Need to setup lab.. suggest equipment

I'd have to second Frank's point: wait until you know you need something before you buy it.  I know I want an Oscilloscope but I don't have the project yet to use it on, ditto a microscope for SMD soldering.  Things change too fast to jump in earlier than necessary.

I started with nothing more than a Extech EX330 multimeter and a v.cheap 15w/30w soldering iron.  I've since scored a Fluke 287 on eBay for a bit of a bargain (IMHO) but the Extech works well for me. 

Don't buy a cheap soldering iron, you'll regret it every time it lifts a blasted pad off your protoboard.  Get one as outlined by Sean above - I lumped out for a Hakko FX-888DFX-888D, it's very good and I wish I hadn't spent the (albeit little) money on the crap one.

I quickly obtained decent lighting as well - daylight and ceiling lights couldn't cut it for me.  There's some good LED strip lighting and desk lighting available in daylight white.

The last thing I'd add is that eBay and Amazon seem full of cheap Chinese crap to the extent it's become difficult to find quality stuff on those sites.  You should stick with respectable, known suppliers (including quality Chinese ones of course) - it's more expensive but you will not you are getting originals not counterfeits and also getting safe tools.

I think you're a bit beyond the following, but I add for the benefit of other readers who might be starting out...

You can try some of the cheap Chinese solder and see how you get on but be prepared to lump out on quality lead solder and quality solder wick.  They're quite expensive but do work and the last thing you need is to be 'fighting' your tools.  You could of course go straight to lead free and work with that, it's just that the general opinion is that it's harder to use than its leaded counterpart.  However, what you don't know you won't miss, right??

Helping Hand for soldering. 

You'll be wanting some breadboards and some prototype board, solid core 22AWG hook up wire of multiple colours (preferably), double-ended crocodile clip test leads, flush side cutter, wire stripper.  Heat shrink tubing might be useful as well, depends what you end up doing.

You'll also be wanting an AC/DC wall wart, preferably 5V, 6V, 9V and 12V.  Although with a little work you can set up a simple regulated output with an LM7805 or LM7806 to convert the 9V/12V down. 

It may not seem like it, but I got a long way with just the above whilst I was experimenting and building simple circuits.  I can't believe how expensive it ends up being buying the parts you'll be wanting to prototype and explore with so that will sink some of your budget but you do end up building quite a stash!  I now have one to rival my wife's material stash for her sewing. 

Andrew

I'd have to second Frank's point: wait until you know you need something before you buy it.  I know I want an Oscilloscope but I don't have the project yet to use it on, ditto a microscope for SMD soldering.  Things change too fast to jump in earlier than necessary.

I started with nothing more than a Extech EX330 multimeter and a v.cheap 15w/30w soldering iron.  I've since scored a Fluke 287 on eBay for a bit of a bargain (IMHO) but the Extech works well for me. 

Don't buy a cheap soldering iron, you'll regret it every time it lifts a blasted pad off your protoboard.  Get one as outlined by Sean above - I lumped out for a Hakko FX-888DFX-888D, it's very good and I wish I hadn't spent the (albeit little) money on the crap one.

I quickly obtained decent lighting as well - daylight and ceiling lights couldn't cut it for me.  There's some good LED strip lighting and desk lighting available in daylight white.

The last thing I'd add is that eBay and Amazon seem full of cheap Chinese crap to the extent it's become difficult to find quality stuff on those sites.  You should stick with respectable, known suppliers (including quality Chinese ones of course) - it's more expensive but you will not you are getting originals not counterfeits and also getting safe tools.

I think you're a bit beyond the following, but I add for the benefit of other readers who might be starting out...

You can try some of the cheap Chinese solder and see how you get on but be prepared to lump out on quality lead solder and quality solder wick.  They're quite expensive but do work and the last thing you need is to be 'fighting' your tools.  You could of course go straight to lead free and work with that, it's just that the general opinion is that it's harder to use than its leaded counterpart.  However, what you don't know you won't miss, right??

Helping Hand for soldering. 

You'll be wanting some breadboards and some prototype board, solid core 22AWG hook up wire of multiple colours (preferably), double-ended crocodile clip test leads, flush side cutter, wire stripper.  Heat shrink tubing might be useful as well, depends what you end up doing.

You'll also be wanting an AC/DC wall wart, preferably 5V, 6V, 9V and 12V.  Although with a little work you can set up a simple regulated output with an LM7805 or LM7806 to convert the 9V/12V down. 

It may not seem like it, but I got a long way with just the above whilst I was experimenting and building simple circuits.  I can't believe how expensive it ends up being buying the parts you'll be wanting to prototype and explore with so that will sink some of your budget but you do end up building quite a stash!  I now have one to rival my wife's material stash for her sewing. 

Andrew