When Mono first came out I used my moms iron to cover a plane with it, then I got caught!! It is a bit harder to use but it can be done and it was much better then a covering iron when I shrunk the covering.
If you plan on staying in the hobby though then now would be a pretty good time to buy your iron. Club swap meets are a great place to find them used. I ended up with two brand new irons and two heat guns plus a Robart incidence meter when I bought a couple of boxes full of stuff at a club auction.