Practical but also tactical
Rather then going the route of many who seem to be gravitating towards the AR platform rifles and have a preference for the semi-auto pistol over the revolver, my own thinking is to go the other direction and stick with weapons that aren't on many people's ban or regulate list. Being on SSDI, I also have to look for a gun or guns that are economical but would still be good for hunting and self/home defense. I have a great interest in guns and do enjoy shooting so the primary reason to getting any would be for a hobby but I could also use the same for self/home defense and hunting.
Below are 4 criteria I'd have to consider if or when purchasing a gun and budgeting for related expenses:
Budget
I think by this coming summer, after I paid some bills off, I could afford about $50 to $75 a month to dedicate towards purchasing of guns, ammo, range fees, accessories, gun safety classes, hunting licenses and Michigan CPL fees (If I ever was to decide to get that) and maybe even equipment for self loading.
Cost.
As mentioned, my budget would be very tight and I really have to look at not just the cost of a gun itself but also for ammo, gun safety classes and possible accessories and even magazines. $20 spent on a magazine is $20 not spent on 40 cans of store brand chicken noodle soup. I would also be looking to purchase a gun that can serve two or more roles. One for self/home dense and the other would be hunting and/or target shooting.
Range
I don't recall ever shooting at anything beyond a range of 50 yards when I used to hunt and I'd probably stick to that maximum range if I ever were to hunt again ( I don't like to kill anything but it'd be a way to put food on the table). As for home defense, I live in a small town in a small 900 square foot two story house on a 100' deep X 50' wide lot. Even outside the home, there is little opportunity to shoot beyond 50 yards and much of the distances would be better measured in feet. Given that, a gun that is capable of accurately firing well beyond 50 yards is excessive and unneeded capability.
Non-scary gun factor
To avoid attracting unnecessary attention I'd avoid guns that have a military look to them. Those guns are also really going up in price now and that's another reason to avoid them. I'd even stay away from semi-automatics all together.
So here are the two guns I'd be looking at acquiring:
SA/DA Revolver
The revolver would be the only gun that I could keep on me or within easy reach 24/7 if I were to need it for self defense when at home. I'm a big guy at 6'2" and weigh about 235 lbs. so I think a large frame revolver with a 4 inch barrel would feel comfortable in my hand but I'd have to go to a gun shop and handle many to make sure. A .38/357 would allow me to target practice and plink with cheaper .38 rounds and the .357 magnum ammo could be reserved for self defense and hunting. I could buy a belt holster and a double speed loader pouch to also go on my belt for spare ammo. A speed loader goes for a little over $20 each and a good quality .38/357 revolver can be had for about $400. Holster and speed loader pouch prices vary but they are relatively inexpensive.
Shotgun
I talked before about a .38/357 lever action carbine but the more I read and think about the subject, I believe a better choice initially would be a shotgun. With a smooth bore shotgun, I can both bird hunt with bird shot and deer hunt with slugs. I can't do that with a carbine. For home defense, I could purchase reduced load slugs or buck shot. A good shotgun for my situation may be something like the H&R Pardner Pump Protector pump action which goes for less then $250. The H&R Pardner Pump Protector is a Remington 870 clone so many of the Remington accessories (other then the mag extension) will fit. With its 18.5" barrel & 37 5/8" OA length, it wouldn't be bad maneuvering around the house with it.
Guns already owned
Bolt action
If I ever felt the need to have a rifle that I could use for hunting at longer ranges, I already have two Mosin Nagant 91/30s. They are heavy guns and I wouldn't want to walk around all day carrying one but they'd be very good for having in a deer blind at the edge of a large field. They'd be of little use for self/home defense and would be used strictly for hunting or target shooting.
None of the above would raise many eyebrows IMO but I feel I would still be well armed and with taking classes and doing a lot of practice shooting and handling the guns, I'd be very competent in using them. And I believe the vast majority of people interested in self defense could do the same.
= new reply since forum marked as read
your criteria.
In a revolver .38+p is usually enough for self defense. The .357 does give the option for a bit more power and would mesh with your desire to hunt. Taurus and Charter Arms will give you quality on a budget. Rossi is also priced well but I have no experience with them.
For shotguns, it is hard to go wrong with a 12 ga pump. It is about the closest to a do everything gun that is out there. H&R, Savage and Stoeger are good guns and well priced. Mossberg is a bit more but is one of my favorites.
See if any ranges have guns you can shoot to see what you like the best.
Good luck and be safe 
My first firearm was such gun -- a Taurus Tracker 4" .357. I bought it $350 used.
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http://www.budsgunshop.com/catalog/product_info.php/cPath/21_50_494/products_id/31746
I trust my life to mine.
A Rem 700 SPS in .308 will take down anything in north america and reach out 800-1000yds. Classy, not too pricey fro a basic model and hunting/defense/target ammo is easy to find. A savage would also make a good bolt .308
Remington 870 Express Magnum is a very quality 12ga that is all business, won't break the bank at all and can have a classy look. The 870 is the benchmark of 12ga pump actions... reliable, handles up to 3.5" shotshells, and has LOADS of accessories. A Mossberg 500 would be another good shotgun choice. Both top tier choices (like Chevy versus Ford debates) - you can't go wrong with either.
Ruger GP101: Ruger revolvers are super quality revolvers at very reasonable prices for a top tier revolver. A GP101 is a medium'large frame, .357/.38 caliber, all stainless, built like a brick shithouse, and with a decent trigger job it's as good as any S&W at 70% of the cost. In this price range, without moving up to a more $$ S&W or Colt, a Taurus would be a half-decent substitute... but the Ruger is better value by far.
My personal picks (the guns I own) for those three roles you list?
I use a Glock 29 10mm, Keltec KSG 12ga Pump Action, DPMS TAC20 .308
Sure they're pricier, but the firepower upgrade is humongous. You know what they say, Tactical is Practical 
