this YouTube is interesting. I believe this fellow is enjoying his drawing quite a bit and this particular video explains some of the
tools available for drawing, here graphite, as used in the Betty Edwards video.

http://www.youtube.com/watch?v=MpcrU...C0gd17cyxjCPXz

You can start with a good kneaded eraser and a white plastic one.
Just a few pencils...H, HB, 2B and very dark one like Ebony.

You don't need alot of stuff to get started. A good sketch book, with acid free paper, and that is at least 90lb...is a good beginning one to get. Tyler demonstrates the Canson, and that one is a good brand. Strathmore makes some acid free student grade ones too that are affordable.

You can buy online at Blicks, or Utrecht's (now merged with Blick) or Jerry's Artarama. There are other discount places online, and Ebay. I often get my mechanical pencils and leads on Ebay, and my colored pencils. Using a key word "used art supplies" sometimes brings up gently used things for very affordable prices on Ebay..but you have to look every day. There are many sellers of brushes, paints and just about everything on Ebay.
Keyword "used art supplies"
"art supply lot", "colored pencils", brushes lot, "watercolor paints pans", drawing pencils, etc.

Once you get going, you'll decide what you like the best, and you can add things to your supply hoard. Don't be surprised if you become a "hoarder" of sorts....LOL
Over the years I've found many very inexpensive supplies at garage sales...but in the winter like now, this is not feasible.
Pastels are often easy to find at garage sales, for example.
I confess I've become somewhat of a hoarder...it is nice to have things to grab when you are working, so you don't have to stop and figure out how to buy a needed item (and therefore wait).

I buy the paper locally so I can feel it and see it, however.

I am going to put up a small watercolor...I did this years ago and sold it. It illustrates a pencil study, a colored pencil study, and the final watercolor. This is a small work... I don't recall the actual dimensions but the pencil study is in a 9 x 12 sketchbook.