get ready for a lot of different opinions...lol...
Here's my suggestion: (I'm a college student, so I'm on a tight budget too. In fact, I had two packets of easy mac today for dinner...sad sad...)
Save up your money. Don't buy anything full price. Things go on sale here on the forum all the time. Just last week I got an eibach pro-kit for $150 shipped, and I think they usually sell around $300. So it's been used for a few thousand miles...still I got i half price and already broken in for me.

Also keep an eye on the group buys.
So, mods depends on what you want - are you looking for performance mods? Or mostly exterior stuff?
Also, check out the how-to threads. There are some CHEAP mods you can do. For instance, I started out by painting my headlight housing black. Best looking mod for $10 GUARANTEED. Also, there are some install tips that can save money on labor...
Good luck!
Jeff
whitemp5seattle
P.S. Ok so here's the short version of my rambling up above:
1) paint your headlights - looks awesome and takes $10 and half a day
2) intake or exhaust if you can get one off the forum for cheap (got my catback for $160 shipped)
3) springs (got my eibach pro-kit for $150 shipped)