First reflection points are any surface that you can see your monitor speakers (with a mirror) from your listening position. Ceiling included. This could also be a reflective point from your desk. Nobody puts a panel there, though, a flat glass desk would probably not be ideal.
Yep, with that small of a room, you need to trap as much as you can. 4 vertical corners first (if possible). You probably have a door in the way somewhere. Every corner of an adjoining wall, is a place that a corner (bass) trap can be placed. Wall/ceiling. Floor/wall. Wall/wall. Three sided corners can be a great additional option as well.
You still should work on asking/answering the questions though. The fact that you mentioned first reflection points, tells me you are looking to treat your control room. But that is just me guessing.
Skimp is not really the word you should use. Your budget allows for whatever it does. Make best of what you can, but don't waste money on something that wont work later.
Do front (behind monitors) corner bass traps first. Make them 4" thick at least. You can use them later elsewhere. Use blankets or something on the first reflection points, until you can afford to build more panels. Do not make a bunch of 2" thick panels that will be useless later, unless you have plans for a large room later. I would use 4" thick panels for your ceiling 'cloud' first reflection point, as 8' leaves you enough room from a seated position, even with a 4" gap, that will help control a bit of the square waves you will be getting in your room. I would also recommend 4" thick panels at your side reflection points. Even if you do not create an air gap between them, and the wall, they will work well for other spots later.
Remember, only testing will tell you what actually works for your room. Do the basics first, then test.
Oh yeah, REW is the program you will test with. You can do it with any mic, but there are recommended ones for the purpose of testing. A Behri is used often. Don't remember the model off hand, but it was like $50 or something.
Depending on how serious you are about your goals, and your budget, you should really treat the room before you do anything. That is just my biased response, based on how much time/money I have realized I wasted by not treating my room. Not even comparable, how easy mixes translate in my treated room, as compared to the UN.