Hi Snowplow... Welcome aboard! Like others, I think PappyAmos' post is great advice. The only thing I'll add is that you may want to take into consideration a slightly different approach. Doing your first hang on a limited budget in cold weather can be a big a roll of the dice and challenging. With that in mind, if you want to proceed cautiously, I'd first get a cheap hammock now.
There have been a lot of good cheap hammock recommendations already, and I'll give you one other option - the Equip hammock at Walmart for about $25. It's a decent hammock that a lot of people find comfortable. I'm a fairly big guy (6'3/230lbs), and I can sleep in it comfortably. Try sleeping in it inside and outside now during the warm weather - see if hammocking is for you. If you find out it's not your cup of tea, you are only out the $25.... you might even be able to return it to the store if you really dislike it. If you do like it, and eventually move on to another hammock, you can keep the Equip and use it as an equipment hammock to hang over (or under) your new hammock and store your gear while camping.
One word of advice - I can fall asleep easily almost anywhere, but it took me about 6 or 7 tries before I could fall asleep in a hammock. Now, it's no problem.... the point is, give it a few tries before you make a decision.
If you do wind up liking it, then you can start adding on components for the cold weather - UQ, pad, etc. One inexpensive option that I think will help is to buy some Reflectix insulation at your local Home Depot or Lowes, and cut a piece of it to size for your sleeping bag. Place it inside your sleeping bag, along with a closed foam pad that you have also cut to fit your bag, and lay on top of those 2 items inside your bag. Placing your pad and reflectix inside the bag will help you with the slip-sliding that can happen with pads. This system should take you down close to 20 degrees, but like others have said, try it at home in cold weather before you take it into the field.
Also, one thing that can help a lot for cold weather is a couple of hot water bottles... they are cheap and can stay warm most of the night.
The hammock, foam pad, Reflectix, 2 hot water bottles and tarp should all come in well below your $150 budget. If you can, get a cheap down comforter from a local Salvation Army / Goodwill store to throw over your sleeping bag, just for some added insurance.
Good luck!
Broadwater
Bookmarks