All you really need is a extra large dusting brush, stiff blush or contour brush, angled eye shadow brush, and a fine lip brush. Yes, you do get what you pay for in brushes. Expensive ones are a little better quality than cheapies. But, if your like me, you only get a chance to use them once or twice a month. So save some money.
Loose powder is messy and gets everywhere, but it is necessary for a proper makeup job.
I own two types. Transparent and medium tone coloured powder. If you can only afford one type, opt for the ones with colour. They will give you a more even finish on your face. Pressed powders are fine for touch ups when your out, but nothing else.