Hmm, seeing that you got Verizon, you might as well rent.
A GSM phone will run you at 50$+. Then you got to get a sim starter pack at another $10-15 (depending on the provider). If incomming calls are free, what you can do is tell your family when you call dont answer. have them call you right back. That way you shouldnt get charged. $1.79 outgoing i think is a bit steap, but ive never been OZ, and in Europe I think its about $1 per min outgoing.