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with as much solid wood on it as you can afford
I thought a small Martin "HPL" laminate guitar sounded quite nice when I was looking for a travel / couch guitar. Might also be slightly more resistant to humidity and temperature changes compared to a solid wood guitar? Not sure if they can be considered affordable, though.
An (upper) mid-range Yamaha is one of the nicest sounding affordable acoustics I've tried. The few I've tried from different Godin brands (Seagull, Art & Lutherie, ...) also left a good impression. My impression is that generally the lower priced steel strung guitars tend to be heavily built and don't have a very rich tone.
If possible, I think it would be helpful to have a more experienced player with you when you go guitar shopping. Playability and sound differences might not be obvious when you're just starting out.
I would say no, spend all the money on something with as much solid wood on it as you can afford...
@rickster will be along shortly to tell you what to buy...