Some might disagree with me but my vote is spend more or research more for a quality shelter. I view this as more important than a nice pack or sleeping bag. I remember my first backpacking trip went off without a hitch, number 2 trip....not so much. It rained constantly for 4 days and an off brand leaky %$&*# tent made our sleeping bags into sponges. Down would have been a disaster and synthetic was nearly as bad (we froze). A good sleeping bag is junk unless you can keep it dry.

My order of importance moneywise:

1) quality shelter
2) sleeping bag
3) backpack

And good luck and do the research before you buy. I wasted so much money when I started out on junky and unnecessary gear.