Don't spend any money that you do not have to spend on gear, it will not make you a better composer.
I owned a studio for years, I write songs for fun now. I like to get about the best of everything when I can. So I've got decent converters and mic pres, mics, and instruments. Good monitors, too. But I still write as I've always written, back when all I had was a tape deck with a mic input and my vocal mic from my band.
"I believe that entertainment can aspire to be art, and can become art, but if you set out to make art you're an idiot."
Show business: we're all here because we're not all there.
Resistance is not futile. It is voltage divided by current.