For a cruiser you need to skill the medium class weapons, too. Shield and rigs are much more expensive for medium size than the small ones.
I like to go ratting in frigs, I did most of the SoE Arc in a Punisher. So for the first missions, a nicely fit Merlin is quite enough and not too much a loss if disaster strikes.
Reddit suggestion, less than 2 m ISK:
[Merlin, New Setup 3]
Vortex Compact Magnetic Field Stabilizer
Vortex Compact Magnetic Field Stabilizer
Micro Auxiliary Power Core I
Medium Azeotropic Restrained Shield Extender
5MN Cold-Gas Enduring Microwarpdrive
Fleeting Compact Stasis Webifier
Fleeting Compact Stasis Webifier
125mm Prototype Gauss Gun, Antimatter Charge S
125mm Prototype Gauss Gun, Antimatter Charge S
125mm Prototype Gauss Gun, Antimatter Charge S
Small Ancillary Current Router I
Small Core Defense Field Extender I
Small Core Defense Field Extender I
Antimatter Charge S x1000
Iridium Charge S x1000
Iron Charge S x500
Uranium Charge S x500