LARP can be a fairly cheap and also a very expensive hobby to play. Some might like wearing 12 inch gauge steel plates while others like the bag for potatoes on them and just roleplay a peasant. What if you want something in between, since you don't have 1000$ lying on the floor but you don't want to be one of the peasants? I would recommend going with homemade gear.

Weapons

Concerning weapons, some LARP organizations like only latex or only home-made weapons so this factor is out of your control. However if your LARP organization approves of home-made weapons you would want a nice light-weight weapon and bamboo is the way to go. It's strong, elastic, and durable yet very light and perfect for the core in your weapon.

While making a weapon, be sure to cover all the edges with some sort of foam and later put duct tape all around it so it keeps its shape together. Test the weapon by just hitting someone, or if you think they can't handle a swing, let them hit you hard. Another way to check if your homemade equipment is legal is by trying to poke your eye with it. Don't poke hard as the experiment is only made so you can see if the tip of weapon is wider then your eye socket. If it is wider you have yourself a nice legal weapon.

When making armor there are tons of ways to make it cheap being it leather, plate or chain.

Chainmail armor

If by any chance you find yourself bored and have huge amounts of time on your hands you should go make a chainmail. It's a fairly easy technique and the material is not that expensive either. In about 1-2 months you should have a nice chainmail. Take note that you should dedicate about 1-3 hours a day to complete it at this time frame.