Both are important.
But in terms of prioritizing, I think it helps to think about how and where you are working out.
If you are working out indoors, with a relatively stable temperature year round, then I'd say 5-7 pieces of clothing is plenty, and the next step should probably be equipment.
If you are an outdoor exerciser, then a broader range of exercise clothing is probably needed to cope with summer, winter, and spring/fall conditions. Layering existing clothing can help in cooler (but not cold) conditions, rather than having to buy seperate items for every season.
In terms of equipment, resistance bands are cheap ($10-20), versatile and portable, and make an excellent first purchase.
Following on from that would probably be dumbbells (adjustable ones are more expensive initially, but cheaper in the long run as they grow with you) , an exercise mat and a stability ball. You mention yoga, so perhaps the mat would be more useful.
The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.
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