can save you a bunch if you're willing to put in the time. Try to grab things that are high in proteins, vitamins, carbs, and starches. Stuff like grains, veggies, beans, etc.
Prep is all about planning your meal and setting things up to be cooked. Slicing, dicing, cubing, mashing, etc. Some things need longer to cook than others, so recipes can help here with the order of what you should be working with.
Flavours (besides natural flavour) are tricky on a budget, but dollar stores usually have spice things for a dollar, so some oregano, chili flakes, garlic, etc, are always good. Another good thing for entrees is bouillon (like OXO), whether cubed or powdered. Or you can buy broth, but you have to use it all at once.
Timing is mostly about heat and how you're cooking things, which is different for every type of food. Youtube some cooking channels, check recipes to see temps and times. Generally, meats and tough veg take a lot longer than things like eggs and grains and the like. Get some oil or fat (margerine, butter) for stovetop cooking, foil and trays for oven. For the love of god, don't turn your elements to the highest setting, medium-high is usually good enough. Set timers for longer things. Stir and taste often.
Cooking's also about experimentation, once you get the hang of picking out easy recipes and getting the cooking/flavouring down as well.
Try to make meals up based around getting a decent amount of grain/protein/veg, if you can. Like really basic: chicken fingers (oven), rice (cooker), peas & carrots (frozen, pot).
Protip: Go to a thrift store and buy an intact rice cooker. Do it. You can make more than just rice. You can mix whatever the hell you want, so long as it can handle ~20 minutes in the pot.
TL DR: Pretty much make it as involved as you want, just make sure you always have some basic ingredients around and a few ways to prepare them.
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