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M-audio monitors are crap IMO. At least get a pair of alesis m1 mk2's or some cheaper krk's which are far from perfect, but can get the job done. If you're just starting out, the most important thing to get are decent monitors. skip the soundcard for now if you have to, but get the best monitors you can.
Also keep in mind that whatever you buy, you'll probably have to replace later on as there's no monitors in that price range that will "tell the truth". Ofc, This all applies to you if you're planning on producing music yourself (which I'm guessing is your plan seeing how you're on a production forum).
Forget about hi-fi speakers. Trust me, I used them once. The worst thing you can do is get accustomed to using hi-fi speakers for production. Later on your ears are gonna need quite a bit of training to get used to monitors.
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