What are good clothes for winter jogging?

I am interested in going jogging to lose some weight and I am thinking 25% polyester 75% cotton thermals and windbreaker pants/jacket. gloves and a headband that covers the ears as well. will I be freezing to death with this stuff on? I'm wondering if I'm overdoing it or need maybe another layer. I am also on a budget so nothing too expensive I've got about $50 more or less.