Welcome to the Quilting Board!
I used to be a "quanity is better than quality" advocate, and have filled up the sewing room/garbage can with cheap thread, cheap rippers, cheap scissors, cheap fabric over the years. For the last few years, I buy quality, on sale of course, I also try not to buy anything "made in China". It seems that my need for "stuff" has been reduced, as when I see the "made in China" sticker, I put it back. The only time it comes home with me is when there is no substitute easily found.
If life gives you lemons, make a margarita.
Frugal or Extravagant. First of all frugal does not mean cheap. Frugal means getting a good value, or making good use of what you have, and not being wasteful. I am frugal.
I look for things on sale, especially if it is something I know I am going to need but don't have to have it immediately. I can take my time and watch for a sale, or if it isn't going to ever be on sale save up for it,similar to the example of the cashmere coat, but most things retail will eventually be on sale. LQS may not mark down fabrics but may offer a percent off, or a free fq as a special. Fabric if it is too thin, or woven to loose it isn't worth putting into a quilt even at fifty cents a yard, as it won't hold up too long. If I am going to invest time in it, then I would want it to last long enough to be of use to recipient. If I need something I'll only need once the least it costs as long as it lasts the one time the better. And if one buys expensive fabric, and uses the leftovers or passes them on, frugal, vs. one who buys cheap fabric and tosses out the leftover strips, and pieces, they are wasteful. Even if they wouldn't be a good use in a time consuming quilt, someone could use them for something, even a teacher for art projects/classes.
The bells and whistles, whether appliance, vehicle etc. if you would never use them, then to buy it for status is a waste. But if they are things one would use and it makes it a better experience it is not a waste of money.