Looking for A Cost Effective Phono Amp- Any suggestions?"

Musical Fidelity offers a brilliant value.  You could simply pick the nicest unit from MF that fits your budget.  Not sure what your budget is but the M6 is...spectacular.

if your budget is lower, Vincent makes a couple units in the $300-$500 range that are amazing.  

Full disclosure, I am an MF dealer.  I have no relationship with Vincent, just a happy former owner before I upgraded.  

There is a PS audio GCPH phono stage here on Audiogon for $450. I have the parts conextion modded GCPH version in a second system. I think it is a great bang for buck phono pre. Plenty of gain not thin sounding at all, nice detail, big bass. It has a phase switch, mono switch, volume control all from front panel and a remote. It can also be used plugged directly into an amp, no Preamp needed. 

Look at a Schitt (sorry) Mani phono box. Highly rated (for the money) and only cost $150.00. Use this as your starting point.

In addition to the phono stages others have suggested, I've measured the Pro-Ject and Rega phono stages and they work very well.

+1, for the PS Audio GCPH. I liked being able to remotely MUTE the output, when cleaning & dropping the stylus. Also, just before my Safety Raiser did it’s thing, at the end of the record. If you can solder; HEXFREDs and better regulators(both inexpensive) are a snap to install, which make a dramatic difference in performance, when coupled with a nice PC and fuse(as your finances allow). There are other easy mods, as well. Won’t disappoint in stock trim, either. Lots of flexibility and performance, for the money. https://www.psaudio.com/wp-content/uploads/2017/03/GCPH-Phono-Preamplifier2-Owners-Manual-Rev-B-V2.pdf