It doesn't get any simpler than this.
If you are looking to get started for the absolute bare minimum investment then you have come to the right place.
I have personally used everything on the list below and promise this will be an excellent (and affordable) solution for the beginner.
If you are totally stumped and are looking for exact instructions on setting up your first studio, then have no fear because the clearly laid-out diagram below is here!
The microphone is double booked in this setup to record the guitar and your vocals, so you'll either have to position it wisely or just do guitar and vocals on separate takes.
Required Gear Checklist (Prices Approximate):
$270 Roland Quad Capture USB Audio Interface
$100 MXL 770 Condenser Microphone
$100 Sony MDR-V6 Studio Headphones
$25 LiveWire Advantage EXM Microphone Cable (15')
Grand Total ~ $495