Being Frugal vs Being Cheap
Do you consider yourself to be frugal or cheap?
It seems that many frugal folks get the reputation of being cheap, when really, there is a big difference between the two.
Being frugal does not mean that you never, ever spend money!
You can be frugal and still go out with your friends. You can be frugal and still buy a new pair of shoes. You can be frugal and still go out for dinner once a week.
You can still have fun while living a frugal lifestyle. The difference between being cheap and being frugal all comes down to how and where you spend your money.
Frugality is getting the most bang for your buck. If you can buy a great book for a friend for her birthday and it only costs you $1 at the thrift store, what’s wrong with that? The book is in like-new condition and it’s the exact book your friend has been lusting after for months.
Is it wrong to buy your friend a gift that only costs you $1? Of course not. This is not being cheap – it’s called good money management.
Being frugal does not mean spending no money, it means spending your money wisely.
There are some things you should consider spending a bit more money on:
- Pots & Pans
- Infant Car Seats
Those are a few things off the top of my head, but there are many more. It all depends on your family and your lifestyle.
Just because something is very inexpensive, doesn’t always mean it’s a great deal and that you should buy it.
To be frugal and avoid being cheap, always:
- Have a set amount of money every month for entertainment – and actually spend it. If you don’t have fun in life, you will burn out rather quickly.
- Be sure to buy items that are of good quality. Just because it’s the cheapest, doesn’t mean it’s the one you should buy.
- Tip at least 10% when dining out. We always tip 10% for bad service, 15% for okay service and 20% for exceptional service.
- Buy or make thoughtful gifts. Don’t buy things just because they are on sale and hope the recipient will like them.
Being frugal is not a bad thing – as long as you’re doing it “right”.