I have lost my makeup bag. Or, rather, I have lost a makeup bag. I have several (daily, weekend, overspill) and it's my daily one I can't find, which is even more gutting as it's the one with my favourite everyday products in it. It is also the hardest to replace because I never really know its exact contents. I've tried to replace everything (£70, since you ask, and that's not including the price of a new bag), but I can't escape the feeling that something is missing and I'm not going to know about it until I reach for something and It's Not There.
I always consider makeup a relatively guilt-free (ie, cheap) purchase. Its like those awful T-shirts: "I went shopping and all I came back with is this lousy lipstick." But having to re-stock a whole bag made me realise how much it all adds up and, frankly, someone's having a laugh. I love a bargain, but there's no getting away from the fact that cheap mascara flakes, cheap foundation cakes and cheap lipstick looks, well, cheap.
The other problem is that if you have anything other than a "typical" English complexion, you're going to have to spend more, in the same way that if you're not a "typical" size or shape, you can't get away with cheap clothes. That said, £70 is a big hit to take in one go, especially when it's in the name of vanity.
As your base is the most important thing, that's where you should spend the most money. Investing in a good base should mean it won't cake (if it's foundation) or go ashen (if it's powder). Yes, you could buy cheaper versions, but chances are you'll have to buy the more expensive one another time, so why not miss out the middleman? Much better to forsake another item in favour of a good base.
How much you spend on the rest depends on how much you use. Annoyingly, I vary from morning to morning - sometimes a lengthening mascara, sometimes a thickening one, sometimes a cream blusher, sometimes a gel, and so on. All eventualities must be covered, and before you can say "overdraft", I've restocked my makeup bag.