your choices are either handheld cutter and straight edge (can be had for round $50) or get a proper cutter with a board , squaring arm, folding rail, etc., these can get pricey....
i lucked out and bought a Logan 720 Simplex for $150 (usually go for $300)...it's a great cutter that I'd highly recommend...I've just started showing a lot and being able to cut my own mats is a great help...if you send out all your mats to be cut, you have to know all the dimensions you'll need cut way ahead of time...by cutting it myself, I could wait until the last week to decide if I wanted to add a panoramic shot, or a squre one shot with my holga, etc.,
here are a few general tips that I learned:
-buy a lot of blades .... plunk down the money and get a 100 pack of blades...you should only use 1 blade per mat
-always have scrap piece of mat beneath the mat your cutting...if your blade hits the table, it will dull it and cause it to swerve...that said, every time you make a cut, move your undermat just a smidgen so your next cut doesnt get in the groove
-to determine proper blade depth, the blade should cut through the mat your cutting and just barely score the undermat...you adjust blade depth with a screw on the blade holder
-buy alphrag or rag mat board...a little more expensive but worth it...if you have overcuts, you can hide them by using a plastic spoon (or whats called a burnishing tool) to gently smooth and heal it over....if you have marks or dust on the mat, you can usually get rid of them with a white eraser....if you have dent that isn't too bad, you can usually raise it up by using a qtip and a little dab of water to have the fibers expand...
-measure twice and cut once
-apply even pressure and speed in the cut...when u first click the blade through the mat, it has a tendency to jump, be firm with the blade holder (the 720 holder has a neat little pin that tacks into the mat so when you push the blade in it doesn't budge...)
- when you've cut the window, don't pop out the middle piece of mat, that leads to burrs and rough corners....slowly turn over the mat, holding the middle piece in place....with the mat turned over...gently guide a used blade along the sides and into the corners....cutting whatever is holding the corners together....
whew...it's an art in of itself....go to an art supply store where people know what they're doing and ask someone to show you the above techniques
it ultimately depends on how much mat you think you'll cut in a year...if you plan to exhibit or sell matted prints, then go for something like the 720 Simplex
hope this helps