Welcome to Bushcraft! My first post here myself, so i hope i can help!
Sleeping bags, well, as always it depends on what conditions you'll be going out in. Generally speaking, aim for a bag that states it will be warmer than your likely to need, it's easier to make a bag cooler than it is warmer!
I would recommend checking out Highlander Military products. Reasonable on price, nothing too flashy in the way of over the top features, and good longevity for what you pay too. Thier bed bags are pretty good, comfy and warm, pack down pretty small and come in at reasonable prices compared to similarly temperature-rated bags. However, they are not as technical or as light as higher-tag bags, but i think the compromise is reasonable enough for what you get.
http://www.highlander-outdoor.com/military/sleeping_bags/index.html
Moving on to shells, im going to assume your after a good wind, waterproof outer layer. If thats the case, have a look in your local army surplus shop for a reasonably priced Gore-Tex jacket. I got a great quality one for £50, which i've had for 4 years now, and despite the exceptional punishment it has taken, it's not failed me once. I don't doubt your could pick one up for less than that these days!
I realise your on a budget, but unless you find an awesome deal somewhere in a sale and know what your looking at, i personally look at £50 being the ultimate lowest cost of a jacket in order to retain a reasonable level of quality. Have a look at these two Montane shells. The first is my favourite item of kit, but better suited to colder climates. The second is the jacket i and my team use for work, and they are brilliant. I know the price is creeping up here, but the increase in quality is pretty impressive! The RRPs arent the greatest indication of actual price, and deals can be found. All in, i find Montane kit to be brilliant, and i don't mind shelling out for thier stuff because i know i can trust it.
http://www.montane.co.uk/productdetails.php?productid=99&rid=2
http://www.montane.co.uk/productdetails.php
As a brief note, Highlander also do good boots, packs, hell, everything your after, so they may be a name to look for! Hope some of this has helped a little. If you come up with more details to work from, let us know!
Goodluck!