Right now I'm using straight tech 1 fits:
3x 150mm Light Autocannon 1
1x Small Nosferatu
1x Stasis Webifier 1
1x 1MN Afterburner 1
1x Warp Scrambler 1
1x 200mm Reinforced Rolled Tungsten Plates 1
1x Small Armour Repairer 1
This fit costs somewhere around 360k ISK, a far cry from the tech 2 fits I'll be utilizing in the near future.
I decided on a cheap fit in the beginning because I knew I'd be losing ships at a quick rate. Being only about a month into the game I haven't established a proven ISK making method yet.
This brings me to my next point. I need to start looking for ways to cover costs. I enjoy probing and scanning so I'm thinking about exploration. This will train my lowsec travel and evasion skills as well as my probe tracking skills. I know exploration is hit or miss at times but I feel this is the best route to go.
To close I'd just like to say thank-you to the number of posters that have commented on my entries and gave me tips, they are definitely all being reviewed and taken to heart. Every little tidbit helps so I hope to hear from as many people as I can.