First thing I have to say...I do not use expensive supplies!
I do not like using supplies that will cost you $4-10 just for one pencil. :)
For painting I like to use Apple Barrel paints because of the pigment in them. They will give you a nice color with it being already watered down. These will cost you about $1.50 per bottle, with one bottle lasting you 6 months (depending on how big your painting is).
As for canvases, I like to use canvas boards (thin boards with canvas stretched over it. usually a few millimeters thick, and costs about $1.50 each) instead of usual canvas (usually a few centimeters thick, and costs an average of $10-100).
Drawings I start with a common household HB pencil. Nothing to it. Just a regular pencil. Once I'm done drawing it out I go over it with B pencils. I prefer 3B, 5B, 7B and 9B to do different blacks. For paper, I use average printer paper. Nothing special, no sketchbooks (although I have many unused books) is all I use
An average painting of mine, just for the supplies, would cost about...5 bucks. Imagine painting for just 5 dollars. That is the way to go for younger artists :) Enjoy painting...God Bless!!