In addition to the basics already mentioned I would like to add that one of the best purchases I made recently was under $20.00, it was a hands free lighted magnifying glass from Nancy's Notions. I love that thing. It comes in handy mostly for helping me thread my hand sewing needles when I'm hand sewing my bindings, but I'm starting to do hand embroidery and it's a life saver for threading those needles as well.
One of my favorite over $20.00 purchases was a cone thread holder. It's the metal one with the flower on it from Connecting Threads. It was $39.00 when I bought it, it's on sale now. It's super heavy, very pretty and I love it. You can get a cheaper cone thread holder, but it won't be as stylish. Link here:
http://www.connectingthreads.com/Too...r__D71253.HTML
I also love my Gingher scissors. I have two pair, one big and one small. They are my cutting friends. Good scissors go with good rotary cutters.
Have fun making your list.