I often see people rewarding themselves with cycling gear after they lose weight. I have a contrary opinion on that front however.
Do not wait to buy new cycling gear, as cycling is the means by which you are losing the weight. Anything that makes cycling more fun will only help you attain those goals faster. I waited last year to lose a certain amount of weight so I could buy a road bike- big mistake. I wish I had bought the road bike at the start of the year, then I would have biked even more!