Actually, I don't mind going cheap that much. Everyday, inexpensive yarn makes sense for sweater quantities, but there's also a freedom to knitting with whatever you can get. I mean I have knit some things I get tons of compliments on in the cheapest of yarns. Observe the Wool Ease Beatnik. That one was under $15. Then there was the Wool of the Andes Road to Golden. It was my first time to knit Fair Isle as well as my first time to use WotA. After knitting that, I first noticed the "hearts" a project could collect on Ravelry from other knitters. It's still one of my most loved projects, second only to Ravello, knit in... you guessed it... Knit Picks sale yarn. Good grief, the Aidez I'm working on will look good even when I'm schlepping around in my pajamas and it's knit in 100% acrylic, people!
Aside from the practicality, I feel a connection to other crafters in my family when I use budget yarn. My grandmother crocheted afghans and booties from whatever acrylic they carried at the TG&Y. She said my grandfather's mother (her future mother-in-law) hand-sewed her sons' clothing so expertly, with inexpensive fabrics, that she'd assumed they were wealthy enough to have a tailor. Only after they began dating did she discover their secret. My father remembers his mother making his and his brother's shirts out of old flour sacks. I don't think yarn snobbery is a genetic possibility for me.
Even so, I will enjoy knitting with my silk blend, sipping an iced beverage and lounging about this Friday afternoon. That means I've poured this morning's leftover coffee over ice and am knitting on the couch in yoga pants, with frizzy hair, to the sound of whatever's on netflix.
But the yarn... the yarn is very, very fancy.