Lifting truck and getting new tires?

I have a 2003 ford 150 lariat 5.4 triton 4x4 extended cab and this is my first full size pickup that i've owned. I'm looking to lift my truck (in order to place larger diameter tires) and wider tires on my vehicle. However I'm a fulltime college student and my funds are limited. The most money that I'm willing to spend on lifting my truck(maybe 2 inches, 3 inches at the most) is around 600$, however the cheaper the better. I want a safe vehicle however so I want the most cost effective method. As I stated previously I just want a small lift, nothing fancy just one big enough to place bigger tires. My question is what method is the best for raising my truck, some say leveling kit, others say just a body lift with gap guards. I'm just curious and need opinions and advice. Also, i'm looking for the estimated cost not only for the lift, but the labor and the tires.Im looking to place tires anywhere from 31inches to 34 inches. Maybe 35s. And i'm looking to go a few inches wider. Any advice inputs or opinions are appreciated, thanks.

Wow, I have never seen such answers to this question before. Anyway… Why to lift your truck? To get bigger tires. Why bigger tires? For more ground clearance. Why more ground clearance? Cuz not everybody stays on the pavement. I understand, and here are a few real options that have nothing to do with safety or the apocalypse.
1) Leveling kit. For your application, I would suggest this option. It will not raise your rear end, but it will bring your front end up and get rid of that "nose down" look. Now keep in mind that when running larger tires, your front end will see problems before your rear end due to your front bumper usually having that inner corner closer in to the fender, as well as your inner fenders (plastic pieces) seeing tire rub when you turn. A leveling kit should solve this problem
2) Body lift. This is my least recommended option because it will require more labor to install, and will only lift the fenders away from the rubber, and while the lift price tag may be lower, you will also have to have bumpers raised with brackets, and new brake lines installed along with the cost of getting them bled, as well as other issues that may arise such as radiator and fan issues. You would be better off just trimming your fenders and bumper with a sawzall than installing a body lift.
3) Suspension lift. This is always the best option because they are built for functionality of getting the vehicle higher and basically doing it right. However this is not really an option given your $600 budget, they are usually at least $800 at the very minimum.

Now, since you are only looking for a 31-34inch I would suggest a 33x12.50 tire. With a leveling kit, you may have minor trimming to do, or none at all, but this is the biggest I would suggest going. Any bigger than 33 in diameter and your motor and tranny will experience a lot more wear and tear unless you lower the gear ratio in your differentials to take the added strain off the motor and tranny.

Just the four new tires will cost you more than $600, Sparky. Instead of throwing your money away on a lift kit that serves absolutely no useful purpose, why not save your money until you can afford to buy a better truck.

"… Fulltime college student and my funds are limited… "
-- With a gas guzzling full size v8 truck? WTF do you have a truck for?

"… I want a safe vehicle… "
-- If you want a safe vehicle you do NOT want to jack up the suspension.

$600 for jacking up the suspension so you can flip sideways on a turn, want big wide clown tires, which will need wider rims -- $1,000 and up.

College kids are not very intelligent, are they?