I applied to three PhD programs this admissions season without a Master's, mainly because 1) I figured I'd want to get my PhD eventually and 2) of the funding reasons you mentioned. Is the PhD something you anticipate wanting to pursue? If yes, go for it! You'll catch up on the MA training anyway (the doctoral programs I got accepted to require Master's coursework and a Master's project on the way to my PhD). Another possible outcome that I hadn't expected: U of Oregon accepted me to the Master's program, even though I applied to the PhD, but offered me two years of funding to complete it. I don't know if that's because they know I'm planning on moving on to the PhD, but either way, it is still possible to get your MA funded!
If you decide to apply to the PhD, I think the most important thing you can do is reach out to the faculty you want to work with and to learn about/express interest in the available research opportunities. I feel like that strengthened my application considerably, and also helped me understand what I was getting into a little better (:
Best of luck!