I'm a big fan of ghetto podcasting. I've spent maybe $200 in total on gear since I started weekly podcasts a year and a half ago. The less expensive gear sounds just fine, but I have been through two headsets which may have lasted longer had I spent a little more.
I think many of us tend to use our gear a little longer than we should. I'm not suggesting that we're operating the Millenium Falcon of podcast studios, or that we're deliberately trying to stretch an unreasonable life out of our gear, but that we just might forget. I only pull our my gear once a week and it's easy to forget that I was supposed to pick up a new cable or headset that week.
Today's Fall Cleaning project is to actively check our your gear. Don't wait until you're pulling it out for a podcast, make a special appointment to pull it all out and inspect it all. If you've got something that needs replacing - do it.