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I'd say spend the $20 and get the lens, especially if you don't already have any lenses. It'll give you something to use and to practice on for now and figure out if photography is your thing. Once you get better and learn more, you'll be able to sell the lens and buy a new one. (people on CL seem to be asking for about $100 - if you can get $75 for it, you're still $55 ahead)
Warranty is personal preference. I usually don't buy it but other do (and have the guts to take "full advantage" of it) so in those cases, it could be worth the money.
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