A .01% resistor would work too, as the accuracy of measuring resistance depends on the current source in the meter, and the voltage measuring portion, so if you get a 10k .01% wire wound resistor ($6 or so on digikey) you can check your accuracy with that. However, the DMM check in the link by HKJ looks very nice especially for the cost.
But remember even if you can calibrate a $5 meter, it doesnt mean it wont drift horribly. If you can pick up a nice meter, even used, do a check with a resistor, and if its within the manufacturers claimed accuracy, you can probably call it good enough (and all the guys that work with metrology cringe... i know ;p ) . I.E. a fluke 87 is listed as 0.2% for resistance, so if you take your .01% resistor, and get within 0.2% of nominal, you could generally assume 0.2% accuracy of the voltage measurements too. The 87 is listed as 0.05% accurate on voltages, so you'd need at least a 0.005% reference (or calibrated meter) to truly calibrate it, the resistor would just be a check. Though if you get a fluke meter, the obvious thing would be to just send it back to fluke for calibration, and when it comes back, you can safely assume the factory stated specs for a year. (or more then a year, because its probably not gonna drift *that* much, but you cant play that game if you need to be traceable ;) ))
But like I said, the resistor should be good enough checking your DMM for metering cells, and low cost. The DMMcheck reference HKJ linked would be even better, at not much of an increase in cost, and best would be a shiny new benchtop DMM that comes with a silly amount of 0's in the accuracy ratings and the price tag.