Cheapskate or Spend-O-Matic ?

[Ltlabner]

When it comes to spending, what is your mindset?

Do you feal low price is always the most important consideration, that saving a few dollars is more important that product features and you'd be willing to settle for a lesser quality product if it cost less?

OR

Do you feal that you get what you pay for, have to pay for top-quality and you'll take a name-brand over a no-name any day of the week (even though it costs much more)?

Got to thinking about it after a comment in a different thread.
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I lean towards the "spend money to get good quality" side of things. I'm not beholden to name brands, but price is usually way down the list of considerations when buying a product. Depends on the item too. If it's a can of beans, I'm not paying a premium to get Kroger Navy Beans. But if it's a refridgerator I'm not buying no-name brand of the month because it's $75 cheaper.

My father-in-law, on the other hand, is obsessed with price. Doesn't matter if the tool blows up the first time he uses it...he "saved" money. When we go out to eat, he actually reads the price of the meals out-loud and typically ends up getting a senior meal with water.