Personally, I love walking outdoors too, and I have climbed a lot of the hills and mountains around Scotland, however I have always bought into the idea that you need expensive rain gear to cope with the elements. Now that I've read Paul's persuasive arguments, I might have to reconsider.
When it comes to rain, he points out that much of the hiking rain wear available is rarely entirely rainproof, nor is it always breathable, so you end up with so much sweat between your skin and the outer layers as to render them useless. Instead he tried using a lightweight umbrella. This offered protection from the rain, but also from sweat too as you remain cool while hiking. He does say that gaiters are important to prevent being soaked from water splashing up from the ground. Furthermore, he points out that the rain jackets are useful more as an extra layer of windproofing, so it's best to carry a light one in your backpack should the winds pick up.
An additional benefit rarely discussed is that the umbrella also provides vital protection against the sun. I know how easy it is when you are hiking in summer to be fooled into thinking that the sun isn't burning you when you are walking in the hills and it feels cooler in the bracing winds at higher altitudes. But, if the sun is out, you are still being burned, regardles of how cool you feel. Using an umbrella, however, as a parasol is an excellent option. Paul points out that: