There's 4 components to a meal replacement drink: protein, fiber, vitamins/minerals, and fat (usually vegetable oil, gross).
I skip the fat, because low cal is an advantage in my book, but if you need fat I'd go with avocado oil. And you'll want something to emulsify it (xanthan gum might work).
For the fiber, I add in 1 tsp of unflavored Metamucil. You want the most concentrated one that isn't orange flavored.
For the vitamins and minerals, ideally that comes from whole foods, but honestly centrum silver works fine for a budget option. Be sure to get the silver/senior formula unless you are sure you need iron, it builds up and too much is bad.
For the protein I recommend whey isolate. It gives the most protein per calorie you can get. Although if you want calories, regular whey supplement is cheaper.
And that's it, mix the powders with water and swallow the vitamin for the cheapest (diet) meal replacement drink.
Note: centrum (generic multivitamin) and Metamucil (psyllium husk) have many fine generic equivalents.
Note 2: people do need fat in their diets, but I noticed from Chronometer I get more than enough anyways. If you were going to live on these--which isn't ideal anyways-- you need fat.
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