It goes without saying that water is the first prerequisite of any survival kit. Water is the crux of survival. In terms of dietary intake, one liter of water is deemed to be necessary for consumption every day. When packing up supplies for three days, ensure to fill up the bottles accordingly. Besides, carrying a plentiful amount of water in any situation is always a good idea. That apart, edible food is another must-have. You could carry energy bars or backpack meals, which are lightweight and long-lasting.
A bug out bag could carry clothes you would pack for a weekend camping trip. T-shirts, trousers and an adequate number of undergarments are the basic must-haves, as well as a good pair of shoes to help you walk long distances without bothering your feet. Furthermore, consider storing a jacket or a hat, depending on the extremity of the climate. As far as shelter is concerned, pack a tent or tarp. Even sleeping bags are very convenient.
A first-aid kit is mandatory in any situation of risk or danger. Prepare a kit of your own with medical aids you think as necessary. If you are a patient with an ailment, ensure to stack an adequate supply of your medicines first. Also carry enough bandages and antiseptic creams or lotions in case you suffer minor injury.
There are many other necessary utilities you could carry in the bug out bag. Don't forget to put currency in one of the pockets. Extra money is always handy. A couple of flashlights with extra batteries will help, as well as matches or lighters in case you need to make fire. Also having cutlery -- like a knife, spoon and cups -- would ensure you don't have to struggle while eating. For the sake of safety, consider carrying licensed arms as well.