taking the BRC in many states/provinces will give you a small break on your insurance (roughly 10%) riding for another year gives you another small break as well.
best thing to do on a tight budget is keep checking Craigslist or other BuySell sort of pages in your area.
get a bike that you can learn on and you can also learn some basic mechanics.
The one thing you don't want to skimp on though is your helmet. get one that fits you really well if that means 500 then go for it...if it means 125 then go for that...fit is soooo important. the flashy designs don't do anything for safety so find a plain helmet that fits well.
you can get away with riding in denim and sneakers if you are willing to run that risk as well but get a good helmet first and foremost and then start filling in the gear as you can.