A major tenet of lightweight backpacking is that each piece of gear you carry needs to serve multiple functions. The same should be true in fishing. Having a multi-tool that can de-barb hooks, remove flies from a fish's mouth, and cut tippet saves having to carry a separate item for each of these functions. I'm a big fan of Rising's tools. They last a long time, are easy to use, and can take on many-a-task.
Another cheap item that I am a fan of is Mucilin. The red paste serves both as a fly floatant and line dressing. When fishing on the Green River this summer, my father noticed that his line tip and leader were sinking almost immediately after he completed a cast. The situation caused his fly to drag. After greasing up the line tip and leader with Mucilin, the change was immediate. The whole rig floated better and enabled Dad to take several nice trout. Some of the line companies warn against putting Mucilin on the fly line, but I think if you use it sparingly on the tip, there will be no adverse affects. It also is magic on furled leaders.