Paul,
I suspect a couple things may be wrong, and before spending the bucks on a monitor the first thing I would suspect is the mic EQ settings are not correct, or the mic(s) are not high-quality, super-cardiod or hyper-cariord mics.
In my case, I use a headset mic and can walk directly in front of the speakers and never have a hint of feedback--even on the louder jobs using a pair of L1 Compacts. I position the Bose L1 Compacts about 12 to 18 inches to the right of the keyboard, and about 6-inches behind me--no problems whatsoever. I hear what the audience hears. Now, years ago, when I was using conventional sound systems, and a Peavey monitor, I never really heard what the audience was hearing. What I heard is what the monitor put out, which was not the same as what those monster speakers were belching out to the audience, and that was a problem. I've never been able to get a monitor to match the same sounds that were coming from the PA system, and for one good reason--they were two, different sound systems. And, if I cranked up the monitor, guess what--I got feedback.
So, first and foremost, what brand and model mics is your band using?
Next, are the mics being fired through a mixer, or are they fired through your keyboard?
If they're high-quality, super-cardiod or hyper-cardiod, and fired through a mixer then it may just be a matter of cutting back on the high and mid EQs of the mixer, and increasing the level of the low EQs. If those mics are omni-directional you're going to get feedback no matter what sound system you use--even if they are the most expensive mics money can buy. Short range uni-directional mics don't usually have a feedback problem.
If you are firing your mic through the keyboard, then it's a matter of going into the mic settings page of the keyboard and adjusting the 3-band EQ, again reducing the mid and high EQs and increasing the low EQ. You'll be amazed how much difference this will make.
Also, don't forget about your keyboard's global EQ. If he mic if fired through the keyboard, and you've set the mic EQs properly, but failed to set the global EQs, then this too will result in feedback.
Hope this helps, but if it doesn't email me your telephone number and I'll be more than happy to provide some first-hand assistance over the telephone. Also, you don't live that far from Don Mason, so you could slip over to Ernests Restaurant where he performs, take a look at his setup and settings and take some notes. He too uses a pair of L1 Compacts and never has a feedback problem.
Good Luck,
Gary