Cycling clothes are made the way they are for a reason - shorts that fit snugly support you and prevent you sitting on your junk. A well-fit chamois provides a good interface with the saddle. The materials wick sweat and don't get clammy. If you have bird legs, it might not be as important, but if your legs are thicker, the shorts prevent your skin rubbing on the nose of the saddle. Bib shorts don't cut into your waist and don't work down as you ride, exposing your butt to the world.
Jerseys have pockets in back so they can carry your stuff out of the way. They're snug so they don't catch air, flapping and acting like a parachute. Also because they fit snugly, the stuff in the back pockets stays behind you, not sliding around the side. The material wicks sweat and dries quickly.
You don't need to spend a lot to get perfectly workable shorts and jersey. In fact, because fit is important and individual, spending a ton on something like bib shorts could lead to expensive disappointment. The shorts I wear cost $100, and I don't think I've ever spent more than $70 on a jersey. You could spend less and be happy with what you get. If you find a brand and a model you like, buy more of those. Keep them clean - I make it a rule not to wear bibs or socks more than once before I wash them. I wash everything after Sunday's long ride and hang them to dry, and by Tuesday, everything's clean and dry and ready to wear again.
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"Don't take life so serious-it ain't nohow permanent."
"Everybody's gotta be somewhere." - Eccles