It's fine for starting weights, and it's fine for backup once you are in a gym. I know a lot of people resent having a big bench around the house. Especially one with a bench rack, where you can't just push it in the corner.
Just be careful and don't go heavy and crazy. All you really need though to start if money is still a concern are some adjustable DB's. You'll respond quickly at first and be sore as hell, but you'll learn to love it.
Throw couch cushions on the floor for DB bench press, so your elbows don't bang. Can do flye's this way too, or if you have a regular long bench, hope chest, aerobics step.
Shoulder presses, lateral raise, front raise, bicep curls, hammer curls, concentration curls (just sit on a chair), overhead tricep extensions, bent over row, rear delt flye, DB squats, DB deadlifts, stand on a phone book or whatever for calf raises either with just your own body weight or some DB's in your hand.
Your legs should probably ache squatting ass to floor with just bodyweight at first too. Same with lunges. You could go get in a leg workout right now without anything and not be able to sit down on the toilet tomorrow without screaming.
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