The approach I take is thinking hard about what is important to me and my family and spending accordingly. People often find my spending patterns odd. My possessions are an odd mix of high end luxury and no name budget items. This isn't accidental, it reflects how much importance I place on the item and where I think value for money falls for me.
For example, all the toiletries in the house are very inexpensive and I don't wear cosmetics. That's not an area where I personally think it makes sense to spend money so we minimize spending. But I have no problem spending money on products to protect my kids from the sun - that's important for their health.
My crockery is over 15 years old and was very cheap when I bought it. I like the design. I guess I found a bargain here. On the other hand, my Dualit toaster was expensive, but worth it for the quality. Sometimes you need to pay extra for quality, sometimes the cheap item is just fine - telling the difference is a skill you need to develop.
I prefer to buy quality clothing but less of it. My good quality winter boots are several years old and still in good condition. My Mum on the other hand gets bored of clothes very quickly and likes to follow fashion, she would rather buy lots of cheap clothing and change her wardrobe regularly. My goal is to just buy good quality clothing when something needs replacing.
My kids spend hours and hours playing with LEGO. Although it can seem expensive for a small box of plastic bricks, when I think about the enjoyment and useful skills they will get from it, it's much better value that buying a lot of cheaper toys that won't get played with as much. But I do know kids who can't sit still long enough to play with LEGO, it wouldn't be a good choice for them.
So everyone is unique. We all value various possessions and experiences differently. You need to develop a good understanding of what actually makes your life richer.