You would be surprised how slow some of the newer racers are in Novice Group. We have seen guys first year place top 5 and we have guys first year are just getting on the track and are 15 seconds or more off Novice times. I say get a couple trackdays under your belt, if your out there comfortable around a crowd, and you can hold your lines fine when pushing a bit then you are ok to race. On a slim budget you can get buy with about $800 a weekend to race. I was doing 5 races a weekend at $270, and using one set of tires $285 (Bridgestone), 6-7 gallons of 93oct $21, about $200 in fuel to get there and back, Then add in changing oil every other race weekend, and a bit of food for the weekend will keep you around $800 or so.