A basic survival hip-pack is great to take along when hiking, as well as for natural disasters.
You first need to find a hip-pack right for you (I reccomend using a brightly colored one so searchers can spot you easily).
Now you should add a pocket knife, swiss army knife or multi tool. You can buy a good pocket knife at Wal-Mart for $1 in the camping section. Multi-tools aren't really expensive either, and any will do.
Next include your two or more fire starters. If you're going to add matches, ALWAYS choose waterproof matches even if you have a waterproof container. For a container, I used a camera film canister. I also used a Bic lighter, but a magnesium fire starter or flint work really well too.
For shelter, I added an emergency blanket. They work great and they can be folded small so they fit in your kit without taking much room. Tube tents are also good in a survival situation and only cost about $7.
Another handy tool to inclued is the 4 in 1 Whistle, which you can also buy at Wal-Mart. It includes a whistle, thermometer, compass, and magnifier glass.
You should include some cord in your pack. A really good choice is 550 cord, which is about $4 for 50ft. It can be used for tieing things, a bow and arrow, and to keep food away from bears, but the inner strands can also be used for fishing line and fire starter. A cheaper alternative is clothes line, which can be used to carry lighter objects and for fire starting, too.
A first aid kit is a must have not only for a survival kit, but anytime you are outdoors. Mine includes bandages in a variety of sizes, antiseptic wipes, itch cream, splinter outs, cotton swabs, safety pins, allergy medicine (if you get allergies), and burn cream.You can also include a pack of tissue paper.
For the night, include glowsticks for both visibitity and signaling. I got them at Dollar Tree and they come in a two stick pack. They last the whole night, so 2 should be enough.
Now add a small sewing kit. This may seem like a waste of space, but in the wilderness, you can use it for many things, like repairs, trapping, fishing, ect.
Lastly, add one or two packets of salt and/or sugar. Now you may be wondering why you would need these. The salt because when you sweat, you loose valuable salt. So by swallowing a packet of salt, you can refuel on your salt. As for sugar, it can bring up low sugar levels, which causes mental, emotional, and bodily problems.
Now your kit has all the basic necessities to survive, but you should still add to it. A few things I can think of are a 5-hour energy, duct tape, collapsible cup, water packets, and a small mirror. Add anything you can fit, but dont make it real heavy.