When you say cost effective, exactly what do you mean? If your son has a small window, treatments aren't too much. The bigger the window, the bigger the price. I know that sounds obvious, but it makes a huge difference depending on the size.
Shutters are a great way to go and are very affordable if the window isn't too big. Cellular blinds are also another way to go. They repel dust so for allergy purposes, they are the best. I love the cordless option so you have no worries with the kiddos or animals. These can get very pricey depending on window size.
Another way to go is the roller shade. They are vinyl and can be wiped down with soap/water. They sell these at any home improvement store and Home Depot/Lowes will cut the in stock ones right there for you. The light filtering ones are very inexpensive - averaging $20 (again depending on size). This will not black out the light, simply diffuse it a bit. The black out ones can get pricey, but work well and are still less expensive than the previously mentioned options. Those are around $50 depending on size.
If you want full coverage with no sunshine leaks, then mount your window treatment on an outside mount instead of an inside mount. Not quite as pretty, but will completely block the light. (that just means you are hanging the covering above the window and extending it past the window rather than making it fit perfectly inside)
If you want to be completely economical, then go for the foam or foil, though it is the least attractive way.
Hope that helps!