As soon as I start the game, I try to scavenge money to get a sword, any sword in the beginning, and a shield (usually ones I find during Sea Raider fights).
In the end, this is usually what I come up with
1) Bow (Depends on the money)
2) Arrows (Depends on the money)
3) Balanced Bastard Sword/Balanced Nordic Sword
4) Reinforced Steel Shield/Reinforced War Shield