It is really important to know what all you actually need to prepare yourself and your family for an emergency. The first and foremost thing is the first aid kit. It is really important to store your firstaid supplies in a sturdy box or nylon case. But the point to remember is that, the case should be easy to carry and water proof. It is better to keep all the important medicines in your case and also make sure they are not expired.
Knives & Sharpening tools are worth mentioning on their own. Carbon steel knives are better than stainless. Sharpening stones are a must. Possibly the best all around knife you could ever buy is a high carbon steel Mora knife ($10 on Amazon with free shipping). The material is harder than stainless steel and they have a Scandinavian grind that makes them extremely sharp, durable, and even easier to resharpen than most knives.
Say you're at work and a terrorist attack occurs. Roads are closed to any and all traffic but you only want to get home - even if that means walking. You may not want to grab your full on family pack in the car or you may not even be able to get to it. But you just want a light kit to get you through. How far is it to get home from wherever you may be? This get home kit should provide for 1-3 nights of traveling on foot till you make it home.
Survival kits, in a variety of sizes, contain supplies and tools to provide a survivor with basic shelter against the elements, help him or her to keep warm, meet basic health and first aid needs, provide food and water, signal to rescuers, and assist in finding the way back to help. Supplies in a survival kit normally contain a knife (often a Swiss army knife or a multi-tool), matches, tinder, first aid kit, bandana, fish hooks, sewing kit, and a flashlight.
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