If you're strapped for cash like me I don't think it's necessary to spend a ton of money on winter gear. I guess it's all circumstantial on where you are goin and what you are doing once you get there. Like a couple years ago, i would just wear a parka and something light, like a t-shirt underneath. Of course this wasn't optimal, i sweated like hell. But i just carried another shirt with me. I used (thrifted) wool socks and depending on the pants, long johns.
I can vouch for the gloves inside of mittens deal. Thats the way to go. Even using low quality gloves and mittens, it still worked way better than a pair of expensive snowboarding gloves
Thanks for all the excellent advice! I actually snow ski and have heard wearing ski goggles are helpful for winter riding so I will try it out. Additionally (again, since I ski), I have plenty of wicking wear for winter so thankfully I don't have to buy a whole lot of new gear. I do have a 1 year old Raleigh One Way that I use for commuting and would like to keep in good shape and there is the issue of footwear for me. I look forward to facing the poor weather.
I clean my drivetrain more regularly on my commuter in the winter, but aside from that maintenance isn't a huge issue.