I just use those 3/1$ razors from CVS. They're cheap, but they remove hair. I use a bar of soap instead of shave gel. Then again, I've got no money.

The only pricey razor I have ever used was the Venus Embrace razor and I must say that I loved it. It left my skin so silky smooth, but I can't afford $10+ per razor.

I would suggest waxing, though. I tried it and it doesn't hurt like people say it does. I didn't even flinch. Plus, the hair really grows back slower. Don't even get me started on how much easier it is to wax your armpits than to shave them.