Must have knife or knife accessory for $25 or under

I second the Victorinox sak idea. I picked a Deluxe Tinkerer for around $20. Two blades, cap and can opener, two straight edge screw drivers, Phillips screwdriver, leather punch, and a very handy pair of scissors. It also came with a nice belt clip sheath.
 
Buy some leather, compound, and get some lumber locally and make strops. If you already have strops then you could look at anything in the multitude of cheap high quality knife lists. If you can't find one just wait a day and like 6 will pop up.
 
Another vote for Svord Mini Peasant, which you could get two for the stated price point if you look hard. I use one in my weak side pocket for stuff I don't want to cut with my main edc.
 
Get a Norton 1-by-2-by-8-Inch Fine/Coarse India stone. It will run you four bits extra, but still...

Learn to use it and you won't need an expensive sharpening machine.
 
If you really want to get a knife I would look at the Kershaw Clash and Chill, both well under $25 and excellent knives for the money.
 
Renaissance Wax. It's the best, but it's too expensive to buy without a gift card. ;)
 
Dragoon44 (BC) said:
Not a knife accessory but it's definatly a must have accessory IMO:
Click to expand...

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