Hank likes to preach ATGATT - All The Gear All The Time, but if we break it down is it really worth the money?
Helmet - Who needs one? Your skull is hard enough to bounce off the surface of most roads at low speed. And technically the majority of accidents happen at low speeds anyways. Here's the trick; Always speed! It may be illegal, but your statistical safety is more important than ticket fines, you can spend the money you saved not buying a helmet!
Jacket - When are you going to fall on your back in a crash? Like probably never! People look cooler in T-shirts, but what good are your arms anyway? They can stand a little road rash, get a sleeveless vest! Make sure to keep it open at all times so your soft underbelly can stop yourself from skidding in the road in a probable crash. But, hey, if you're really that worried, tuck and roll!
Gloves - Chances are you'll only ruin one of your hands in a fall. And is road rash really that bad? Sure, they're only $15-25 for a reliable cheap pair of gloves, but in reality you only break one hand to stop yourself from a fall, and you only need one hand to wipe your arse. Skip the gloves!
Pants - One word, and one word only... "Pants!" And some more words; pants are unarguably important. But there are things you have to weigh in consideration of pants, or as the Japanese call them, Pantsu. Safety is no longer an issue with all the money you just saved not buying gear, so you have two things to weigh; style and comfort! For this I recommend a flashy pair of sweatpants, or even shorts for better scarring. Trust me, you can afford the hospital bills, and everyone will be in complete awe and confusion over whether your legs are covered in scar tissue or an indecipherable tattoo!
Shoes - My grandpa has a saying... "Your shoes are where you keep your feet" and this saying has never been more true. Sure we've all heard stories from just about everyone about how a good pair of riding or steel toe boots saved their foot, leg, or life. And sure a good pair of boots can even prevent a fall given proper timing and support. But what's more important? Your ugly feet, or how you look? Buy some cheap chinese sneakers - those child laborers work hard on making them look fancy, especially the competitive off brands. The money you save can go towards infesting in a high quality peg-leg and pirate hat for when you inescapably wipeout.
Bucket Pancho - A lot of people like to keep a pancho, umbrella, or garbage bag in their trunk just in case it starts raining on them when they're out and about. But, what are you? A conformist? A little rain is tolerable, isn't it? Hell, you can skip a shower when you get home if it really starts pouring. It's better to have no protection at all!
Everything in my post is
Ride safely.