25. Juno (2007)$7.5 million

Becoming one of the must-see films of 2007, Juno is that rare beast: a film that actually stands up to the scrutiny and hype it received. Famously based on debut screenwriter Diablo Cody’s script,Juno is a sharp and cynical coming of age tale about a pregnant teenage girl.

While a star-making turn as the title character from Ellen Page certainly didn’t hurt the film, it is its that endeared it to so many, with an honest depiction of abortion, adoption and keeping your shit together during an unplanned pregnancy. Director Jason Reitman certainly got the best from his young cast, as well as bringing what was undoubtedly a great script to such believable and comedic life, throwing in a much aped beginning credit sequence and genre defining soundtrack in to boot.

24. Saw (2004)$1.2 million

The original and best. It’s probably wise to ignore the myriad sequels, which provide only diminishing returns. Based on an even cheaper nine-minute short, the original Saw is the perhaps the noughties’ very own Halloween or Friday The 13th.

Far superior to subsequent ‘torture-porn’ films, Saw is an incredibly tense psychological mystery thriller, with a brilliantly original and tightly plotted premise. This is low-budget filmmaking at its most inventive, with Cary Elwes’ performance pitched perfectly to add to the mayhem. Then, to cap it all off, it has that twist ending.

23. Bowling For Columbine (2002)$4 million

Michael Moore has become a truly divisive figure in recent years. Lampooned to perfection inTeam America: World Police, many view his liberal documentaries as error strewn and propagandist as the right-wing dogma he is fighting against. Others find his style of filmmaking opportunistic, manipulative and abrasive. Yet far many more think he is one of the few voices telling people the truth about often murky and controversial subjects, and the only person willing to risk themselves in doing so.

His 2002 effort, Bowling For Columbine, is a case in point. Beginning as a look at the causes of the Columbine massacre, it evolves into an informative, entertaining and enlightening look at the issue of guns in America, and a deeper look at the nature of violence there. Moore asks pointedly whether gun ownership breeds violence and fear, and whether their easy access is just part of an endless cycle of crime, and protection against this crime. Persuasive on his points, this is blockbuster documentary making, created for a fraction of a Hollywood film.

22. Dogma (1999)$10 million

Love him or hate him, there’s no denying the impact Kevin Smith has had on low-budget filmmaking in the last few decades. Pretty much writing the how-to guide with his debut featureClerks, Smith continued to thrive in the low-budget sector over the course of his next few films, culminating with Dogma, which I consider to be his most ambitious, successful and most accomplished work of the last 15 years.

Telling the story of an abortion clinic worker and two rogue angels trying to get back to heaven,Dogma doesn’t shy away from the big issues. It could so easily moralise on the church, and theology in general, but instead opts for a subtler route, engaging with both sides, making it incredibly foul-mouthed and funny. More like this please, Kevin.

21. The Blair Witch Project (1999) $60,000

The ultimate lo-fi horror film, considered the popular trailblazer of the found-footage genre, micro-budgeted films being widely distributed, and viral film marketing. Filmed in just eight days in Seneca Creek State Park, pretty much the entire film is improvised, with the only guidance being notes left for the actors around the park by the directors. At night the actors would be harassed and tormented by the directors, which serves to lend the found footage gimmick a hideous reality, and make the audience uncertain about what is fiction and what is fact in this fictional documentary.

Even after all this time, The Blair Witch Project is more than a one-trick pony, as the psychological scares will creep you out long after the camera has stopped rolling…

20. 24 Hour Party People (2002) Estimated at between $1-2 million based on Michael Winterbottom’s other films

Director Michael Winterbottom is practically a one-man low budget film industry, regularly turning out one or even two films a year. However, it is probably this, his 2002 dramatisation of the career of Factory Records founder Tony Wilson that is his most well known, most accessible, and possibly his best.

Charting the end of the punk era, through to the early 90s rave culture, and mixing real life stories, facts, urban legends and complete fiction, 24 Hour Party People is the perfect film for the time it depicts – creative, energetic, and not all there. It’s knowingly a fabrication in parts, but it’s also true to the memory and spirit of the bands which made Manchester great.

19. Primer (2004) $7,000

The cheapest film on this list by some distance, it’s possibly the one with the most ambitious ideas, and certainly the one you’ll be thinking over long after it finishes. Initially playing out as a drama about four friends creating their own tech business, it changes a gear when they accidentally invent a time machine in the garage. Opting for the hard science route of how it works, writer/director/editor/star Shane Carruth doesn’t shy away from the moral and psychological implications of what time travel would and could do to a person.

It’s not an easy film to follow, and requires a few watches to wrap your head round, but the fact this film exists as it does on this budget is nothing short of miraculous. I imagine a few of you could probably save up $7,000 if you tried. Now try making anything even a fraction as good as Primer.

18. Brick (2005)$475,000

Even on a list of low-budget films, there are a few whose budget made me do a double-take, and this is one of them. One man show Rian Johnson directs, writes and edits this film noir set in a high school, and it is a simply outstanding debut. Student Brendan Frye (a magnificent and career changing role for Joseph Gordon-Levitt) investigates the death of his ex-girlfriend Emily, resulting in a dizzying tale involving drugs, gangsters, guns and double-crosses.

In keeping with its noir roots, this hard-boiled tale moves at a rat-a-tat pace and engages with its own internal film lingo, meaning you may get lost if you don’t pay attention. However, the intricate and rewarding plot is well worth the effort, and Johnson with his first film doesn’t seem to understand the concept of a low-budget aesthetic, with the film looking as gorgeous as it is clever.

17. Little Miss Sunshine (2006)$8 million

This was quite the debut for writer Michael Arndt and director team Jonathan Dayton and Valerie Faris – picking up two Oscars (including Best Screenplay) and nominated for another two (including the biggie – Best Picture). What’s more, the hype surrounding the film was one of those happy and rare occasions where it was justified, as Little Miss Sunshine is a joy to behold, a dark and slightly twisted family road movie where the characters rightly take the spotlight over the situations, and bring the drama and comedy to life.

A real labour of love for Arndt, he creates a believable dynamic for the family to bounce off, with Toni Colette and Greg Kinnear the overworked parents, Steve Carrell the depressed uncle, Alan Arkin the foulmouthed and drug-dealing grandpa, and Paul Dano the emotionally repressed son. However, it is Abigail Breslin as the Little Miss Sunshine of the title that totally steals the show, culminating in one of the funniest and disturbing dance routines ever.

16. 28 Days Later (2002)$8 million

Director Danny Boyle certainly does have a knack for not only reinventing himself, but reinvigorating the genres he chooses. It’s an enviable talent which has brought him Oscar fame and a 2012 Olympics creative role, but back in 2002, he used it to move on the from the slight misfire of The Beach to bring the zombie (sorry, rage infected people) movie kicking, screaming, and running into the 21st century.

Teaming up with Alex Garland again, 28 Days Later follows four survivors following a zombie outbreak in the UK. It is not only a nasty, effective horror, but also a studied examination on the breakdown of society, and what each of us would do. Launching the career of the terrific Cillian Murphy, it’s also notable for its unmatched scenes of an empty and desolate London.15. Buried (2010)$3 million

Paul Conroy wakes up in a coffin, with only a lighter, flashlight and mobile phone to help him. He has a limited time to escape before either sand or a lack of air kill him. That’s all there is to this thriller, but it’s easily one of the most gripping of modern times. Never leaving the coffin, it makes ingenious use of camera angles and lighting to keep the audience interested, as well as a gripping plot about why Paul was buried.

All of this would be next to useless if it wasn’t for a momentous performance from Ryan Reynolds, proving for all eternity that he can act like nobody’s business when required. He easily takes the pressure of engaging the audience for 90 minutes, and is the human heart of this Hitchcockian thriller which turns traditional narrative cinema on its head.14. Senna (2011) Unknown due to an agreement with Bernie Ecclestone, but well under $10 million

Easily my film of last year, Senna both reaffirms the power and drama of real life stories and the human spirit, as well as exploding the myth that documentaries are somehow never quite as exciting as a scripted film. Far more than just the ‘death of Ayrton Senna’, the film instead plays out as a narrative piece charting the rise of the talented young Brazilian until his fateful and tragic demise.

The key to this is the 80 minutes of archive footage assembled, most of which was never before seen: of surreal and enlightening drivers meetings, where Senna often emerges as a lone voice of reason, or the family footage of Ayrton on his boat, or relaxing with girlfriends. Charismatic, heroic and a national hero, what strikes you about Senna is just how human he was beneath the myth, which just makes the inevitable conclusion all the harder to swallow.

13. Dead Man’s Shoes (2004) $1 million

When you consider the national treasure (of sorts) he has since become, it seems funny now thatDead Man’s Shoes was seen as some sort of return to form for director Shane Meadows. With hindsight, we can see it was the triumphal announcement of a new burst of creativity from Britain’s finest purveyor of post-modern gritty realism. And what an announcement it was, charting the return of a soldier to his hometown in order to exact revenge on the people who have tormented his mentally-disabled brother.

It’s Meadows’ finest work, helped in a very large part by Paddy Considine’s blistering central performance, and the ever increasing cranking up of tension as the revenge campaign becomes increasingly violent.

12. Napoleon Dynamite (2004)$400,000

A genre-defying odd-ball comedy which defeated the odds and went massive, in the process becoming a cultural touchstone (I’m looking at you ‘Vote for Pedro’ t-shirts), Napoleon Dynamiteremains what all good comedies should be: very funny and well-observed. Another directorial debut (proving that low-budget films remain the best way to cut your filmmaking teeth), Jared Hess’s film speaks to the outsider in us all, with Jon Heder as the ultimate loner Napoleon Dynamite, who spends his time drawing ligers.

Never stooping to the obvious, but always quotable and often laugh out loud funny, Napoleon Dynamite is proof that the obvious and straightforward isn’t always the way to go, and sometimes it pays off to take a weird risk.

11. Buffalo 66 (1998)$1.8 million

The semi-autobiographical debut from the mercurial Vincent Gallo, Buffalo 66 is a tragi-comic tale about Billy Brown, who after serving five years in prison for a crime he didn’t commit, decides to kidnap Layla, so she can pretend to be his wife to Brown’s parents. Stylish, quirky, and unforgettable, Buffalo 66 is one of those films that lodges itself in your head – I’ve been enthralled by it for years (since the days of VHS).

The performances of Gallo in the lead role and Christina Ricci as Layla are top notch (even if they didn’t get on), and the themes of loneliness, depression and love are beautifully played out and dealt with – it is a hard heart indeed who isn’t touched by this film. And any film which can soundtrack a set-piece to Yes is a winner in my book.

10. Hunger (2008)$3.1 million

Telling the story of IRA prisoner Bobby Sands and his hunger strike at the Maze prison, Hunger is a powerful and complex work which announced the arrival of two cinematic talents – director Steve McQueen and actor Michael Fassbender.

Showing in extraordinary detail the brutality of a state towards its prisoners, and the extremes to which the human body and spirit can be pushed, Hunger is not for the faint of heart. The treatment of prisoners at the Maze is often overlooked, but in a world where Guantanamo Bay is a by-word for oppression, this film was a timely reminder that it was nothing new. Impressive filmmaking from a debut talent.

9. The Descent (2005)$5.4 million

Director Neil Marshall is clearly a talented man at getting the most out of his often miniscule budgets. His reputation-making horror classic is a case in point, recreating a terrifying and believable subterranean nightmare world complete with monsters for the catering budget of far less impressive mainstream films. Shot entirely in a studio, The Descent realises that tension is the key to a good horror.

Casting only women in the main roles, Marshall leads us slowly through helplessness, despair, one of the best jumps ever in horror, and then into an all-out fight for survival. You feel you are there every scary step of the way with the explorers, peering into every shadow, and feeling your blood pressure increase unstoppably. “Less is more” is often a maxim used to defend a lack of ambition, but when it is done as well as The Descent, it’s hard to disagree with.

8. American Psycho (2000) $8 million

Based on the controversial Brett Easton-Ellis novel, American Psycho was news before it had even begun production, with Leonardo DiCaprio linked to the role of psychotic Wall Street banker Patrick Bateman. Luckily, however, director Mary Harron instead cast Christian Bale – a move which seemed a risk at the time, but sent this adaptation to another level.

By eschewing most of the book’s gore, and paring it down to the black comedy elements which made the story such a razor sharp critique of Wall Street, the film is a leaner, more focused and more ferocious proposition, with a incredible turn from Bale in the lead. Charismatic, dangerous and quite mad; he forces the viewer to watch his every action, even as you feel contempt for him.7. Once (2006)$180,000

A feel-good, heart-warming musical about a Dublin street busker pursuing both his musical and romantic ambitions with a Czech immigrant, whom he meets as she sells flowers one day. Once boldly wears its heart on its sleeve, but is so utterly charming that what could easily be smaltzy cheese comes across as genuinely affecting.

This is in no small-part due to the brilliant performances from untrained actors Glen Hansard and Marketa Irglova, whose chemistry sizzles on-screen (and afterwards, off-screen) and whose naturalistic performances sit perfectly with the lo-fi ramshackle nature of the piece. Fully deserving of its Oscar for the song Falling Slowly, Once will put a smile on your face. And most likely that song in your head.6. Monsters (2010)$500,000

Set years after an accidental alien incursion, most of Mexico is quarantined, and giant tentacled creatures roam the US border. Photo-journalist Andrew Kaulder is hired by his employer to get his daughter out of Central America after an attack, and so begins a tentative relationship over the course of the adventure. Monsters is brilliant on so many levels, and plays out as indie road movie romance, but one in which giant space aliens pop up every now and again.

Debut director Gareth Edwards creates an entirely believable post-invasion world, with even the warning signs thrown up over Mexico done perfectly. Through use of improvisation, and naturalistic shooting techniques (including sticking a camera out of a van to replicate a dolly, which they couldn’t afford), he also captures a quasi-documentary feel, heightening the sense of reality.

This is further compounded by the exquisite effects shots, created by Edwards himself in his bedroom, which shame many blockbusters. Once again, a simple yet brilliant idea, perfectly executed.

5. Donnie Darko (2001)$4.5 million

A brilliantly conceived sci-fi psychological drama, Donnie Darko is truly one of a kind. Donnie is a troubled teenager, seeing visions, committing crimes in his sleep under the direction of a giant rabbit called Frank, and possibly time-travelling. On top of this, he gets a girlfriend and narrowly avoids death by airplane engine. Posing questions that aren’t always answered, Donnie Darko is an intricately plotted puzzle box of a film which keeps you thinking and re-watching, then thinking again. With an ace 80s soundtrack, a knock-out performance from a young Jake Gyllenhaal, and a chance to see the mighty Swayze in one of his finest roles, it’s a film which lodged itself in the minds of many for a very good reason.

4. Shaun Of The Dead (2004)$6.1 million

Who would have thought that a zombie comedy (or zom-rom-com) starring semi-famous TV actors and conceived as a loving homage to Romero films would not only end up being the defining zombie film of the last few years, but launch the Hollywood careers of both its lead and director? Well, if you knew anything of the pedigree of Simon Pegg and Edgar Wright, you may not have been surprised, as their sitcom Spaced clearly marked them as talents, achieving miracles on next to no money.

Shaun looks the business, with Wright’s now trademark kinetic camerawork adding a real zip to the mayhem, and making the whole thing feel like it was created for far more money. The script is top-notch as well, with believable and well-acted characters throughout, especially in the well-drawn supporting cast. Oh, and most importantly, there are proper, shuffling zombies to face off against.

3. Pi (1998)$60,000

Darren Aronofsky was surely always destined to be a successful director. Arriving on the scene at the end of the 90s, his calling card was Pi, which is quite simply one of the most unique, stunning and confident pieces of filmmaking ever made. Produced for a pittance, Pi decides to play by its own rules, with a story involving a maths genius who cracks a code which may be the key to the stock market as well as the secret name of God.

Taking the viewer right into obsessive madness of the main character, as well as providing a head scratching and thrilling chase narrative. The themes which would dominate Aronofsky’s later work are all present here, as well as his much admired talent for both script and direction. Some believe that this is in fact his best work to date, and a part of me is inclined to agree with them.

2. Memento (2000)$5 million

The film which established Christopher Nolan as one of the most ferociously talented directors working today. His previous work, Following, may have been made for a fraction of evenMemento’s modest budget, but it is this film which showed the world that Nolan was no one-trick pony, and had everyone talking.

The premise of Memento is simple and ingenious: Guy Pearce plays Leonard Shelby, who is hunting for his wife’s killer. However, he cannot form any new memories, so is forced to tattoo his body with previously identified facts about the murderer.

To further illustrate this point and disorientate the viewer, the film is told in two timelines, a chronological black and white plot, and a colour, reverse order narrative. Of course, it’s not just enough to have a genius idea – you have to execute it perfectly, too, and Nolan certainly does that, exhibiting perfect control not only of his twisting puzzle story, but drawing out a note perfect performance from Guy Pearce as well, and finally examining issues of revenge, memory and our need for purpose.

1. Moon (2009)$5 million

Spellbindingly perfect, Moon is the consummate low-budget masterpiece, and one which will always be hailed as a great film. Sam Rockwell plays Sam Bell, a lone astronaut on the moon whose job is to mine and rocket back to Earth Helium 3, a miracle clean energy source. With no direct communication available back home, his only company is a computer, GERTY. But when Sam is injured in an accident, he has an encounter which changes his very conception of reality.

There are many things which elevate Moon to true greatness. The neat twists on expected sci-fi staples, the clever plotting, the fantastic, retro-looking, yet believable model work, and the sublime score by the talented Clint Mansell.