Well, in the Petland Discounts store in my neighborhood, you can buy hamster food by the pound, so it's pretty cheap each month. You need a good sized cage. What I'd suggest is a 10 gallon tank with a "Tank Topper". It gives the hamster the comfort and security of a closed in environment from the tank, plus the proper ventilation and the amount of exercise it needs with the extra 2 levels from the tank topper. You should have quite a few chew toys, as hamsters tend to bite on the bars of the cage if they get too bored. This will take a toll on their teeth. So, it's important to keep them busy. I don't really recommend hamster balls because basically all the hamster is trying to do is get out of the ball. That's why it keeps running. Is it good exercise? Yes, but it's pretty stressful for them. Most of them urinate and defecate inside of it after a few minutes. It's also a huge no-no if you have other larger pets in the house (cats and dogs). You shouldn't buy saw dust bedding for them. It's not very healthy at all. The best bedding is "Carefresh" in my opinion.
Red-eyed hamsters are usually albino. Pure white. However, many different hamster colorations have red eyes and they're not any less healthy as the other person stated. Their vision may not be that good, but they still have the same life span. The most common hamsters sold in stores are Syrian or Dwarf. Dwarfs are a lot smaller than Syrians. My experience with a Dwarf hamster wasn't good. The one I had was really vicious and I had to eventually return it to the store. I'm not saying they're all vicious, but the one I had was. So, I always steered clear of them. Many people may disagree, but that's just my own experience. Personally, I'd suggest a Syrian hamster. I've owned Syrian's since I was about 5 years old (20 years) and I never had a problem with them. If they're properly socialized, they're extremely friendly and very tame. There's much more color variations and fur lengths/types of Syrians than there is Dwarf, also. So, you'll have much more to choose from.
Dwarf hamsters can be caged with other Dwarfs, but I'd recommend the same sex, unless you're prepared to have litters and litters of babies.
Syrian hamsters are solitary animals and extremely territorial. They should always be housed alone. They'll eventually kill one another if they're kept in the same cage as other hamsters.
This website has a list of healthy treats (fruits, vegetables and herbs) that you can feed your hamsters besides their normal food. Keep in mind, the treats should only be fed in small portions and at most, twice a week. If the hamster develops diarrhea from the fruits and vegetables, it's important to stop feeding it to them until the diarrhea stops completely.
http://www.hamsters.co.uk/hamster_fruit_vegetables.htm
Tank Topper.
http://www.drsfostersmith.com/product/prod_display.cfm?pcatid=17073
Make sure you don't get a simple case of diarrhea confused with "wet tail" disease. It's a very serious condition and can be fatal.
http://hubpages.com/hub/Hamsters_With_Wettail
http://www.essortment.com/all/hamsterwettail_rlpq.htm