When it comes to artists' palettes you can use virtually anything (I accidentally used my pants as a palette once). So how to know which palette is right for you? Well, there are four basic types of palette: paper, wood, plastic, and glass.
Paper palettes, otherwise known as disposable palettes, are basically just sheets of waxy paper. These come in all sorts of shapes and sizes, and some even have the thumb holes that mimic traditional wooden palettes that I've only ever seen Bob Ross use. These are great for quick and dirty painting and for fast and neat cleanup. The problem arises when you try to save the paint for more than just one day. Because they are paper, they are also absorbent (despite the waxy coating) and soak up all the oil (or water) from your colors, making them dry much faster. Storing an in-use palette is also problematic since they are in a sketch-pad format and you pretty much can't start a new palette without ripping up the first one. So if you are a fast painter, or an en plein air painter, these are great and portable. However, don't waste the $10 its gonna cost to buy one, because if you dig through your kitchen and find some wax paper (like the kind you bake cookies with) it works just as well.
BUT, if you happen to be a tree-loving hippie like me, you might want to consider something more environmentally friendly.
The wooden palette is what most people imagine when they think of "artist" along with a French beret and a cigarette (although it is mandatory for all artist to always wear a beret, not all of us smoke). They are portable and easy. The problem with wooden palettes, however, is the same as with paper (since they come from the same place): their absorbency. You have to clean a wooden palette after every use or the paint will dry and cake and will become near impossible to scrape off. And frankly, if you are hell-bent on using a wooden palette, buy/find a cheap piece of wood, varnish/seal it and viola, a palette. No need for overpriced art store wood.
Plastic palettes are better than wood, as they not as absorbent, but still pose the impossible-to-clean problem. This palette is ideal for projects that last about a week. After that, paint starts to dry, scraping it off becomes difficult, and your palette ends up looking like a rainbow slaughterhouse. For watercolor or acrylic, however, plastic palettes are ideal. Some even come with designated paint spots and covers. And with water-based paint, cleanup is never a big problem (get someone else to do it). These can get pretty pricey though, so shop around.
Lastly, and my personal favorite, glass palettes. I like glass for a few reasons: it is non-absorbent, paints stays wet for a long time, and super easy cleanup. The downsides to glass is that it is breakable (and sharp!), and can be heavy (if large). To clean a glass palette all one must do is run a little turpentine or water over it (depending on your paint) and then scrape with a razor blade or palette knife and even the most dried up paint will magically come off. Mixing paint is also super easy since you don't have to worry about ripping or slicing the palette accidentally. Storage is simple; a piece of saran wrap does the trick. And it doesn't matter if you paint fast, or paint over a long period of time, this palette is trustworthy. So if you're interested in a glass palette (and I recommend that you be) the best thing to do is to either find a piece of glass (or mirror) or go to Home Depot or Lowes and by a piece. DO NOT buy a glass palette from an arts store because they are smart business people and they will charge 40 bucks for a 4 dollar piece of glass. So go to Home Depot and buy some glass (I got a 16 x 20 piece for $4, and they come in all sizes). Now, the thing you have to be careful with is (if you haven't noticed) glass is see through, which is problematic for mixing colors (also why I discourage using a mirror, you can't do anything about the reflectiveness). Taping a sheet of white paper to one side works wonders, or as in my case, duct taping the white cardboard it came in to the underside. It works great and looks all nice and ghetto-like (you're an artist, it's not gonna look neat and pretty, its okay!). The duct tape also acts like a protective barrier from the sharp edges so that you don't accidentally slice or shank anyone in your palette-swinging artist rages.
Hope that was helpful, good luck palette hunting!