If you go with fish sand and live rock you can actually spend significantly less. To start my first salt tank I paid 100 for salt, sand, rock and fish. An additional 100 for the 55 gallon tank and stand. I just did a fowlr
setup and bought the setup from someone who didn't want their tank anymore. Check Craigslist for deals I saved a ton of money buying things off there. I didn't want to spend a large amount as I'm not really into corals and I knew I could upgrade later if I ended up staying in saltwater.