Making something work for a function other than what it was designed for, in other words making do, requires ingenuity and creativity. Who doesn't want to have these attributes? You consider the function of the product you think you need to buy and then investigate/consider/ponder how you can achieve that with what you already own. Some products like vinegar and mason jars lend themselves to multiple uses. Just Google Pinterest for vinegar uses or mason jars to be amazed . . . and distracted. You may find that you stop whatever useful and necessary task you are performing, like cooking dinner, to try to etch the mason jar glass in a decorative manner. Who knew you could do that?
Making do also means finding ways to work with what you have. A toaster oven may not be ideal for toasting your bread in the morning but it also does many other things whereas a toaster only toasts bread. Especially do what you can to avoid buying items for one time use. Cast about your friends and relations for extra dishes, pots and pans for that once a year family extravaganza that you offered to host in a moment of weakness. Everyone is so glad you're doing it that the will be pleased to lend some cutlery to you and assuage their guilt.
Women used to share maternity clothes and some still do. Surprising in a way, considering that in the days of large families you would get substantial use of these garments. If you prefer not to share clothing, what about items like extra long ladders for cleaning gutters outside, hedge trimmers used maybe once a month in season, power washers used when you paint the deck every five years and maybe once a year to clean the driveway. Does every family on your block or every member of your extended family need their own supply? I suppose there could be disagreements if one person manages to spill a can of paint over the power washer rendering it inoperable. There is a risk this could become a family legend repeated at reunions down the decades to the chagrin of the descendants.
The Daily Connoisseur recommends a ten item wardrobe (with some extras) of high quality, carefully chosen clothing. It's easier to make it do if everything you own Sparks Joy a la Marie Kondo.
Focus on multi-purpose, multi-use items when possible. You won't mind paying for good quality when you know something will be used in many ways for many years.