I would suggest watching ebay for shoes and pedals. You can find some pretty good deals. Do some research on the types of pedals you are interested in, find out what kinds of shoes go with that kind of pedal, and then start shopping!
I purchased a used set of SPD-M505 pedals for $30 including shipping, and I got my shoes for $16 including shipping (99 cents plus $15 shipping! I still love that one!) I have a road bike but I chose to go with mountain bike pedals and shoes so I don't bust my butt in the convenient store (mtn bike shoes have traction on the bottom).




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