Following this path you will have spent $400-600 and all you'll have to show for it is a sim and a couple broken RTFs. What people are suggesting is that you choose some components that can be moved from plane to plane rather than a package that's only good for one shot.

If you're on a limited budget, $200 for a sim seems like a huge expense. Before going this route, decide what your goal is. If the idea of sitting in front of a computer flying a virtual airplane seems like fun then he sim might be a good choice. On the other hand, if your goal is to get out in the fresh air and fly, and you just view the sim as a tool to help get you there, the sim might not be a good choice. Practicing with a sim can help you avoid crashing your airplane, but learning with an instructor is a better, and much cheaper, alternative.

If you still want a simulator, spend some time looking around. There are some choices that are less expen$ive, including a couple free ones, where all you would need is a cable to hook between your radio and the computer.

You don't have to spend $160 for your first radio. You can get a basic 4 channel system, which includes rechargable batteries, for around $100. My list below has one of many examples. The advantage of a radio like this is low cost and simplicity. The disadvantage is it doesn't contain the many additional features that you will get from a computer radio. A computer radio will cost about $60 more. This extra money will get you additional features, including the ability to save the trims and other settings for multiple airplanes. This means if you go out and buy additional flight packs (receivers, servos, batteries, etc) you can have the radio setup to control each plane without having to move the trims and servo reversing switches. That's a nice thing, but not absolutely necessary.

For the plane, pick one of many ARF electrics. For discussions sake, I chose the GWS Slow Stick. The plane comes pretty complete, is easy to fly, and the price is low. To this, you will need to add the radio components (which came with the radio system you bought), batteries, speed control, and some other stuff such as glue, spare props, etc. When you outgrow this plane, another $30-50 will get you in the air again because the components you bought are reusable. You can move everything from the first plane to the second one.

Here's one of many ways to accomplish it:
Radio: Futaba Skysport 4YF 2 S3001 $120 + $20 gift certificate
Plane: GWS Slow stick $35
Batteries: $40
Charger: $30
Speed control: $30
Misc (props, tools, etc): $50

The 2 orders are priced at Tower Hobbies. I chose them because they have everything you need, great service, and good discounts. There's nothing saying one couldn't shoop around for the pieces.

Order 1:
Radio $120
Speed cntl $ 30
Shipping $ 8
Discount -$ 15
Total $143

Order 2:
Plane $ 35
Batteries $ 40
Misc $ 50
Charger $ 30
Gift cert -$ 20
Discount -$ 15
Shipping $ 8
Total $128

Total startup cost $271
You should also factor in AMA membership $58 and club membership.