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November 04, 2009 05:24 AM
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The fine line between frugality and cheapness I believe rests on value. Frugality implies squeezing maximum value of all expenditures all the time. While cheapness is simply a blindly guided effort to curtail spending, even at the expense of value and necessity.
Using your foil example, a frugal person would probably purchase the thick, high quality aluminum oil even though the product is more expensive on the front end; knowing that it will be resistant for reuse and that in the long run will yield a lower cost per use over cheaper foil.
The cheap person would just buy the lowest price foil in the store without regard for potential extension of use, length, etc.
A frugal person will note that a person is more productive when rested and relaxed, and thus may justify the cost of a vacation, while the cheap person will simply cancel out all thoughts of spending money on things of that nature and probably work themselves to burn out stage, in the end bringing in less money.
In the end a frugal person gets more value out of each penny spent, whereas the cheap person simply spends less pennies today, possibly costing more in the long run, and missing opportunities for themselves.
In short, a frugal person is proactive and methodical in the analysis for the long term outlook, while a cheap person is short sighted and impulsively negative.
Using your foil example, a frugal person would probably purchase the thick, high quality aluminum oil even though the product is more expensive on the front end; knowing that it will be resistant for reuse and that in the long run will yield a lower cost per use over cheaper foil.
The cheap person would just buy the lowest price foil in the store without regard for potential extension of use, length, etc.
A frugal person will note that a person is more productive when rested and relaxed, and thus may justify the cost of a vacation, while the cheap person will simply cancel out all thoughts of spending money on things of that nature and probably work themselves to burn out stage, in the end bringing in less money.
In the end a frugal person gets more value out of each penny spent, whereas the cheap person simply spends less pennies today, possibly costing more in the long run, and missing opportunities for themselves.
In short, a frugal person is proactive and methodical in the analysis for the long term outlook, while a cheap person is short sighted and impulsively negative.
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November 06, 2009 02:25 PM
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You are cheap when your money behaviors begin to hurt people around you. If you under-tip a waitress, or your children are wearing clothes that are too small, or your car breaks down every week, or you talk about saving money all the time, you are being cheap. Frugal is spending your money wisely in a way that those who benefit from your money do not feel short-changed.
My parents reuse baggies, turn off the shower between rinsing and shampooing, start every visit conversation about the prices of gas on the way there, buy shoes from garage sales, tip < 10%, etc. They have made it into almost a game of who can save the most money, and it gets old. Having a budget and being careful is good, but don't make your life about it.
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My parents reuse baggies, turn off the shower between rinsing and shampooing, start every visit conversation about the prices of gas on the way there, buy shoes from garage sales, tip < 10%, etc. They have made it into almost a game of who can save the most money, and it gets old. Having a budget and being careful is good, but don't make your life about it.
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