50mm on a body like the 500D is considered a bit longer than normal as it calculates to be the equivalent of 80mm in 35mm-camera-terms.
Saying that, the 50mm is a lens that plenty of people love, you just might find it a little long/narrow for close range/indoor photography.
I'm afraid I can't help on the other lenses in particular. But the relatively high max. aperture will mean you have to make other sacrifices when taking pictures in low light, you'll either have to increase shutter-speed (not suitable for wildlife other than for creative reasons) or increase ISO (increasing the noise in your shot). However in bright light you'll have no problems at all with f/5.6, and at long focal lengths you'll still be able to get some nice background blur. Assuming the background is further from the subjects.
But if you mention saving, the two best general purpose lenses you can get for the EF-S cameras are the Canon 17-55mm f/2.8 and the Canon 15-85mm IS USM.




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