Anyone have any experience with Life vests and
flare kits? Recommendations? I am looking for something inexpensive
as I will probably only be required to have it on board a couple of
times in my lifetime.

It's probably not a very good idea to fly beyond power-off gliding distance
of land without emergency equipment - but note that you are no longer
required to carry life vests and flares unless operating for hire.

- Ray

FAR 91.205 (b)(12)

If the aircraft is operated for hire over water and beyond power-off gliding
distance from shore, approved flotation gear readily available to each
occupant and at least one pyrotechnic signalling device.