Get yourselves an air pad, sleeping mat or underquilt so you don’t end up freezing in the middle of the night since the sleeping bag will compress on the side you’re laying causing you to have no insulation, which means you’ll feel the cold. I would also suggest getting a tarp to give you an extra layer of protection from possible rain and wind, the latter being a multiplying factor in the cold.
You can go cheap with something like this from amazon: https://www.amazon.com/dp/B06XRT1QWB/ref=cm_sw_r_cp_api_nOydAb2F3M6AR
There are cheaper options as well if you search for hammock tarps on amazon. Just remember the length of your hammock when you’re laying in it, you’ll want adequate coverage.
Since you're a beginner forgive me if any of this is "no duh." Some of these are low cost items, but not cheaply made.
My suggestion would be a Morakniv. If you can afford to spend more look at the Esee brand as they have a no questions asked lifetime warranty. If you haven't read up on how to maintain carbon knives vs. stainless steel. $20-100
A small, light weight knife sharpener like the Fallkniven DC3 could work especially if you'll be using your knife, and only a knife, for all your bushcrafting. $20
Some folks use a lighter, magnesium or ferrocium rod for fires. I've seen a magnifying glass even haha. Just depends on what you prefer. $10-20
Some folks go with a tomahawk or a saw. Even an axe or hatchet. All have their good points and uses depending on what you want to do. I use a small folding saw myself. $10-20
Beginner tarps are legion. Hard to really say. I use this one" <strong>https://www.amazon.com/gp/product/B06XRT1QWB/ref=ppx_yo_dt_b_asin_title_o00_s00?ie=UTF8&psc=1</strong> . No complaints so far and at 12' it can cover you and a couple friends and still have room. Plus tying it down is easy. 2$35
There are tons of backpacks to choose from. You may want one with a higher denier rating that can stand up to long term wear and tear. $50-100
A good beginner sleeping mat is the klymit V mats. If you can afford to do so, chose an insulated version. You never know when nights may get cooler than expected. For me awakening from a goods night sleep makes everything else that day much better. $75
Medical supplies are the most overlooked aspect to bushcraft! Consider bringing a tourniquet, triangular bandages, antiseptic wipes, etc. just in case. Even a few tablets of over the counter (OTC) ibuprofen, asprin, or whatever in a regular sandwich baggy or so and label name and mg with a regular magic marker. Many first aid kits are 90% bandaids. It's usually better to buy items yourself and piece it together. $20-50
Anyway, hope this helps!
I use this tarp. I've tried a bunch off of Amazon and this was the lightest and biggest I could get for a reasonable price. I ended up replacing the paracord that stretches out over night with a full zing-it ridgeline and zing-it and shock cord on the corner tie outs. That helps keep everything tight when the tarp sags when it gets wet.
See shugs video on shock cord on the tie outs (and also all of his other tarp tutorial videos while you're at it):
And this is the continuous ridgeline for my tarp that I made:
This is my budget setup. I have been a ground dweller for years and always just had a Grand Trunk double hammock for lounging around. Over the last couple years I have found myself just sleeping in the hammock and throwing a blue tarp over in rainy weather. I have committed to sleeping in the hammock now so have begun building a hammock based sleep system. I found this Grand Trunk Skeeter Beeter Pro (https://www.grandtrunk.com/collections/hammocks-1/products/skeeter-beeter-pro) for 25.00 on Craigslist and picked up a cheap tarp on Amazon (https://www.amazon.com/gp/product/B06XRT1QWB/ref=oh_aui_search_detailpage?ie=UTF8&psc=1). I have replaced the rope suspension with tubular webbing and two carabiners on each end for a variable adjustable suspension. I haven't seen Shug lock the suspension quite like this but I find it eliminates the need for a stopper knot. https://www.youtube.com/watch?v=1vEXC_1aaxc I will be trying out the Ridgeline that Shug suggests next time I hang. Overall I have about 80.00 into the setup and I don't have any complaints.