Budgeting - Frugality Versus Cheapness
Do Not Confuse Frugality with Cheapness
Most people tend to incorrectly associate being frugal with being cheap, when in fact they are two entirely different ways of looking at financial life. Dictionary.com defines frugal as “prudently saving or sparing; not wasteful.” The same online dictionary service defines cheap as “stingy; miserly.” But the differences do not stop with the words’ definitions. Frugal people spend, give and consume a little differently than their "cheaper" counterparts.
Cheap people are unwilling to spend money on anything, even on essential things like regular laundry, personal grooming, visiting the dentist for regular cleaning, etc. Cheap people will save money, even when it might not be a great idea. Sometimes they tend to be penny wise and pound foolish.
Frugal people don't waste money. They spend it on things they need or things that are important to them and save money on things that they do not need or are unimportant.
Cheap people care about the cost of something, while frugal people care about the value of something.
Cheap people try to get the lowest price on everything, while frugal people try to get the lowest price on most things, but spend a lot on items they really care about.
Cheap people’s cheapness affects those around them, whereas frugal people’s frugality affects only themselves.
Cheap people will go out of their way to save pennies without regard for their time or discomfort.
Frugal people will weigh the value of goods, time spent and personal comfort.
Conclusion/Recommendation
While being frugal is smart and overly extravagant foolish, being cheap is utterly insane. I highly recommend a frugal lifestyle. Value your money, time and quality of life. Spend your money wisely and avoid waste.
Most people tend to incorrectly associate being frugal with being cheap, when in fact they are two entirely different ways of looking at financial life. Dictionary.com defines frugal as “prudently saving or sparing; not wasteful.” The same online dictionary service defines cheap as “stingy; miserly.” But the differences do not stop with the words’ definitions. Frugal people spend, give and consume a little differently than their "cheaper" counterparts.
Cheap people are unwilling to spend money on anything, even on essential things like regular laundry, personal grooming, visiting the dentist for regular cleaning, etc. Cheap people will save money, even when it might not be a great idea. Sometimes they tend to be penny wise and pound foolish.
Frugal people don't waste money. They spend it on things they need or things that are important to them and save money on things that they do not need or are unimportant.
Cheap people care about the cost of something, while frugal people care about the value of something.
Cheap people try to get the lowest price on everything, while frugal people try to get the lowest price on most things, but spend a lot on items they really care about.
Cheap people’s cheapness affects those around them, whereas frugal people’s frugality affects only themselves.
Cheap people will go out of their way to save pennies without regard for their time or discomfort.
Frugal people will weigh the value of goods, time spent and personal comfort.
Conclusion/Recommendation
While being frugal is smart and overly extravagant foolish, being cheap is utterly insane. I highly recommend a frugal lifestyle. Value your money, time and quality of life. Spend your money wisely and avoid waste.
A very wise and sensible explanation of both the personalities.I believe that a wise person is the one who knows where to draw the line between cheap and frugal.....as the saying goes too much of anything is not good.Looking forward to many interesting features on your blog.
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