That sounds like a reasonable recipe. No horror here.
I do agree with above, yeast is one of the cheapest variables you can control on a tight budget. Others will swear up and down that bread yeast is fine, though, and maybe you'll find that's your cup of tea (O U C wot I did thur).
Use a balloon poked with pin holes as your airlock. Then apply the cost savings toward your yeast future. It's too late now, but you're going to get hooked on mead making. Assemble your next batch with wine yeast; then, after racking that batch, you can dump a new batch onto the active yeast cake and double your investment! Repeat until you become the new mayor of Yeast Town.