#1 priority is skillbooks for me.
#2 are rare items that give nice stats, that likely won't be replaced soon. E.g. rings or belts with memory or mainstat.
Nearly all weapons can be crafted each level, so you don't have to invest money in that.
http://divinity.wikia.com/wiki/Crafting_(DoS:2)#Weapons
On a related note, I usually have one character stacking bartering doing all of the buying and selling, which helps a lot. I also craft grenades every level which flip for a big profit.
Things are lot more challenging at low levels this patch. I'd recommend getting a party of 4 characters as soon as possible and attempt to gain levels off of the weaker enemies and non-combat quests first.
