for a '91 318is is would do the mods in the following order:
1. JC Chip...adds about 12hp/15ft. lbs torque
2. Upgraded suspension. There's about a million different combinations out there, but for a slightly lighter 318is I'd probably go with Koni shocks over Eibach springs. The ride will be a good combination of performance and comfort.
3. Upgraded induction system. The Split Second MAF is a good place to start by getting rid of the AFM. Opens up the airway and will help the engine breathe better.
4. A decent exhaust. There are lots of options out there that aren't "ricey" sounding. B&B Triflows sound the best out of any exhaust I have ever heard for any e30...but in the $800 range, they are more than most are willing to spend. Supersprints are nice choices as well are Remus. You get a couple of tip choices and a great quality exhaust.
5. Lastly, and the ones you want to save up for...cuz you only ever want to do it once, are the body kits/cosmetic upgrades and wheels. These are probably the most expensive to do because nice wheels aren't always cheap and new body panels always require paint and installation. There are lot of body kit choices out there, same with wheels. You just have to be willing to invest some time for the research.
Okay, okay...my ramble's over