So I am planning to upgrade to 5 bolt flange and 15-inch alloy rims but as of now, it is way beyond my budget. So as of now, I am planning to get 15-inch steel rims with 5 bolt patterns and put them in my car which has 4 bolt patterns. Will this work out? I am worried that this will cause any issues.

 

Isn't that the square peg round hole problem? 4 lugs won't line up with 5 holes.

 

adapters exist, but the necessary offset increase to give space for the adapters is going to make the rims fit all wrong.

are you after the cosmetics of the 5lug conversion? or the performance update?
Very similar performance can be had while remaining on the standard 4 lug rims.