Frugal vs Cheap

[snshijuptr]

On a thread in the Q&A board someone brought up that frugal is not cheap and gave an example. I'd love to hears people's examples that show the line between cheap and frugal. For starters

Frugal is using a coupon/groupon or going during happy hour. Cheap is under tipping.

Frugal is hosting a potluck. Cheap is bringing 1 bag of chips to dinner.

Frugal is maintaining your appliances and shopping around for replacements. Cheap is avoiding maintenance and living without necessities.

Any others?

[Joan.of.the.Arch]

Frugal is sharing a ride. Cheap is never kicking in on the gas money.

Frugal is carefully reviewing and paying your bills as they come due. Cheap is trying to get out of paying them.

[irmanator]

frugal is buyin good quality so you wont have to replace or at least not as often

[disneysteve]

I agree with irmanator. Cheap is focusing on price. Frugal is focusing on value.

Example:

Since getting married 18 years ago, we've bought 2 or 3 cheap sets of cookware. Each lasted a few years and then started wearing out. Finally, about 4 years ago, we bought a not-cheap set of good quality cookware. We did find a good deal on it and paid about 25% less than the usual retail price. But we use that stuff almost every day and it still looks brand new. It will probably last forever. We will no longer need to buy a new cheap set every 4 or 5 years.

[moneyclass]

Cheap is keeping your heat so low your freezing in your own house. Frugal is keeping the heat at a number were its still comfortable.

[cypher1]

Cheap is relative to my time IMO. Two examples of cheap come from the same friend. Him driving 25 miles out of his way for a free haircut. I don't mind cutting hair (more of a hobby) or the company, but his drive is from the opposite side of town. The other is not spending $140 for a lower ball joint replacemtn on his car, at my friends shop. Only to be down for 3 days without a car since he couldn't figure out how to take out himself.

[cypher1]

Originally Posted by moneyclass

Cheap is keeping your heat so low your freezing in your own house. Frugal is keeping the heat at a number were its still comfortable.

I'm guilty of this

[cschin4]

Frugal is me when I don't want to spend money.
Cheap is the other guy who doesn't want to spend as much as me!!

Ha!

[jerrycates]

Originally Posted by irmanator

frugal is buyin good quality so you wont have to replace or at least not as often

Frugal living is not as bad as most think it is. It is just a matter of living within your means. Not wasting hard earned money on something that is not a necessity to buy is never bad at all. Be a spend-thrift and soon enough the little $ you save will have its worth too.

[irmanator]

Originally Posted by cschin4

Frugal is me when I don't want to spend money.
Cheap is the other guy who doesn't want to spend as much as me!!

Ha!

lmao, (guilty, sometimes)

[irmanator]

Originally Posted by jerrycates

Frugal living is not as bad as most think it is. It is just a matter of living within your means. Not wasting hard earned money on something that is not a necessity to buy is never bad at all. Be a spend-thrift and soon enough the little $ you save will have its worth too.

Just wondering why you quoted mine in this? What does this have to do with my statement?

I wasn't complaining......

[economicalman21]

Frugal is storing food in an ice cellar for winter. Cheap is not helping your friends out when they need cash.

[MrPolarZero]

Well, the thing is, they are not necessarily one and the same. In fact, you can still live a frugal life while still being able to enjoy a few expensive items, the idea here is having a good amount of self control

[MrPolarZero]

Originally Posted by economicalman21

Frugal is storing food in an ice cellar for winter. Cheap is not helping your friends out when they need cash.

Being frugal is more bearable than being cheap

[disneysteve]

Originally Posted by economicalman21

Cheap is not helping your friends out when they need cash.

I'd have to disagree with that one. I don't think not giving friends cash is cheap. I think that is smart.

[Tobby782]

I think this is something that is very misunderstood in personal finance. While buying discounted or cheap items can be the smart way to go, sometimes people would be better off just going without the item all together. Discounts are good, but they can also encourage one to spend too much too.

[Tobby782]

I think this is something that is very misunderstood in personal finance. While buying discounted or cheap items can be the smart way to go, sometimes people would be better off just going without the item all together. Discounts are good, but they can also encourage one to spend too much too

[cschin4]

Frugal versus cheap really does not matter, only to yourself. I don't think other people have any right to label someone else, they don't know someone else's financial situation. And, just because I choose not to spend money on something someone else would doesn't make me "cheap" . It seems to be used as a slam on a way to insult someone who doesn't spend as they would.

[disneysteve]

Originally Posted by cschin4

Frugal versus cheap really does not matter, only to yourself.

I think someone being cheap can certainly affect others. It can affect your family, your friends, your neighbors, your co-workers. I get the image of Ebeneezer Scrooge not wanting to burn any coal so Bob Cratchit freezing in the office. Perhaps my neighbor is cheap and doesn't want to spend any money to mow his lawn so we're left looking at the overgrown property and dealing with the bugs and other creatures that thrive there. How many accidents have occurred because people were cheap and tried to avoid spending money on proper maintenance of vehicles, properties and equipment?

If you don't want to go out to eat, that's one thing, but if you don't want to replace the worn out brakes on your truck, that's a whole different problem.

[Aleta]

Well said Disney Steve. There is a difference between being cheap or frugal.