For me, I think what is a priority in terms of electronics, and balancing or planning a budget, is defined by what kind of sailing you plan to do. Day sailing requires much less and long distance much more.
I started from scratch on a 30ft sailboat. It had.. an old rotating depth sounder and an old VHF radio but it worked, and an old tiller autopilot (and I had a spare from a previous boat). I also had a newer waterproof handheld VHF (with GPS and Emergency DTS) which I always mounted to my life jacket. And navionics on my iPhone. I am experienced sailor, sailing solo or with guests that don't sail much, and I do distance sailing inshore.
So navigation-wise, it was safe to leave harbour with the above equipment.
My subsequent priority purchases were:
1. Navionics update on my phone.
2. A used IPad as a bigger screen and backup for my phone in case it dies.
3. New Depth Sounder (NMEA 2000)
4. A NMEA 2000 backbone kit (the cables) which is $150
and then...
5. AIS Transmitter/Receiver (NMEA 2000)
6. Actisense WK-1 (so it would transmit the NMEA 2000 data to my iphone such as depth and AIS details on Navionics charts)
This was an excellent start.
I did not think a large MFD display (eg. 7" to 10") mounted to the cabin was useful on a sailboat as I have tiller steering, no binnacle, and sitting far away from that position. Preferred to have that data in hand on an iphone or iPad. I still feel that is best for me. And that is especially true with other apps now availble on phones and ipads. For the money there are higher priorities.
The AIS was a bit forward thinking in 2001 but now so many boaters have them they are just looking at their screens instead of out the window. It has helped me to identify and hail vessels (like tugs) to confirm they have noticed me (visually and on AIS) or agree how we pass each other, or to keep other boaters (including commercial vessels) behaving themselves around me because all AIS is tracked and can be used in case of an incident. AIS also sets off alarms on other people's boats that have set their AIS collision alarms. Very happy to have purchased this. Great visibility. Egalitarian in terms of respect of position on the water... and greater civility all around.
Items to follow in order:
7. Raymarine MFD (i70s) - bit expensive and honestly nice to have and look at it all the time but should have been lower on the priorty list. What I discovered is an iphone or iPad can show you all of this NMEA data, close at hand, on free apps, with better resolution.
8. New autohelm (I didn't go off the shelf but many should. I did TinyPilot by Pypilot (hard to get now) and a tiller actuator by PCNautic, and while its a bit geeky, it is very reliable, and performs very well).
9. Backup cheap navigation system using a Raspberry Pi 5, and Openplotter (geeky but effective), and a 24" monitor all setup below at the nav station.
10. New VHF radio with GPS and Emergency DTS.
11. Windmeter (Anemometer).
And much later as I was then sailing to areas of frequent fog:
12. Radar
If I was on a budget and had older NMEA 0183 equipment I could get to work easily (like check the wiring) and reliably (depth, speed, wind) I would do that first. Its a good standard. But I wouldn't invest in it when buying new equipment. NMEA 2000 is the way to go, you can even run both systems, while you start to build that NMEA 2000 network as needed. If I was going on multi-day passages or offshore I would just start from scratch and invest in NMEA 2000.
I hope this is helpful for someone sailing my kind of boat and objectives.
Fair winds all!