I am mid way through a Studio Lighting course, 6 weeks, 2 hours a week.
The course is excellent, and one thing the instructor has done is recognise that all (4) of us are enthusiasts with limited funds, and not pro's where money is less of a problem to spend on photo gear (i.e. we'll never get back the money we pay on the lights).
One of the first things he told us about, and later demonstrated, was how much you can do with just a single light and a reflector. The same can be said for the natural light approach, as Sunniee says.
Also consider getting one light and then using an off camera flash, if you have one. For instance, I have just bought 2 studio lights, but for the high key shots I really like you really need them both just to burn out the background. Add a standard flash, with a cheap light cell trigger, and last night I found that works perfectly to illuminate the subject while the bigger flashes do the background.
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