Are You Being Frugal or Are You Just a Cheapskate?

Rated:

, 0 Comments

Total visits: 36

Posted on: 30th Sep 2013

It is all too common for people to misconstrue the difference between being frugal and being cheap. Most that are not actively living a frugal lifestyle will assume that if you�re frugal, you are also cheap. Contrary to popular belief frugal and cheap are two entirely different ways of handling your finances. The dictionary definition defines frugal as someone who saves and is not wasteful, whereas cheap is defined as being stingy; miserly. For those who are still unconvinced of the differences, you can find a detailed description below.

Being Cheap
Let�s look a little closer at what it means to be cheap. When a person is cheap, their ultimate goal is to save money no matter what the expense might be. A person who is cheap will always sacrifice quality over cost if it means saving a few bucks. While saving money is great, there are times when you have to spend a bit more to get a great product. A cheap person is always going to have their eyes on whatever is the cheapest. Some cheapskates will even go as far as to avoid the necessities if it is too much such as going to the doctor, dentist, etc.
Cheap people are also very stingy when it comes to giving money. They are more likely to not give a tip or will make sure they have exact change to provide exactly the 10% gratuity. They are always looking for ways to get free things and not have to pay. They are more willing to live in the worst of conditions having only the bare minimum to work with. Most cheapskates end up losing relationships because everyone gets tired of their obsession with saving a buck.
Being Frugal

Being frugal is very different from being cheap in that there is more logic involved. A frugal person is willing to spend more money on something if they know it will give them a longer overall value. They are great with handling money and seek opportunities so that they can live the life they want to live. A frugal person is not going to drive 10 miles out of their way to save 5 cents per dollar on gas. They are productive in seeking out sales and finding items at a reasonable cost. While getting free things is nice, where a cheap person would sneak into a movie to see it for free, a frugal person might pack their own snacks to save on the cost of movie theatre snacks. If a tab in a restaurant is $39, the frugal person is not going to dig out exactly $3.90, they will go ahead and pay the $4 and call it a day. Frugal people generally have an overall sense of money and are financially much more stable than someone who is cheap.
So as you can see, it all boils down to how money is used and saved. A cheapskate will stop at nothing to save, even if that means going without necessities. A frugal person would prefer to save, but recognizes that quality and necessity is sometimes more important.

Comments

There are still no comments posted ...

Rate and post your comment

Username:
Password:
Forgotten password?

Most Popular

Are You Being Frugal or Are You Just a Cheapskate?

Login