I'm still new to bowhunting myself - my second bow season and just got my first doe last weekend. I started out on the cheap - used bow, cheap rest, arrows, etc. - then upgraded as I improved. It worked for me because it was a very forgiving setup and I was able to concentrate more on my form...

One warning - you are about to partake in a VERY addictive sport. You will soon love to pratice and enjoy the "mystical flight of the arrow". My 6 year-old is addicted too, so that just adds fuel to my passion.

Good luck and so try to find a local archery club or 3D range. I have found other archers to be very helpful to the beginners (just look at this site for example).