Cheaper doesn’t always mean better.
Just about everything you can spend money on has both low-end and high-end versions. For some things, a cheap, generic version is perfectly serviceable, especially if you only need it for like, one thing. A cheap, plastic waste bin for your desk would work just as well as a name-brand metal one, for example. However, when it comes to certain items, you should not go for the cheap stuff; not only could these cheaper items not properly serve the purpose you bought them for, they may end up being a complete waste of money in the long run.
Clothing is a category of purchase where cheap stuff is usually fine. Simple t-shirts, bargain bin pants, second-hand hats, and so on are perfectly fine. However, you shouldn’t skimp out on shoes, if you have the option. Yes, shoes can be a bit pricy, sometimes confusingly so, but it pays to remember that a good, sturdy pair of shoes can be the line between you and severe muscle pain. Wearing a lousy pair of shoes for a few years can leave you with pretty messed up feet, which will probably lead to medical expenditures down the line.
Household products are another important zone of focus. Not all dish soaps, for example, are created equal. Many cheap, generic soaps are extremely watered down, drastically reducing their cleaning effectiveness. You may pay a little more for a brand-name bottle, but the brand-name stuff has a higher concentration of actual soap, which means you don’t need as much of it to do your cleaning. If you’re repainting a room, wall paints absolutely should not be skimped on. Bargain bin paints often have shoddier quality; not only could they be prone to melting and peeling, they may contain potentially harmful chemicals.
The most important thing is to determine the balance between cost and quality. It’s okay to be thrifty with some things, as long as you don’t mind having to get new ones a little sooner.