Yeah sound good.
$5K!!!
Well you know being in a band is an investment.
You played any shows yet?
You either make it or brake it, so play a lot of shows, sell merchandise and EP's.
Most importantly is playing shows, release the EP then worry about all the marketing / T-Shirts / stickers later.
Get your name out there in the local scene, the word will spread, ppl will ask for an EP or download it LOL!
When ppl really like your music, they will want to buy merch (T-Shirt / Hoddie) whatever.
Spend your money on the band wisely, spend on guitar strings, guitars, amps, leads, pedals, equipment as they will all help you make / write music.
Music (band) will show who you are and at the end of the day, it makes you money.
Some bands 'sell out' and only do it for the money some stay true and keep the enthusiasm and make money.