Regardless of what kind of money one spends on clothes, the most important thing (IMO) is learning *how* to dress appropriately for the weather. Seems obvious, yes, but cycling poses certain challenges that are not necessarily present in other outdoor activities.

Yes, dress in layers. Learn to dress a little "cool" so you don't generate sweat. You'll heat up when you get going! Watch the hands and especially the feet. Watch those feet!. And, use what you have!!! Perhaps look at it this way -- If you are comfortable walking around outside for the same amount of time that you intend to be on the bike, then you're probably already set. If not, just get those few things to make it so.