New podcast coming soon on all of the gear choices that are available, but here's how I did it.
Sleep System - Shelter/Sleeping bag/pad and backpack cooking system - If you do a truck based hunt you can save some money by cutting this out. You don't need to spend so much in this area if you aren't going to use it in the back country. You can rough it in the back seat of your vehicle with only blankets if need be. Could be a great way to get your feet wet before diving into a backpacking commitment. Chances are a lot of you will have family type camping tents with a canvas/flannel sleeping bag already.. maybe just use that at the vehicle and get a new sleeping pad to start out with.
Backpacks - If you are cutting out the multi-day backpack hunting portion then you can skimp a little on the backpack. However, I'd recommend you don't skimp too much. If you look at the prices some of these new Eberlestocks (seem to be popular) they are maybe $100 new cheaper than a used Kifaru, SG, Exo, etc. I really look at packs as a buy once cry once. BUT, lets be honest if your doing a truck type hunt where your within 1-2 miles of the vehicle you can tough out an uncomfortable pack.
Optics - Depends on the hunt and depends on the optics you already have. Assuming you have some kind of descent binoculars already (maybe even $2-500 options)... My opinion for a mule deer hunt is you need a good spotting scope. So put more money into a spotter in that situation. For elk in most archery situations you definitely don't need a spotting scope and you can probably get by with fairly little. But if you need a new binocular on a budget, look at the lower powers like 8's. Listen to the optics podcast we did with Matt Cashell on the Rokcast. BUY A RANGEFINDER... We had a client here this year from WI that didn't own a rangefinder and had a hell of a time. Guessing ranges when it's open and flat is way tougher than judging out of the treestand your used to... I'm pretty used to judging distance in the open but when I get in the treestand it goes to hell. It's just different. Be sure you have one.
Clothing - One of the most over thought of things out there. I've been on sheep hunts where the guys show up in head to toe (name your brand) and a pair of Rocky turkey hunting boots. Don't overthink or budget a ton to clothing. I do recommend a good base layer to get away from cotton. I like a lightweight merino like the first lite wick hoody. But synthetic like sitka sells is good. After a good base layer I think a good puffy jacket is necessary. Merino wool socks are a must for me. Lastly for pants, you can find companies with more budget friendly pants like SKRE or any used of the "bigger" brands. Outside of that you can probably get by on what you have in your closet.. just have a good grasp on the layering concept.
Boots - Footwear is THE most important in my opinion. Doesn't matter what "level" of hunting your doing, they are always on your feet. That said they are the toughest to recommend and get right. This is where I'd put the most time and financial resources to start out with.
The rest like kill kits, lights, weapons and accessories I wouldn't stress too much about. Get a descent reliable backpacking stove like the MSR pocket rocket + GSI minimalist cup for around $60-80 for the set and your really on the right track. Buy a used bow/rifle if needed and become proficient with it. 60 yards for a bow and 400 yards with a rifle is what I recommend at least practicing them. The most important thing to success is field experience and I'd never recommend someone to spend so many resources on gear that they can't get out and about for the experience.
Hope some of that blabber helped.