Home gyms can save you lots of time and money. You need equipment to meet your requirements for both cardiovascular and strength-training exercise.  Start with these basic pieces:

• Exercise mat to cushion your joints for floor exercises
• TV/DVD for workout videos and to watch when working out
• Mirror to check your form
• Dumbbell set and workbench for training every muscle group
• Chin up bar to target your upper body and abdominals
• Fitness ball to work you core muscles
• Rowing machine for a cardio workout and to work the muscles of the core, arms and legs
• Stationary bike for low-impact cardio and to work your quad muscles
• Step bench for a cardio routine

Read about setting up a home gym from the Guide to Sports Medicine at About.com.