Nearly any object you name, will invite comments like, "What do you need that for?" Guns most frequently, knives after that, and then flashlights.
For me, a flashlight is most essential because I am always dropping things under desks and so forth. I don't get how people don't ever need a flashlight but lifestyles differ.
When you're looking at things, ask yourself: am I really likely to carry that? There are - for example - super powerful bright as the sun flashlights which are just too large and too much for my needs. I have concluded that for me, an affordable Streamlight Stylus Pro is the best all-purpose flashlight - one mode clicky, bright enough for walking at knight, but not enough to blind God.
As for knives, I work with computers. I rarely need to cut rope or do any heavy construction. I have a bunch of nice knives anyway because I like them but a cheap, small Kershaw does the trick for me. Also for me the more expensive a knife is, the more paranoid I am about losing it or beating it up. I'd rather get a nice new cheaper knife every few years.
One of the most used items I have is my Leatherman Micro, which goes on my keychain. This all-purpose mini-multitool can take care of maybe 90% of my needs, from opening a bottle to cutting string or thread with its scissors, and so on.
If you added up my EDC costs I don't even think it would reach $100.