he's right cfl's are good for a tight budget, i actually had the same budget starting out maybe even less lol. i started out with 42 w cfl's for the veg cycle and i stuck with cfl's for the flowering process cause i didn't have to buy a ballast or special reflector i just switched to a (much) higher wattage which still costed less than paying for one hps bulb and a ballast, i get my bulbs from buylighting.com
i have 3 ladies
my list was:
4, 42 w cfl's (for veg)
miracle gro (non organic) soil
distilled water .80 cent
timer $5.00
(12" deep) potters
small 4-6" desk or floor fan
and of course a closet
and thats it for now
and later on for the flowering
i bought 4 105w cfl's
dr.hornby's liquid big bud
a 15x magnifying glass
other than that just remember not to use fert until they are 3-4 weeks old and always use a 20-20-20 formula for the veg cycle
and since its your first time i urge you greatly to go to greenmanspage.com and read 'Ten biggest mistakes marijuana growers Make' under troubleshooting it really really helped me
good luck!!!