On a super tight budget? Take a gander at a local thrift or goodwill store. You'd be surprised what you can find on the racks.
Bike: It's better to be slow on a bad bike than to spend $5,000 on a brand new bike and still be slow! If you're going to focus your time, attention and money anywhere when you first start out, it should be on your training and the mental aspect behind triathlon - not your gear and especially not your bike.If you can't borrow a road bike from friends or a family member, chances are you can buy a road bike for less than $150 simply by scouring craigslist and looking for a few good deals.
While looking on craigslist, you'll want to make sure that your frame size is appropriate for your height. Check out this chart to determine what frame size you need.
The Run
Shoes: If you're already active, you probably already own a pair of shoes suitable for triathlon races. Don't be pressured into buying another pair of running shoes just for triathlon.
More: Summer Shoe Guide
If you don't own a pair of running shoes, prepare to spend upwards of $100. Don't worry, if you care for them properly, most running shoes will last you between 300 miles and 500 miles, making this with a worthy investment.
The stuff you don't need ... yet.
Forget about aero-bars, carbon-fiber bikes and wetsuits for your first triathlon. These more expensive investments shouldn't be made until you've completed -- and enjoyed -- a few sprint or Olympic-distance triathlon races. Once you get serious about the sport, start shopping around for a wetsuit.
The carbon-fiber bike can wait.
The Takeaway
It's possible to participate in a triathlon without spending more than $100 on gear, depending on what you already have lying around your house or garage and what you can borrow from friends and family.
Remember: Expensive gear won't help you cross the finish line; only proper nutrition and a well-followed training plan can get you there.
Search for your next triathlon.