>>273141as a normal hiker/packbacker the only thing you don't cheap out on is sleeping stuff. it takes up the most room and can be the heaviest, and sleep is absolutely essential to a successful trip - whether it's just a sleeping bag under the stars, or a tent and tarp, a hammock, or abivvy, GET GOOD SLEEPING STUFF.
you can live with cheap food, pants, shovel, poncho, etc
now of course if you're going climbing you might concentrate on safety gear etc... i just mean for the normal backpacker.