Never had much success with cheap watches. Bought a nice freestyle watch and it is worked well with no issues in the water. They are also guaranteed for life with a supposedly easy policy. They have more expensive ones that probably suit diving better.
I got a garbage watch at Walmart for $18.00. It weighs almost nothing is waterproof and I don't give a crap if I loose it. Those expensive watches are great if you don't mind the weight and the fact that it might fall off one day. I personally hate jewelry so weight means more to me than style.