A palette is a material usually made of wood, plastic, ceramic, or other hard, inert, nonporous material which is used by a painter to hold, arrange and mix paint. Palettes are of different size and shape and are usually flat and rigid.
Palettes are of different types like wooden palette, Disposable / Paper Palettes, glass palette, plastic palette and so on. Normally for oil paints, the palette bein used are wooden or made from glass.
I would've chosen cheap at first but then thrifty means being cheap and using it for a cause, not wastefully. So that's why it best fits that sentence. Hope this helps!