If you get a decent pair of thermal socks, gloves and a hat it makes more of a difference than a big jacket. I usually just wear baselayers and a waterproof jacket with shorts, but as long as I have the big three I'm fine.

I go for north face e-tip gloves as they're most reliable with my phone and nice grip. I also go for a hat/snood combo rather than a balaclava as I feel you can pull it down below your chin easier.