If you’re looking to setup a shop equipped mainly with stationary power tools, I’d focus the bulk of your budget on the primary big tools. It’s easier to come up with $10 for a couple of clamps as an impulse purchase, than it is $1000 for a good table saw (TS). Most shops feature the TS, and that’s where I’d focus the bulk of my research and budget, unless you’ll primarily be using a band saw (BS). The biggies for me would be a good full size stationary table saw, planer, jointer, router and router table, and maybe a modest DC (like the HF unit for $150). With those main tools, you can build just alot using dimensional lumber or sheetgoods. A BS and DP are nice, but can be added down the road…in the meantime, a modest jigsaw and handheld power drill worked fine for early on. You’ll want a reasonable work surface, whether it’s a nice bench, or an old door. I’d add a good tape measure, squares, a chisel or two, sandpaper, and some basic clamps, then would add more clamps, block plane, and other extras as you go. (Ask family members for gift cards to Rockler, Woodcraft, Amazon, Lowes, HD, etc….). $3k is doable if you’re selective….the used market can be your friend if the right deals come along.
We made the decision for my wife to be a stay at home mom - it was a decision we both felt was a good one before we ever even discussed it. Being a single income family does sometimes have financial drawbacks, but the blessings of my wife being a stay at home mom are blessings that money can't buy. Eventually, when our son (and any future children we may have) are in grade school, my wife will look at finding a job. She's also looking at the possibility of starting to do in-home daycare for 2 or 3 children in our home, which would bring in some extra money.
Saws (I'm not a fan of Japanese saws, but you can buy good new ones pretty cheap. ) - 1 crosscut handsaw (can be a Stanley "Sharktooth" toolbox saw from Home Depot or Lowes $15). 1 rip handsaw (used ones can be found at Antique stores for $20 or less. Try to find one that is fairly sharp to start with). Dovetail saw (Crown has a decent gent's saw for around $25 or get the Lee Valley Veritas Dovetail saw for around $70, Highland Woodworking carries both). A crosscut backsaw and small miterbox is also handy to have, I can't give you a recoomendation for inexpensive ones though.
If you’re woodworking as a hobby, you already know that it can get very expensive. Saving money by not buying redundant tools is one way to keep it slightly more affordable. If you’re doing this as a business like I am, then every dollar saved is another dollar you can invest in your business. If you have other money saving tips, please feel free to share them!
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The Jay's Customs Creations YouTube channel releases weekly videos on shop projects and dimensional lumber projects. Jay's show can really help you if you want to do DIY woodworking projects on a budget. He sometimes shows viewers how to complete the project without electricity and using only hand tools. He goes over the prices he paid for materials to give people a realistic budget for the project before they get started.
The next important hand tool for the woodworker is an accurate tape measure. Get a retractable one that is at least 25 feet long. Any longer than that, and you start having problems getting it to roll back up. Since measurements on large scale projects can be very susceptible to even the most minute measurement variations, you’ll want to make sure the “hook” or tab at the end of the is firmly attached, with no give. When they get loose, you’ll have as much as 1/8” variation in your measurements. This can add up to some severe accuracy problems in the long run.