I want to shoot amazing portraits like the ones I see in magazines or model shots. Can it be done with my EF-S 18-55mm IS 2? If not, please give names of affordable cheap lenses I can buy for this.
if not just give names of affordable cheap lenses i can buy
The "amazing portrait shots like the ones I see in magazine or model shots" are almost certainly not made with anything that qualifies as a cheap lens, because people who shoot portraits for a living know that investing in the best tools available makes good economic sense for them.
That said, there's no reason that you can't shoot a good portrait with the camera and lens that you have. What you need right now is not a new lens or other equipment, but a book about what makes a good portrait and how to go about making your own. Armed with that knowledge, you can start developing your skill, and as you do you'll figure out what equipment you need as you go. The camera you have and a friendly and patient model are all you need to start. Eventually, you might want to invest in some lighting gear and maybe a lens, but get your feet under you first.