Affordable Filmmaking Equipment

Depends exactly how cheap "cheap" is...

Lowest price for HD video is probably a camcorder at a few hundred bucks. If you can spend a little more, go for a DSLR or a mirrorless MFT camera--they have much better quality. DSLRs and MFTs tend to have shorter battery lives, though.

You can get a low quality shotgun mic for under $100, though you need something to record onto. Many DSLRs have an audio input, or you could use a field recorder, or a laptop.

I don't know too much about legit lights, I use work lights. Car reflectors can work for bouncing light.

For software, there are open source programs to do pretty much anything if you're willing to learn how to use them. Blender, Audacity, and GIMP do wonders. If you want to buy something, I've heard good things about PowerDirector, though I've never used it.

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My films: https://sites.google.com/site/westernroadmovies/