$500? Wow, you need money but not $500. You can find everything you need for less than $50. Possibly less if you really look and ask around for used stuff. You definitely need a heater and fry food. You wouldn't believe how many people have empty fish tanks sitting around that they would be happy to give away.
Containers for the male juveniles. Well, it depends. You can take a conservative approach and only pull out the 20 biggest or most agressive at a time or you can jar the whole spawn. I personally pull the biggest/most aggressive just because I don't want hundreds of containers full of fish to deal with. The rest of the males will tend to stay small in the growout tank until you jar them. I have 32oz plastic containers that I bought but I really didn't need to buy anything. You can use 2 liter bottles, punch jugs, mayo jars, pickle jars, glass vases, etc. Ask family and friends to save these and rinse them out for you. You can decide to keep, sell or give the first 20 away. As you empty containers you take more fish out of the growout. You save you best/favorite ones and keep feeding them and letting them grow. As they get bigger you keep weeding out the ones you do not want to keep. All of your baby fish will not be ready for new homes at the same time. Especially if you take 20 or so at a time. Your females can live together in the growout unless one gets too mean. Then take her out and stick her in a jar.
Breeding these fish and raising the fry is no easy task but it is far more about the amount of work involved and not so much the cost. After having said that, I do agree that you should locate and gather everything you will need before you even start thinking about breeding. Explain the whole process to your parents and show them on paper exactly what you already have and what you need. Explain what you intend to do with the young fish. Explain that you could possibly sell a few if you can get good quality stock. You may wish to ask for the membership to the IBC as maybe an early Christmas gift. It is $14 for someone your age. You could possibly get a free breeding pair through the IBC.
Keep in mind it is now winter in most areas and these are tropical fish. Make sure you are able to keep a hundred fish warm before you breed them. I know my parents kept our house aroung 70 degrees in the winter to save on the electric bill. We wore socks and sweaters, lol. 70 is too cold for jarred juvenile fish.
The biggest thing you are going to have to do is keep everything neat and clean. Your parents will likely never allow you to do it again if the tanks or jars are dirty and you leave stuff everywhere. The tanks will get smelly if you don't keep the water changed.