Newbie Guide:
If you've done everything Spiron's asked of you, you should be wearing decent armor. Of course, if you want to spend the money, you can upgrade it piece by piece. Also, beginning at Level 6, you can wear Apprentice's Shoes, Cloth Caps and Short Gloves if you can find them.
If you've been really lucky, you might want to look into a set of leather armor. Now, some of your masters will tell you to spend your money on weapons, not armor, but if you ask me a better piece of armor is a much wiser investment.
As to shield, now, I want you to consider carefully whether a shield is right for your fighting style. A shield is great for reducing damage, but it will cut back on your ability to evade.
Return