I have enjoyed this thread. As it shows where different people are in this hobby. I don't know if I would use the word cheap as my mission has not been to go cheap.
I my younger years (60s and 70s). I purchased and listened to many vinyl records. One of my first high end (for me) purchases was the Thorens 160 Turntable in 1972. Then I got married, had kids, had a demanding career, (had to start being an Adult) and vinyl started disappearing. I packed up the vinyl and the turntable and the focus turned to AV systems and surround sound. I still listened to music but mostly in the car.
Decades pass, kids are grown and gone, I retire, and I start cleaning out the house. I find I have several hundred CDs, and rediscover my vinyl and turntable. I decide I need a 2.1 stereo system. I set up a room in my basement, repurpose one of AV receivers, buy a couple of used speakers off Craigs List (AV123 X-Statiks), tune up my Thorens (which still works great), gather up record collections from my peers who are not listening to them anymore, etc.
Then I start a journey to investigate getting higher end equipment. I go to High End Audio stores and do a lot of listening. I start lurking on the Audiogon forums. I am blown away by how much some people are willing to spend on audio equipment, this is a totally new world to me. But the most important part of my audio journey was discovering my own needs - fact is I don't SIT STILL and listen to music, I don't sit in my basement room just to listen to music but I do love having music on when I am doing things.
Yes, when I hear a high end system in the store using $80K Wilson speakers I can hear the difference - it is amazing sound. But I realized I don't need that to be happy listening to music. I probably spend the most time listening to music out on the deck and we know that outdoor acoustics are mostly uncontrollable. So for me I find spending an exorbitant amount of money for small improvement just is not necessary.
So I have upgraded my systems to improve the sound but have not spent more than ~$2K as I still get enjoyment out of listening. I purchased a NAD 388 with Blue Sound module used and replaced the old AV receiver. It sounds really good, IMO with the X-statiks. Outdoors I use a Denon DRA-800H 2 channel receiver with Definitive Technologies AW6500 Outdoor speakers. With these systems I can listen to music and be happy which is the objective for me.
Sorry for the long post but felt this was a good thread to share my thoughts.