Which is more important - toner or moisturizer? [ Edited ]

[#1]

I don't exactly have the funds to support a full-fledged 4-step skincare regimen as advertised, but I do have a cleanser, and I'm looking for one more staple to complete an ideal routine. I have combo/acne-prone skin, so I imagine a toner would regulate oil, though possibly make me drier; a moisturizer would hydrate, though possibly make me shinier.

Of the two, which stage is more crucial and which is more expendable?

PS. In addition, I'm currently on retinoid treatment, so salicylic acid is a no-no.

[#2]

Definitely choose a good gentle moisturizer over a toner if you have to choose one.  Origins Zero Oil - Oil Free Moisturizer.  Gentle, effective, budget friendly, and won't disrupt your retinoid treatment.  Make sure you use some sort of SPF during the day.

Check it out!

http://www.sephora.com/zero-oil-oil-free-moisture-lotion-P297550?skuId=1376045