Using a hood designed for the 50 f/1.8 you should be fine, however if the light source is within the field of view, then a lens hood probably won't help because it's going to project light into the lens anyway. You can always use your hand or piece of cardboard/posterboard or something and hold it just out of the frame while still blocking the light from the source. Personally I'm not sure I would spend the money given the lens is so cheap. I'd put the money towards saving up for a better lens, which probably will also control lens flare better.