Must Haves

[bmccasland]

A lot of times your LBS will also have bikes on sale - trade in or previous year's models. So if you're trying to stretch your dollar/euro/yen/pound and you're not real picky about bike specifics, so long as it fits (and that's extremely important), you might find something you like on sale.

[malkin]

Every penny I've spent buying "the cheapest gear" has been a complete waste.

Buy the best gear you can afford and shop for discounts. Buy from reputable sellers (like TE) with helpful staff (like TE) and a generous return policy (like TE).