It's a good start for the time being. You might know that cheap tools actually cost more money, because good tools generally don't need replacement. But if this is all you could afford, this stuff will work for a while.

You won't need to carry most of these things. The most important tools for short rides are:

tire levers
patch kit
pump

Build your tool set slowly. Buy a tool when you need it. Don't think about building the set all at once.