Excessive temperature on cheap soldering iron - will series capacitor fix it?
Tools like that just aren't safe. They're that cheap for a reason. I recommend ditching that iron and spending a little more on something that's built a little more properly. Hakko and Weller have some simple entry level irons that cost anywhere from 25-50 dollars. 

They're also a lot safer.

Hakko has a nice kit that is a full soldering station with a bunch of tips if you feel like expanding your tools a bit, but that starts around 100 dollars and might be more than you want to spend.