Here's my take on various fabrics-
Cotton is useless when wet and will cause hypothermia; Leave the hoodie at home unless it's fleece.
Wool is a good insulator even when wet, and a good wool sweater or coat can be quite cheap. The down side is that it does not compact down and you'll smell like a wet sheep. It also takes a while to dry out. I wore wool in New Zealand in all kinds of weather and stayed warm. Wear it over a base layer to avoid itching if you are prone to that. It is good around fires, doesn't burn easily and will resist hits from sparks fairly well.
Fleece is lightweight, comes in several weights, doesn't absorb water at all, dries out quickly and seems to last forever. One of my every day fleece jackets is almost 20 years old and I've worn it thousands of times, no exaggeration. I've worn it camping, skiing and had it on Sunday night at the movies. I think it's 200 wt., made by Columbia and wasn't all that expensive. Fleece is a form of plastic, so be careful around fires, it will melt and burn you badly if you are not careful.
Down is very warm, delicate and useless when wet. It compacts down. There is a new treated down that is water resistant, but I'm not familiar with it and I think it's pricey. The Nuptse (not the parka in my photo) has a synthetic shell and will stuff into its own pocket with some effort.
Various other synthetic insulators are better than down when wet, don't compact down quite as much and are not quite as warm for the weight. I have a really nice Marmot ski parka with a zip out liner that I wear often by itself. Had it on tonight while out for a walk with just a midweight Capilene shirt under it. Plenty warm. Probably not as warm as the Nuptse, and definitely bulkier, but a nice jacket nonetheless.
Layer any of these, excluding the cotton hoodie, over a wool or synthetic base layer and you should be good. Experiment a bit if you can before heading out to make sure whatever you buy is warm enough.
Remember, you can always take off a layer if you are too warm, but if you don't have enough layers with you and it gets colder than you expected, you will be in trouble. A little extra weight won't kill you, but not having the right clothes might. Not trying to be dramatic, but it happens far too often.