If an SM57 is price and I think they got for about 70-80 bucks, then I dont know what you can afford. You could get a drum mic kit for like 300-500 dollars but it wont be anything stellar. In this industry you pay for what you get. As far as monitors just use some computer speakers because anything worth buying is going to be way out of your price range. I would just start saving and buying what it is you really want to buy, not something to hold you over because you will always be wasting your money. I hate to be a drag but about 5 years ago I was in your position and still am, trying to save up for really nice stuff like an apogee DA or LA-2A and I am only like 2 grand away which means I havnt started saving yet. Anyways good luck to you and fish around on ebay maybe get some stuff cheap.

Once you get money get a 57 an SM52, and two small diaphram condenser maybe like a PG 81 they are not as good quality but they are decent and then get like a 58 to do vocals, If you want a better sounding mic then use an AT 2020 it is a large diaphram condenser, Make sure you have phantom Power on whatever it is you are using for your condensers. 4 mic's on a drum kit is not ideal but it is good stuff to get you started.

Thanks for the advice, I didn't mean I couldn't afford a mic like a sm57, I was just wondering if I could get something that'll do the job for less money. I know what you mean about you get what you pay for. Also I can only record four tracks at once, so 4-tracking the drums would be the best option anyway. Thanks for the help, and good luck to you too.