It depends on how much you want to spend. Spent right, less than $50 will set you up for a long time with decent equipment.
I would start with wedges, to include dropping the HB and getting a 3rd one. Get 3 that match-64W, 60W and 56W. Learn all the shot types with them and you'll see your scores drop in a hurry. A decent ball will help but you don't have to go for the expensive ones. The ones CT mentioned are good values but without decent clubs you'd be wasting your money.
I think the wedges are more important than the irons if you have to make a choice. When you do go for irons, look for High lofted ones. There's a MAX set at your level that looks like it might last you quite a while for $30. With 3 CG wedges you're in for $45-less than a dinner out- and I'd bet you could make Legend with that setup. :-)