As stated before: No buy now! The Starter clubs will be good in length until Pro tier, even to Master if you accept a few difficult holes.
And yes, you won't contend in tournaments unless yo have top equipment - there are too many talented and "extremely talented" guys around.
If you are short on credits, be very reluctant in buying - only if you don't stand the wait any more. And, one buy will not be enough, unless your patience reaches till lvl 83.
In detail:
Wedges are the prime helpers, but wait until lvl 39 (ATV) or 42 (Ping). If you go for those Pings, the shortest lvl 18 Ping is ok as a complement.
Then, a 3WD is a budget driver replacement. Look at R11 @ lvl 31(?).
Don't buy a putter below 500 cr.
The first "very good" irons and driver/3WD are G25 @lvl59 (88,000 XPs). Any buy before may be only intermediate.
In general, slow meter equipment is expensive. Therefore, faster balls as a budget solution. At some time, perhaps as an advanced Pro, you may try the WGT balls, from the bottom up. B-ES are good for the game, Tour-SD do wonders, but they wear and get lost, causing a steady credit flow to the company.
Be aware of one Golfers' Virtues: Patience, and have fun!