Reddit mentions of Best Choice Products 2-Piece Adjustable Standard Steel Barbell Rack - Black

I use this for squats and raise the barbell height with no weight to use it as a pullup bar.

Im a beginner but after we get through the holidays, I plan on buying a squat rack like this here

And then buying weights and a bar from CL for a nice price. Ive seen a couple olympic bars for free too

Squat rack

Bench

Spend the rest on a barbell and as much weight as you can afford. Definitely get cast iron, and go for used, you'll get more for your money.

Power Rack, Bench, Olympic Bar and Plates.

If you do not have the room for a power rack you can start with these: http://www.amazon.com/gp/product/B00L5QE3L0?psc=1&redirect=true&ref_=oh_aui_detailpage_o00_s00

But when you start lifting and squatting heavy you should really make room for the power rack. Sometimes you get stuck at the bottom of a squat and need to bail.

Then add the bench to slide in and out when needed: http://www.amazon.com/gp/product/B002QJZAE4?psc=1&redirect=true&ref_=oh_aui_detailpage_o05_s00

If you squat each workout you really don't have to worry about the leg extensions on the bench, just if you really want the extra work.

Not sure what you plan on doing and how much weight you'll be using, but I'm finishing up assembling my frugal low-space garage gym. I got a few new items because they were not too expensive and hard to find on Craigslist (squat stands and bumper plates namely).

• Beater barbell off Craigslist ($45)
  
• Squat Stands new off Amazon ($70) - if you're doing a lot more weight and/or space isn't an issue, I'd recommend something like this or this
  
• Bench off Craigslist ($50)
  
• 180lbs Diamond Pro Bumper Plates from Walmart 160lb set + 2x10 set ($227) - with free shipping, it's easy to add on in the future
  
• 4x5lb + 2x2.5lb steel plates off Craigslist ($20)
  
  Total Cost: $412 (or 3.2 months of my CrossFit membership)
  
  It's not the most awesome home gym, but fits in the corner of my garage, and is heavy enough for me to do my Starting Strength routine and progress a bit before I need to add on.

Or even more basic, like this:
http://www.amazon.com/Best-Choice-Products%C2%AE-Adjustable-Standard/dp/B00L5QE3L0

I have pretty much the same kind, and to store it I just take the barbell-resting-part-things out and store it in my wardrobe. It would also fit under a bed if put on its side and the bed was approx. 50cms off the floor.

It looks good for a start, but I wouldn't recommend putting any real weight on them. I've seen people move power racks when reracking weight and I can't imagine those will hold well over 100 lbs.

Maybe save up and get something like this?