No longer are we restricted by a huge barrier to entry for audio recording. It’s still possible (and in some cases necessary) to spend thousands upon thousands of dollars on gear, but today you can get started with just a few dedicated purchases. Start with a computer that’s up for the job. Software tends to be designed for the “average” computer, and hardware has made some tremendous leaps recently. The latest-and-greatest laptop might last you quite a while, but it’s far from a necessity. If you’re on a relatively recent version of your operating system, you may even be able to get by without buying a new computer. Add on some software and a quality mic and you’re well on your way to music production.
You can read more about getting started on a budget here: http://www.audio-issues.com/home-recording-studio/recording-equipment-for-less-money