Frugal or Cheap

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There seems to be some debate in the PF world at the moment about what the terms 'Frugal' and 'Cheap' mean. I think there are some interesting points but in all honesty I really think that it is in the eye of the beholder.

Personally I think I prefer the term Frugal rather than Cheap due to the same reason DebtDiva mentions ... that cheap has negative connotations, but mostly it doesn't matter to me.

I have known a number of people over the years who have said things to me like "I'm too cheap to buy [this] or [that]". They obviously don't care about any negative feelings towards being 'cheap'.

To Me, It Doesn't Matter

In reality, it all amounts to the same thing anyway, that these people who call themselves frugal or cheap look after their money a bit more than those who don't. Possibly by not spending as frivolously, saving well and looking at the long term needs rather than the short term wants.

The One Thing I Remember

There is however one phrase that I try to remember when I am purchasing something. Generally I don't go for the cheapest stuff but at the same time I don't go for the most expensive either. I've always been a middle-of-the-road guy when it comes to such things (of course, it is very dependent on what it is you're buying).

As it turns out, this particular phrase has stood me in good stead over the years and I somehow manage to make my purchases last years longer than what some other people would. By not buying the cheapest thing, my possessions usually last as long or longer than I need or want them to. Adhere to this phrase and you'll probably be able to do the same too:

Only the rich can afford to buy cheap!

It's one of those phrases I heard once and never forgot. The friend who told that was well on the way to retirement at an early age (probably mid-forties and he could stop work - not that he will) and I've thought about it all the time since.

How do you see the words 'frugal' and 'cheap'? How about 'thrifty'? Does it really matter?

Labels: planning, budgeting, shopping

Inserted: 2009-02-22 15:56 (1 year, 5 months ago)

1 Comment

1. Jennifer @ Money Saver 101

I agree that the difference between frugal and cheap is in the eye of the beholder. It's a personal matter.

I don't always buy the cheapest things either. Sometimes the quality of the product outweighs the question of price. Value is part of it. What is the best value? I won't buy cookies I don't like because they are the cheapest there. That sort of thing. I buy what I prefer, at the right price. Certain items I will pay more for, and other items I will go for what's least expensive.

I think lots of people are like that. And what we spend more money on says something about what's most important to us.

Inserted: 2009-02-28 17:16 (1 year, 5 months ago)

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