You're not alone with wanting to connect to VGA monitors, I assure you.
There are basically two reference designs when it comes to buying cheap HDMI-VGA converters.
The box kind with separate power supply:
http://dx.com/p/hdmi-to-vga-video-conve ... 16?item=54
The fat cable without separate power:
http://dx.com/p/hdmi-v1-4-male-to-vga-f ... 58?item=38
The general consensus is that only the box kind is to be used as it will not draw power from the Pi (there is a diode on the Pi that can provide 50ma to the HDMI output, but the fat cable requires up to 400ma, thusly killing your Raspberry Pi, in theory---but not for me, just some people)
More info here:
http://elinux.org/RPi_VerifiedPeriphera ... y_adapters