How about a IPK.........about £3 last time I checked. For that you get a tarp, some excellent pegs and some really good cordage (even if it is white). The tarp isn't huge but it'll let you play with configurations or it would make a brilliant groundsheet. The cordage is good to work with but even if it just gets used for lines, or practicising making paracord key fobs and the like, it's still good stuff.
You could buy some leather offcuts, thread and needles, a good awl makes a huge difference too. All sorts of usefuls can be made from leather,
What kind of axe do you have ? The local garden centres are selling a Fiskars one for £14. Warthog1981 worked mine over and now it's a beautiful tool
How about a block of stropping compound ? £3.50......a bit of a plank and glue on either leather or an old mousemat, and you have a really good strop that will keep your sharps in fine fettle.
A reel of leather thonging, make some bracelets and keyfobs, sell them on and make enough to cover your leather and get your money back too
Have a look at Endicott's website.........goretex waterproofs......an entire set will cost under £40, so maybe there's something there ?
Just some ideas
atb,
Toddy