Frugality and cheap are not the same. There’s a fine line between the two and if you don’t want to be branded a cheapskate, you should know the difference. It’s not bad to want to save money and be smart in spending it. However, when this sacrifices even your needs and that of others, it’s no longer good. See if you fall under frugal or cheap with this post.
Frugal People Go for Value, Cheap People Are Only After the Price
One popular characteristic of cheap people is that they only give importance on the price. That’s their only deciding factor when making a purchase or getting services. They don’t consider the other factors that people usually consider as they are only after the price tag. Frugal people are not like this. Price is only one of the factors that they consider when buying something or hiring service. The value is also important to them. For instance, when buying clothes, frugal people would look for high quality items that would last for a longer time and are flexible enough to be worn in different places and occasions. Cheap people on the other hand would probably go to thrift stores or dollar stores. They don’t care if they don’t fit in the clothes, they don’t look good or they are not of quality, as long as they pay the lowest price. They will not really be saving in the long run because the things that they bought may not last long so they would need to buy new ones.
Cheap People Sacrifice Other People Over Money, Frugal People Don’t
Frugal people find ways to save money but not at the expense of other people. Cheap people wouldn’t care about others as long as they don’t spend much. For instance, when eating out with friends, frugal people may order foods that would just be enough and may go for water to save. However, they pay their part of the bill and also give appropriate tips for the service staff. Cheap people on the other hand give importance to saving above all. They could go to the extent of not contributing anything on the total bill nor giving tips.
Cheap People Give Up Their Needs and Convenience, Frugal People Don’t
Frugal people know their needs and put them first on the list. They also reward themselves every now and then since this is needed so they could continue working hard to have a comfortable life. Saving money is important to them, but they work on their finances so they don’t have to give up their convenience. Cheap people do not want to spend even with their needs. This could make it inconvenient for their family and the people around them too. For instance, some cheapskates do household chores that involve the use of electricity during midnight as electricity is cheaper. This may cause their family members and even the neighbors to be disturbed from their sleep.
It’s good to be frugal by being smart on how you spend your money. This can be done by knowing your priorities, working on a budget and sticking to it. You don’t need to be cheapskate as this could put a strain on your relationship with your family and other people.
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2nd image courtesy of stockimages/freedigitalphotos.net