Which character should I make first? This will be my first character and I have no clue which one is the easiest to start with...please give me some pointers.

Maybe some friends too? xD

Do you want to go caster or melee?

Which one is easier for a hobo?

Personally I prefer casting. I'd suggest making a magician and buying a robe with 200+ max life and a tier 3 dagger with 40+ enhanced effect which will easily get you to level 5. At level 5 I'd upgrade your dagger to tier 4 with similar ee and also get a heal charm with 40+ ee. If you use the heal charm that'll get you from 5 - 10 no regen at level 10 upgrade your dagger again and your heal charm if you need to and then once you get to 15 I'd buy an attack charm with some enhanced effect on it. The type of charm is totally based on preference - they all average the same. Then just buy a weapon with intelligence at some point and upgrade your attack and heal charms every 5 or 10 levels and that should be totally fine.

I'd put your first 5 or maybe 10 stat points into vitality and then all the rest into intelligence feel free to PM me if you've got other questions.

I don't plan on spending more than 50 fg on this game. How much is that?

You're probably not going to get incredibly far unless you're willing to invest more. But I can almost guarantee that you'll make it back but if you really want to you can get by without spending much.