It's all good. Music Technology is a big World. I know, I'm doing a degree in it.
Make sure you take time before you make any purchases. You'll also be happy to know that you can get some really good microphones for around $100 now, so if you are willing to fork out $200 you can get a good quality set of reliable overheads - not amazingly high-end, but definitely workhorse. This, of course, assumes that you have all the other gear.
If you want to get a rough idea of what I've spent on recording equipment in the last few years, I'll break it down.
iMac - £700 (or thereabouts) in late 2006.
Line 6 TonePort UX8 Interface - £350 in February this year.
AKG C1000 Microphones - around £180 in February this year.
Logic Studio 8 (Software) - £120 in December (massive student discount).
Leads and stands, etc - around £70 (I make my own leads).
AKG K701 Reference Headphones - £212 about three weeks ago.
I managed to get my speakers set up for nothing with a nice donation from a helpful relative, but I will sooner or later be sinking several hundred pounds into a really nice pair.
That doesn't take into account the fact that I also play the drums, guitar and bass as well as singing and my MIDI setup and Max/MSP stuff. (£150 for the software, £50 on a MIDI Keyboard, £110 on an Arduinome my friend made) and I'm undoubtedly missing a few things here.
My point? Save up to buy the quality gear you really want and buy piece by piece and second hand if possible. Never buy something second-choice because you can't afford what you really want then and there - wait it out. It is always worth it.