Hi Ccrosley.
Pandamonk is pointing you in the right direction as far as what to buy.
If you are really on a tight budget, then use the thing that is free (time) and wait for deals on craigslist and ebay while you research what items you actually need.
How many simultaneous inputs do you need?
Are you recording a whole band or just solo singer songwriter stuff?
How many different instruments do you play, and how convenient would you like it to be, to switch between them?
In my case, I play (badly) lots of instruments, and I wanted it to be extremely convenient to switch between them; I have 16 inputs into the computer and a mixer with 16 preamps to feed it. I seldom have to unplug or reposition a microphone to play drums, guitars, vocals, cello, trumpet etc.
I bought nearly everything used, sometimes extremely used, over a three year period - I think I probably got just about as much bang for the buck as is possible.
cheers
chris