Well, if the $300 is the problem, why do you feel you need the more expensive equipment? I just saw a reasonably sized "Ozark Trail" Waldy-special backpack (sending yet more money to our good friends in China) for $30. It would hold a lot of equipment and you could strap on quite a bit more. It may not be the latest carbon-fiber frame pack with a solar recharger and built in water filter, but then that's not really what you need is it?
If you are presumably only going to use this to hike your crap back to your house or get away from your car because you accidentally drove 50 miles into a national park in a blizzard, I don't know that it would matter much. Plus in the snow, you can sled your stuff with the 550 cord you packed.
Hehe... well, I think a post like this is "how can I justify that pricey new equipment that looks so cool?" I'm not saying I haven't been there, quite the contrary and I'm the first to go gaga over new equipment. There are probably a few dozen reasons on both the pro and con list, so if it comes down to it, save up and get them. I always found that once I had the cash (use actual dollars sitting in an envelope or whatever) that the item I wanted was either replaced with another item that cost more or I had lost some interest. But if you save up the money and the desire is still there, you don't really need to justify it unless the kids are starving or freezing. <img src="/images/graemlins/smile.gif" alt="" />
Just my $0.02
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Experience is a hard teacher because she gives the test first, the lesson afterwards.