Depends on the monitor you looking at getting. I'm guessing if you have a $130 budget for the monitor your looking at a 21.5" 1680x1050 monitor?
I really recommend upping the budget and getting a decent 1080p monitor. That screen will last longer than the computer powering it, spending more now will will be cheaper in the long run, as eventually you will want a full HD monitor.
Even if you have to down-grade the GPU to a 660/7870 I advise doing it. As I said, the monitor will last longer than anything else.