The least expensive option for workout gear is simply the contents of your skin suit. Bodyweight exercises work and can be done anywhere anytime. Done correctly they will also provide a cardio component. As you progress you can do more and more challenging bodyweight moves to continue to make progress. Rather than a treadmill a $7 adjustable length jump rope with swivel handles will give you a quality workout and not take up floor space.
Some time ago I wrote a forum topic on a frugal gym listing my options for inexpensive workout gear.
It is called WORK-ing out for a reason.
I said getting fit was simple, I did not say it was easy.
Cardio burns calories, strength work burns fat.
Eat well to lose weight, exercise to get fit
You can not build a six pack using twelve packs
Often when we seek a magic bullet for fitness we end up shooting ourselves in the foot.
"I think calories are little germs in food that all moms are afraid of" Dennis the Menace