"Low Budget" generally received positive reception from music critics, despite most feeling the album was not perfect. "Melody Maker" spoke positively of the album, saying, ""Low Budget" is actually worth spending money on." "Rolling Stone" also praised the album, saying, "the Kinks haven't mounted this kind of rock & roll attack since 'Lola. They concluded, ""Low Budget" may not be the best of their twenty-odd albums released in America, but it's not bad either." Philip Bashe of "Good Times" wrote, "Strangely, "Low Budget" is an encouraging album. ... Their playing on this record is heartier than ever, and Ray himself is no longer coy in his delivery[.]" "Trouser Press" critic Mark Fleischmann said of "Low Budget", "Flaws aside, it's still a great album."