You have the bare essentials. Use what you got and go make music. Worry more about learning, understanding and developing your basic skills with what you have as that is far more important than to worry about what next piece of gear you need to buy. If your dead set on buying something, I guess I would suggest on buying decent mic's.

Good monitors and room treatment. If your listening environment sounds like crap, so will your product.

Ditto on AudioGaff's comments. Make music. The stuff you have is junk, but so what? You're also on a low budget to upgrade. Dunno what to say. Get some money, not too much. Maybe a few grand. Then upgrade.

UncleBob58 wrote: Good monitors and room treatment. If your listening environment sounds like crap, so will your product.

Listen to your Uncle Bob. The greatest gear in the world is worthless if you can't hear it well.

On the flipside, mediocre gear can be utilized to its fullest potential if you CAN hear it accurately.

I'd look at buying an m-box and a condensor mic or two. The mbox is moderately cheap but protools (the software that comes with it) is the industry standard. Also if you recording anything decent and want to add anything in a pro studio, the recording engineers can load up your session. Also i recommend you bought expensvive headphones rather than cheap speakers.