Just got a Matthews Z7 Extreme set at 62lbs and 30".    I'm a total noob and would like to know what arrows you guys recommend for target practice that don't break the bank (Christmas present). I don't need anything super fancy right now, just want to make sure I get the right size and weight and a good brand.   Any reason why I should get carbon over aluminum or vice versa?

Thanks  

You'll need to use 340's; I plugged in points from 80 to 125 and it didn't change. Most use carbons as they are not nearly as heavy as aluminums. Brand , eh the major players will serve you well; since you are target shooting some prefer a larger diameter shaft like Fatboys  just for that shot that is about on the line.

Harvest Time Archery has some very good arrows, the HT-3 Virtue for target, or the HT-4 Redemption,
which are both fat bodied arrows for target shooting.  If you just want
some good arrows for fun target shooting (not competition), then the HT-2 Harvester
will work very well.  I shoot the HT-2 for hunting and fun shooting.  
When I get ready to compete, I'll get either the HT-4 or the HT-3.  Pay
no attention to the MSRP on their web site. You can get them for less
online, or for a little less than MSRP, you can get them from South Shore Archery Supply
where you can get top notch service along with your arrows, such as
spine testing (standard), and customized options for vanes, wraps,
inserts, nocks, etc.  (no, I don't have any association with him other
than a happy customer).  Even though I'm on the advisory staff for
Harvest Time, I'll be buying my 3D arrows from Jerry at South Shore.

 
 

you have one of the best most expensive bows made - I get the part about not breaking the bank on practice arrows but you want to train with the arrows that you will hunt with

try the Easton full metal jackets - I don't get the speed I get with the all carbon Victories but they are a bit more durable... I bust plenty of arrows practicing