Studio monitors vs open back headphones, which should I buy for producing my own music?

Hi everyone, I have a question regarding what to buy between monitors or headphones. The reason why I ask of this is that, I'm trying to get a home studio setup going not sure which to go with. The reason for this setup is that I want to make beats using Fl studio, however I also might want to record from actual instruments like an electric acoustic guitar or a digital piano.

I already have a pair of closed back headphones, however I want to know if it would be better to have monitors or open back headphones and since I can spend up to $400 for one of these I was wondering if I would be getting more for my money if I went for the headphones instead of the monitors. I know this might seem like a dumb question but this is my first setup and I don't know anyone who has made beats before on a daw station, (just recording with instrument to microphone) so I'm not sure if they would be able to give me an accurate idea of which is more worth choosing between the two.


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