I’d like to add some type of sharpening system to your list. A simple sandpaper and slab system, stones, or the more expensive slow grinder system. Although listed, files should be in this sharpening/maintenance category as well. You’ll need these as soon as you purchase a majority of hand tools. They’ll be needed throughout each day of using the tools. Initial setup and routine maintenance will give better results with less fighting the grain and tool. Whether your a beginner or a master, the tools must be sharp and maintained.
A good set of 5-7 bench chisels (they don’t have to match) will get you going right away. Down the road you’ll eventually add some specialty chisels (like paring chisels, fishtail chisels, etc) but bench chisels will work for just about everything. I often pay only $10 for high quality vintage chisels, so a compiled set can certainly be affordable, and higher quality than low quality new sets. Read the chisel buying guide to learn what chisels to avoid and which chisels will work great.
Most of your cutting will be done using power tools. While you can go full neanderthal and work solely with hand tools, modern power tools will make your woodworking hobby much more enjoyable. And you don’t really have to spend a fortune to get them. For some of them, you can easily find low budget alternatives. You can also ask your wood to be cut at the store you are buying it from.
When you go shopping for tools, get the tools for your new woodworking shop only a few at a time. As your woodworking hobby progresses, you can obtain more wood tools as time goes on. We list the woodworking tools that you will find most useful and use most often. If you are going to be doing any type of woodworking, we recommend to make a custom workbench to store your tools which will also give you with an area to perform your woodworking projects. See below for what we recommend for a basic woodworking tool kit.