as a fellow new knitter....
knitting isn't about saving money all the time- it is also about the craft, enjoying the process, and having a treasure when you finish.
While my limit is about $12/ skein- those more expensive yarns are a dream to work with. gentle on the hands, lovely to work up, lovely drape/ feel/ fit. a sensory experience during the process.
inexpensive yarns for me are great for learning new techniques, trying out a pattern, or making a gift for someone who has no idea how intensive or expensive hand knitting can be. While it isn't hard, it does take significant amounts of time, and if someone just doesn't get it, they aren't worth it.
Inexpensive yarns are also good for washable baby stuff, fast knitted scarves, things you want to wash frequently, etc. Lion brand cotton is great for discloths.
And some patterns only work with the right yarns- you might not like the results if you use a very different yarn than what the pattern is written for.
Anyways- just my opinion. I love the bamboo- hope you have fun with it!! I have a bunch waiting to be made into summer tops.