1. 5 Things to Spend Your Photo Money On
Photojournalism

2. 5-in-1 Reflector
For less than $30, you can shape light. Different sides change color of reflected light.
Look for one with handles.
There are cheap options out there. Look for a reflector that collapses for easy carrying.

3. Nifty 50 lens
Original Equipment Manufacturers offer low-light, fixed focal lens, standards lenses for less than $200.
Off-brand manufacturers offer many of the same features as OEM at cheaper prices.
Look for 50mm lenses with a 1.8 aperture for the least expensive alternative. Step up to an f/1.4 version if budget allows.
Off-brand manufacturers include Sigma, Yongnuo, Samyang, Rokinon. (Be sure to check that the lens is not manual focus only lens on an autofocus mount.)
When you perform a search for these lenses, many of the more expensive results are cinema lenses. Pay attention the you are looking at the proper lens mount system.

4. Hot Shoe Flashes Pop-up flashes just do not have enough power.
Hot shoe flashes have become more sophisticated, some often offering radio remote sync.
Off-brand manufacturers offer many of the same features as OEM at cheaper prices.
Look for a TTL-compatible flash.
Pay attention to the Guide Number.
Some alternate brands include Yongnuo, Sunpak, Bolt, Bower, Vivitar, and Metz.
TTL stands for Through The Lens exposure ability, using the camera’s on-board metering system to set the proper exposure.
Guide number is the estimated distance that the flash will carry and still result in a proper exposure. A popup flash typically has a GN of less that 30 feet, which is why mom’s shots from the stands at a sporting event never turn out. Choose a flash in your budget range with the highest possible GN.
It is possible to purchase multiple flashes and separate radio triggers. This may be something to consider, especially if you are thinking of setting up an in-class photo studio.

5. Fast Glass - All-around Lens
Look for a wide-angle to short telephoto lens that has a constant 2.8 aperture.
Keep this lens on the camera for most shooting assignments.
Off-brand manufacturers offer many of the same features as OEM at cheaper prices.
Look for a lens in the 24-70/2.8 range. This focal length range is similar to the normal kit lens that comes with many cameras, but with a continuous 2.8 aperture, this lens will shoot in almost every lighting condition.

6. Fast Glass - Telephoto The pros’ first choice is the 70-200/2.8.
Off-brand manufacturers offer many of the same features as OEM at cheaper prices.