Of course you also have to account for helmet/gloves/jacket/trousers/boots. I tend to spend £200 on protective gear, knowing they usually last a couple years.
I didn't buy any safety or motorcycle specific gear, nothing. I use the helmet that I had for my scooter and I don't actually own any other safety gear. If it's cold I do wear (regular) gloves, usually I wear a Regatta soft shell jacket with a fold up cagoule thingie in my pocket for when it rains.