I echo the "don't quit" from everyone here. There are inexpensive ways to get what you need to make a quilt. I would NOT make the 5'x7' quilt my first -- start with something smaller and practice. The suggestions for getting fabric are great. I know someone who has won many ribbons and her batting is an old fleece blanket. Fleece is a little slippery so just handle it carefully. Some of those used cotton blankets would also work for batting. I know folks who buy the used flannel sheets and use them as batting.
Instead of FMQ, start doing grids. I use blue painters tape to mark the space between my lines. I have several widths and vary the width of the grid in different areas of the quilt. For gloves, I use some very cheap coated gardening gloves (I got them for $1 and a garden show but the dollar store here gets something similar in the spring). Just make sure they are tacky so they grab fabric so you can move it around.
Rotary blades are an expense -- Harbor Freight has carpet blades that fit in most rotary cutters and they are VERY cheap (especially if you get them on sale). Normally they are great blades, but you occasionally get a bad batch. You can splurge on the regular blades when you have a Joann's coupon or they have a sale.