Need a little help, New to Vinyl

Hello all, I don't want to be a bother but I am not exactly sure if I know what I am doing in regards to setting up my first turntable. I have been doing my best to research this on the Internet and I think I know what I need but I am not sure. First of all, I want to set up my turntable for headphone listening. A good speaker system is too far out of my price range so the next best thing would be an excellent pair of headphones. I am considering the AKG 701's. I just purchased a used Music Hall MMF-5 turntable and I am not sure how to connect the headphones to it. From what I have found it appears I need a Phono Preamp, a headphone amp, and the necessary wiring, correct? Also, any suggestions on brands and such would be great. I know the headphone amp will be $200 and I can't really afford anything more then $200 for the Preamp. Thank you for your help.