Actually a mix of both.
Cheaper rods for cranking, big swim baits,an rigs, etc....and the best you can afford for t rig, flipping, drop shot, etc. reels don't matter too much. Baits? Whatever works. $20 is not worth it when filling boxes. Maybe once in a while get one, if it works really well...like Yellow Magics. Mostly
$7-$10 is considered expensive for cranks.
Spend the money where it really matters....save it where you can. I guess.
Eat. Sleep. Fish.