I don't actually know anyone who uses that mentality without good reason. Mainly because the spenders I know are honest about overspending and the rest of the people I know just don't use that logic. Probably because our goal is to be able to afford to do things more than once, lol.
Now I do make sure to buy good enough quality the first time so I don't have to spend more buying something over and over again (sometimes cheap is definitely not cheaper). But we always know that if all goes right, we will most likely have to or want to do something multiple times.
I.e. we have a nice not great blender which we have killed from making too many smoothies. A cheap one would have died much sooner but we didn't go top of the line because we knew we would still manage to kill it. Another is that we went to Scotland on the cheap. Had a great time and plan to go back eventually.
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