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DAW Choices: Bandlab is free and very good. Cakewalk by Bandlab is also free and gives you more control with plugins. Ableton and FL Studio are not too expensive and work very well. They’re each different, so get a demo and see what you like best for your workflow. There are a ton of different DAWS, these are just some inexpensive ones I like.
DAW Plugins: I recommend Spitfire LABS as a great free all-in-one starter for a lot of high quality digital instruments. Lots of plugins are free online, so just give it a Google!
Audio Interface for Computer: Behringer U-Phoria or Focusrite Scarlett. With 1 or 2 inputs only.
Headphones: (Bluetooth headphones have latency, so use wired like Samson SR850 or AKG K240)
Microphone: A Large Diaphragm Condenser Mic is an amazing all around mic choice. Get one used, like an AKG Perception 200, or MXL V67G FET. Samson Meteor is a great USB mic. Get a cheap mic stand and a pop filter and you’re set.
Midi Controller- MPK Mini often goes on sale for under $100 and it is a great piece of kit.
Sound Treatment: Isolation shield and/or moving blankets. Basically make a fort and rock out.
If using a live instrument, get cables/adapters for that. Your Condenser Mic should work nicely, but for some instruments you may want a Dynamic Mic like the Shure SM57 ($99). Might as well give it a Google!
Cables/adapters as needed. Shouldn’t need much, but possibly something to connect to your smartphone if that’s what you’re using. By this point you know to give it a Google!
SUPER BUDGET: Smartphone or Computer, BandLab, Samson Meteor USB Mic, MPK Mini Midi Controller, Adapter for USB to smartphone or computer (if needed). Probably under $170 total if you already have a smartphone or computer around.