well at the very basic, equip your magic users with mystic armor (getting the licenses for those) and your fighters with light armor if you want more HP or heavy armor if you want higher defence and strength. Other than that, it's really up to you what weapon to use, just use whatevers best for the current situation.

I would also recommend exploring new areas as you go along, so that way you won't have to level grind to catch up or be short on money.