That is the right approach. If money that you are going to spend on logo or branding is realised as expenses than probably you don't need to spend yet.
Commit to invest when you can
If you are on a tight budget right now it won't be the best strategy to invest into logo, branding, or promotion. If quality at this point is not a priority for you, or if you are not ready to pay for professional services yet, maybe it's better to wait, save up some funds, and concentrate more on your own product. In the meantime you can resort to pre-made logo templates (graphicriver, creativemarket, mojomarketplace) markets or crowdsourcing (designcrowd, 99designs), and many other services like that. Later you can always redesign and upgrade your logo.
You invest in yourself
Just don't go cheap. Unless you want your brand to project cheap. Remember, money that are paid to design a really good quality logo is not an expenses, it's an investment! You don't pay, you invest! Why do you invest? You do invest to provide better and more competitive product, to stand out, and to grow. You can find more here why your business needs a logo.
By the way, if you are willing to invest into your logo design and brand now I'm here for you.
Mind however, I do not design to please you, I design to please your clients! Logo design is not about satisfying client's aesthetic preferences, but about finding solutions to your business problems.
Get rid of scarcity mindset
So, the main takeaway here will be a quality mental shift:
When you pay for any sort of your brand promotion – be it services or goods – you don't give money to anybody except yourself!
When you pay for any sort of your brand promotion – be it services or goods – you don't give money to anybody except yourself! Yes, you are giving it to future you but just hire a professional to help you do it right. You are adding to your brand, you are giving this money to yourself. Instead of wasting it onto something insignificant you allocate it to your business, you make a present to yourself. Get rid of scarcity mindset, go for abundance thinking.