Wired,
I for one, think you're doing it right.
Too many folks spend big bucks at the beginning, then don't ride.
For pennies, you've bought a ticket into a world of fun.
Frame looks strong enough. Fork steerer is probably steel. Brand name handlebar. No worries.
Hit the trails.
Fix the minor things when they break/go out of adjustment.
But don't drop any real money into upgrades. Save it for the next bike.