Now that's an interesting question--Can you do effective training with 50 rounds of ammo? After all, many of the training drills we see require much higher round counts.
The answer is a qualified "yes". Of course, we're assuming that you already have the basics down, in that you can handle the basics of running your gun safely and can hit your target reasonably well. I wouldn't recommend this as your only training. There are going to be times you need a 200 round afternoon, or a 1000 round class. There is also a place for dry fire training (and allow me to note I have a NextLevel SIRT pistol, bought with my own coin, and it is a great dry fire training tool--but some of the Laserlytes are calling me), and you should do a lot of it, since it's cheap over time and it works.
Without further ado, live fire training on 50 round ammo budget.
How to train on a 50 round budget from NextLevel Training on Vimeo.