What is a Bug Out Bag? Your Bug Out Bag (BOB) should contain the minimum you need to get from point A to point B. The BOB is NOT designed to be a self-contained survival system for long-term activity; three days is considered about right.
Point B better be a place that you have prepared and stocked, otherwise your three day BOB will be exactly that - you probably won't make it to a fourth.
Each individual creates their own Bug Out Bag (BOB) based on their knowledge, experience and personal preferences; having said that there are some standard considerations that should always be looked at.
1. Size - How big does it need to be? Big enough to carry the stuff you want to put in it; small enough to be manageable and carried comfortably for extended times. I've seen some BOBs you would have to have a Volkswagen to move; others, you wouldn't survive three days with.
2. Water- One liter per day per person is the bare minimum. Water however has weight and mass so rather than carrying 15 liters of heavy water, a small light weight water purification system is a good idea. This can be as simple as being able to boil water and drop iodine tablets in. I recommend a little more sophistication however.
3. Food - Freeze dried meals that you just add boiling water to and energy bars are good. They are light weight and last a long time.
4.Clothing - There are many thoughts about clothing in a BOB. My thoughts are in a BOB extra clothing should be limited to underwear, socks, leather gloves and a Bandana.
If you have a back pack then certainly have an extra pair of sturdy boots, long pants, 2 Pairs of socks, 2 Shirts (Maybe 1 long sleeve and 1 short sleeve for layering), a Jacket that is both warm and protection from rain, warm long underwear of some kind and a hat. Most important is make sure they are in water proof containers (Ziploc bags).
5. Shelter- I don't advocate carrying a shelter in the BOB, rather be able to construct one. A heavy duty contractor bag and some 550 cord and you're golden. May not be the Ritz Carlton, but you'll live. A second bag makes a good ground cover to keep you dry.
6. First Aid - Remember, you are grossly limited on space and weight. Your BOB should be designed to get you to a location where you have additional stores already stockpiled. If you can, build your own First Aid Kit instead of buying one of those prepackaged first aid kits that claim to have "everything to get you through any emergency". In my experience these kits are usually filled with a lot of stuff you are unlikely to need and not enough of the things you will probably need a lot of.
7. Basic Gear- Go "minimalist" but use common sense. Contractor bags, 550 cord, a Leatherman or MultiTool, a good compass, at least two ways to start a fire, water purification, something to cook in, basic first aid supplies and a weapon with extra ammo all contained in a manageable carry system that is a "grab-and-go".
One final thought for you; avoid the GDI (Guys Dig It) factor. Cool looking but not functional equals death - functionality without cool equals life. Keep it Simple Sweetheart!