Some basic advice on iRacing and how to keep costs down:
Definitely bargain shop for discounted trial memberships and renewals.
Pick one series to race for as long as you can stand it. If you're a beginner I highly recommend the MX-5 rookie series. This is a good series because all of the content used in the series is part of the free stuff. But be warned: you will come across some bad rookie drivers who are just trying out the service/learning how to race. Be patient and make sure that you qualify. Avoid contact and off track penalties at all costs and your ranking will improve which will pit you against better/faster/cleaner racers. Eventually, when you get better with the MX-5 and improve your SR and iRating you can try out the Advanced MX-5 cup which has a mixture of base/free tracks and paid tracks. Also, each series has it's own Forum within iRacing. The MX-5 guys are very active and extremely helpful. There are some real aliens in there but they are a very nice bunch who will share any info in a second.
If you like open wheelers then save up for the Skip Barber (Skippy). This series will be costly because the car isn't free an neither are about half of the tracks.
Be sure to monitor your participation as the seasons progress because you can earn up to 10 bucks in iRacing credits per season for participating in enough races. Each series earns you about $4 per season but the max you can accrue is $10 per season. That can add up to $40 per year. You can use those credits towards renewing the membership or towards game content. I generally chose to use it towards tracks. I just felt that I would get the most bang for my buck that way.
iRacing is still the most expensive of all of the sims but if one is participating to the point that they are earning the max participation credits then they are definitely getting their money's worth. Assuming they enjoy the physics.
Hope this helps.