I have not a problem one with paying close to $100 for a bit. Usually I buy Reinsman and if I hit it right, the tack store is having a 20% off sale of their bits...
When it comes to dealing with horses, it pays to buy the good stuff. Don't $kimp on reins and headstalls and especially bits.
As for saddles, I only ride quality saddles, name brand. Usually I'm astride a Billy Cook or similar. I have $100 saddle pads.
About the only stuff I skimp on is buckets, which I can get at the dollar store or shampoos for my baby-cakes. Almost all my halters are hand-tied rope halters and even then, there is a difference in a quality hand tied one and one that is cheaper. I can't tell you the rope halters I've retied to fit my horse better. What's with this short noseband part of the halter?? Geez.
Anyway, this is a reminder, when it comes to your horse, buying quality will last you forever and almost guarantee comfort for your horse. It'll be cheaper in the long run.
Get out there and hug your horse!