the cost of microphones

I saved for 3 years for the U87 and would never use anything else on vocals after it....that plus a good mic pre (see Buzz Audio MA2.2) is everything I want for capturing vocals....Sm57 will cut a lot of other sounds, I put around $30 a week away and buy something around $1500 each year for the studio..
 
Sm57 as people mentioned is a great microphone which will stay with you forever. You can use em on guitars, snare ,toms and hihat. They are a great cheap allrounder.
THen i could really recommend people to buy one highend mic for vocals, such as an peluso 2247Le. I bought one when i build my studio and i have never worried about getting nice vocals.

For 1-2000$ you can get a great mic collection to cover all your needs (drums,vocals, guitars etc)