If you really want to focus on photography...then:
Ideally you want a monitor with a wide gamut S-IPS display, but some S-PVA ones are decent enough. The monitor you list is a 6 bit TN model, the results on that will be very compromised in regards to colour rendition. The good news is that you can indeed get something pretty acceptable nowadays for 400GBP as the other poster suggested. You can look up the acronyms themselves for thorough explanations of the technologies, but to break it out to you: TN is the cheapest and with the lowest dynamic range / gamut, S-PVA is more expensive (but many displays acceptable nowadays, though still far more expensive than TN), but as the matrix is vertically aligned (PVA stands for patterned vertical alignment) only when sitting right in front of it will you get good colour - moving around or sitting to a side changes it a bit. This is usually far less drastic than it sounds, and S-PVA are the superior choice to TN. If you have the money to go all the way, IPS is your bet, but from what I read that is way out of your current budget. If you need a list of what monitor uses what kind of display, be prepared to get zero information on that from the manufacturer and from most magazines. There is a good list here:
Master Monitors List - WSGFWiki
The monitor I use and you can see in my sig is a wide gamut S-PVA Dell 2408WFP which cost me double than what it retails for now, it is great value now, check it out on your local Dell site. I use Spyder 3 Pro calibration bought on amazon.co.uk at around 150GBP if I remember well. The results you will get are not going to be like if you were using something professional from Eizo or LaCie, but that would set you back 3 or 4 times the price, and it will be more than acceptable.
Some TN displays are getting a bit better but I would recommend staying away if you are going to work with colour. I understand your current financial situation is not good, so the best way migt be to check out that list I provided, check your e-tailers for offers, and then dig in on the reviews you may find online and decide. On the plus side, you seem to live in the States, which means you will be buying at least 30% cheaper than us in Europe.