Congrats on getting your new bike, and it came with a suspension seatpost, that's great!
I read that the bike came with 45 mm wide tires, that means you don't need a lot of PSI in them since you weigh about 185 pounds plus another roughly 30 pounds of bike and gear so I think you would be good with 55 psi in the front tire and 70 on the rear, but play around a bit to get the ride you want.
Light wise I would stay clear of generic lights if at all possible. I'm not sure if by $50 you mean total for both front and rear lights? If so, you're right, you can't get much, which means you'll have to look at generics on Amazon, and the only sure fire way of getting a decent one is buying one that has a high number of positive reviews like this one:
https://www.amazon.com/BLITZU-Recha...coding=UTF8&psc=1&refRID=G5A2WHCTFNP8KGNAVG8S You do have to be careful with Chinese lumen ratings, typically whatever lumens they say are at least 50% over blown, probably not so much on the lower lumen lights like the one above, but those that say they put out 1000 lumens plus for $20...NO WAY! Those will be lucky to run at 400 lumens! The other issue with Chinese generics is they usually have non-existent customer service so anything goes bad...well you're screwed! The other thing about the above light combo is that there is no rating on the tail light so we have no idea what that light can do.
Here is another light that got high Amazon reviews:
https://www.amazon.com/Anti-glare-D...538361337&sr=8-12&keywords=bicycle+headlights
And this one that claims it's tail light puts out 100 lumens, even if it puts out just 50 lumens that's probably better then those others;
https://www.amazon.com/Rechargeable...538361556&sr=8-42&keywords=bicycle+headlights
Then with the money you have left over from your $50 light budget get a set of leg bands like these:
https://www.amazon.com/iotrevor-fit...8&qid=1538362109&sr=1-4&keywords=led+leg+band The up and down motion of lighted bands attract attention very well and for some reason older drivers see those better than non moving lights according to studies I've read.
Then I would save up some money and next year start out by buying either a nicer name brand headlight or tail light, which every you decide you need the most, and then regulate the old one to the helmet. A headlight on a helmet is useful for flashing car drivers at intersections or to see street signs with, or flashing to attract attention, but you always put your brightest light on the bars. The tail light on the helmet just adds more rear exposure; and since I think rear accidents are more prevalent at night that would be my first improvement, but you have to decide that especially if the generic headlight is pretty dim you will need a better headlight first.
If you decide to up your light budget you can get a really nice set up for around $160 that would have a nice see the road light rather than a to be seen only light, and a hugely bright tail light, let us know and we can point you in the right direction.
