Going with what food said.

Buy a new sleeping bag. That would be the priority. Spend whatever is left on a tent. Get a new pack when you get more funds.

I started out in the same predicament you are in. I had a crappy bag, tent and pack. Now I have a decent quilt that is a lot lighter and warmer, and a tarp/hammock that I made. Eventually I will get to the pack.
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