Ooooh! Makeup and face-care is the area of my budget that I am actively attacking right now -- I'm coming to grips with the fact that the country that we are in now has a much higher threshold for 'appropriately put together' than I am used to, and I want to up my game without upping my spending. I also have craze oily-dehydrated skin and crazy sensitive eyes, which means no powder eyeshadows and no to most eyeliners.
My new favorite thing EVER is Korean Skincare. I know, the whole 12-product routine sounds absolutely bonkers, but I've been buying individual products, and they're cheap for skincare ($5-15) and keep me looking and feeling great without concealer or foundation by reducing the oil my skin creates.
My favorites are Micellar Water for cleansing (it's like the old 'toners' and 'astringents' that you used as a teenager, but non-drying and doesn't need to be washed off), nightpacks for moisture, and Snail-ooze based skin perfecters. Worth a google, since they let me cut out foundation completely.
Otherwise, I love NYX brand cosmetics. I am especially their eyeshadow pencils, which are cheap, last forever, and have great color payoff. (Their lipstick pencils are similar, but I struggle with getting the right shades) I also use them as eyeliner, because they are very gentle so I can line the top lashline and not hurt my eyes. I am completely in love with their undereye concealer, which was $5 and literally changed my life. (Pigmented, blendable and light-feeling on your skin. I look awake now, even when I'm not!)
I also use a lot of products from Eyes, Lips, Face. They have several MAC dupes, and I like their lipglosses, and their eyebrow stuff, so that might be an option for you, annajane?
I'm still really seeking a good matteifying product that doesn't cost $60 for those days when I need to go be super-corporate girl and can't be all shiny and gross. :(