Having the right tools available will make what you're doing much easier. Below is a list of tools you'll want to have if you want to do some basic hobby electronics.
Diagonal Cutters
Diagonal cutters are better than end cutters allowing you to cut wire and component legs in tight spaces. A good pair is worth the money - just don't try cutting steel with them...
Wire Cutters/Strippers
Wire strippers is an area you can skimp on - the cheap ones pictured are, in my opion, much easier to use and more useful than the overly enginered type the grip the wire and open sideways to pull the isulation off.
Weller Soldering iron
Soldering irons are very much a personal preference but it is worth paying for a small light (but quite powerful iron). Temperature control can be useful but probably not necessary. I prefer Weller Irons and have always found them to be very high quality. Tips are replaceable and you can use small pointed tips for delicate work and a large tip to conduct enough heat for large pads/wires. Haivng to solder large pads or wires is a good reason not to buy a low powered iron as it will not be able to supply enough heat to melt the solder.
Veroboard Track Breaker
It might only be a drill with a hand but its a lot easier to use than a drill. Cheap and definately worth having if you use veroboard for protyping.