Clarify what you mean by "no more than $1.50"
-If you mean no single MTT or SnG has a buyin of $1.50 or more then you have about 66 buy-ins and this is reasonable. There is a bit more variance in tournament poker than in cash games, so even 100 buy-ins might make sense, but 66 is within reason. Not to mention that you don't necessarily need as much of a "cushion/safety net" if you are a better player. If you are testing the waters, then this bankroll might be okay. If you are struggling at these stakes, then there is no same in building more of a bankroll with freerolls to get more buy-ins etc.
-If you mean "no more than $1.50" as the Big Blind (how amounts are often measured), then $100 is barely a bankroll...
p.s. I am by no means an informed player with bankroll in poker - just someone with decent investing and business intuition. I'll be upfront that I'm in the same boat as you are here. I've only played freerolls and close to accumulating a bankroll, but right now gaining in freerolls to create a bankroll to work with. There is some merit to just depositing, but I think there is also some value in grinding it out to get there first.
Let me know how your poker bankroll tales begin
I might be in a similar situation perhaps in a few months from now