It sounds like a I'm a bit too late to affect much, but in my opinion the best bang for your buck in backpacking equipment is a sleeping bag. A quality down sleeping bag is so much more effective and lightweight than the cheap stuff... and a quality bag is an investment that will last a long time. I still use my parents REI bags they bought in the '70's. In comparison tents wear out. Poles break; zippers break; fabric tears; but mostly the waterproofing just wears out over time. Sleeping pads will obviously pop sooner or later. Get a good bag and don't abuse it; you can use it for a long time.

For a bag recommendation. You probably got a decent one from REI. My personal favorite is Enlightened Equipment. They are a small cottage online only shop out of Minnesota. You save quite a bit of money because they only sell direct and don't have to give a reseller a cut. They save more money and weight by selling quilts. You don't get the backside insulation (that doesn't provide any insulation anyway). For ~$300 you can get a phenomenal piece of kit.