I generally won't cheap out on knives. I don't buy top shelf, but I always buy knives from a reputable brand that I know will take an edge and hold it, and not fall apart from use.
I have Jew blood going back to the old country(Hungary)... I'm just plain cheap... I do like nice stuff though. The key is to buy nice stuff and discount prices! Retail is for suckers!
I don't buy cheap Scotch, bourbon, or beer though...
Appliances, power tools and mech stuff for my house. I want to say tools in general but I do have a lot of cheap hand tools. I keep the good ones locked up and let the cheap stuff wander and get lost.