Reasons not to be cheap

[jeffrey]

Most people (at least at these forums) know that there is a difference between being frugal and being cheap. What are some of the reasons that you believe people shouldn't be cheap?

[MonkeyMama]

I know too many people who buy cheap and then have to constantly replace things. In general, in this household, if we buy something we expect it to last decades. I don't see any point in saving a few bucks on something big that is only going to last a few months or a year. Then you buy it 10 times over and it costs you 5 times as much in the end.

[MonkeyMama]

Which reminds me I had a friend get really p.o.ed from me that I wouldn't buy her used washer/dryer. We tend to go used a lot to get value for our money and she was selling them so I figured I'd inquire about them as our washer/dryer were about 30 years old. Figured I'd replace them if I found a deal.

Some cheap crappy model I never heard of and glimpsed some negative reviews on them. She was all mad at me for turning up my nose at her washer/dryer for $500 bucks or so. But she had paid thousands for them the year before brand new!!!!

?????

That's nice but I want a washer that lasts 30 years, thanks. & I know I can find one for $50. That is not cheap.

Buying a cheap brand new washer/dryer because it is the cheapest one is cheap.

[Broken Arrow]

I didn't skimp on my mattress.

It's *cough* VERY expensive *cough*.

However, it's also suppose to last 20-30 years. I mean, actually last that long rather than be advertised that it could theoretically last that long.

I did some calculations, and it turns out that IF it did last that long, then I would even save money in the long run, not just enjoying a premium product.

Of course, I've only had it for one year so far, but it's been dreamy.

[poundwise]

I can think of two major things:

First, being cheap is often not very frugal. If you buy something that will not last or that does not work well, then it doesn't matter how much you saved on the purchase, you didn't get value for your money. The idea of being frugal, I think, carries with it the notion of being wise with purchases. Buying poor quality goods or items that won't well serve the intended purpose is not wise.

Secondly, being cheap is often less a money issue and more a personal attitude one. What's worse, it often is accompanied by selfishness. The cheap person is rarely a very giving person in any area of life. Often, the attitude of spending as little as possible translates into other areas where the person will give and do as little as possible to get by as well.

One other issue that comes to mind:

While I think being frugal and being cheap are not synonymous, I do see that one (being frugal) can lead to the other (being cheap) or at least other negative aspects of behavior.

So many set out to be frugal in order to save money, spend wisely, keep a budget, etc. but end up getting so wrapped up in it that it becomes, first an engrossing hobby, and then, a way of life that has forgotten the reason why it started. Often, these people will do outlandish things or spend inordinate amounts of time, to save a small amount of money. Sometimes, they even look down on people who are not themselves being wasteful or unwise with money but who do not share their fanaticism.

[Coleroo]

I agree on the mattress. Dont skimp on comfort and quality of what you will spend nearly half your life laying on!

Also, I know someone who sticks her nose up at those who buy a peice of clothing over 5 to 10$. She says they're stupid and its a waste. HOWEVER...she has the bad habit of buying clothes JUST because it was on sale for 1 or 2 bucks... even if it doesnt look good on her and even if it doesnt FIT her. She says "it was so cheap I couldn't pass it up!". Then she turns around and gets rid of clothes all the time "because she didnt pay much for them, she's not losing anything".

She doesn't understand when i say you should buy clothes because you NEED the specific item or it looks GREAT on you - NOT simply because you "couldn't resist the sale". *sigh*

[PrincessPerky]

Dito the clothes for 'just a buck' just a buck here and just a buck there adds up, you did spend on them (a buck or 50) so you are losing if you do not use the clothes.

Also even if you didn't do the math of a cheap bowl replaced ten times vs the same tupperware ones mom-in-law bought eons ago..I think the sentimentality wins.

Same with clothes, I like seeing my youngest in clothes my oldest wore.

If it is disposable and quality is the same, go for cheap, if it is supposed to last, and the quality is suffering, wait for a good deal on the right product.

[LivingAlmostLarge]

Food, I don't buy cheap food. What's cheap food? Potato chips, snack foods, filler foods, instant foods, mac and cheese, etc. We don't like to eat a lot of cheap foods, give me fresh fruits, veggies, meat, seafood, I'd rather spend $5 getting something good than filling myself with all junk food.

Besides it'll cost you in the end if you eat only processed foods, you'll end up unhealthier.

[PrincessPerky]

Food, I don't buy cheap food. What's cheap food? Potato chips, snack foods, filler foods, instant foods, mac and cheese, etc. We don't like to eat a lot of cheap foods, give me fresh fruits, veggies, meat, seafood, I'd rather spend $5 getting something good than filling myself with all junk food.

Besides it'll cost you in the end if you eat only processed foods, you'll end up unhealthier.

DITTO! I often drive past the sign advertising pop for $1.5 and milk for $3.5....somehow it is easy to see why Americans drink more pop than milk (though hello, water is waaaaay cheaper...)

[LuxLiving]

Why not be cheap?

Opportunity cost.

By being frugal we save money to be invested wisely elsewhere.

If we were cheap we'd be having to replace things constantly thus wouldn't have the money to invest for growth.

[disneysteve]

Cheap is not frugal. To me frugal is spending the least amount of money for the best products and services you can find in your price range. Cheap is simply finding the least costly option regardless of quality.

For example, over the years, we've gone through a few sets of inexpensive pots and pans, They all wear out, handles get loose, etc. Two years ago we finally splurged and bought an expensive but very well made set of Calphalon and love it. We use them almost daily and they still look brand new and will probably last a lifetime. Not cheap, but a much better value than replacing a less costly set every 5-6 years.

Many times, the cheap item is cheap for a reason - lower quality materials and shoddy workmanship. I'd rather spend more money upfront and get quality and durability.

[savingandinvesting]

Being Cheap

I think the key is 'value for money'.

Also there was some talk of dressing like a bag lady in an earlier discussion - I think that this makes getting a good job and doing business more difficult as well. People want to interact with people that seem like they have their stuff together and have some success themselves and also people that make them feel good. 'Dress for success'.

[jamai]

ultimately, you're punishing yourself. thats my top reason

[jodi]

I have a mental picture of a cheap person hoarding their cash and not enjoying it in the here and now...however, my attitude as a frugie is rather to save where I can so that I can use my money for things I enjoy. An example: A cheap person might never go on vacation. A frugal person would decide where they want to go, then search for the best way to make it happen (cheapest flights, lodgings, etc), or even come up with a creative way to meet that need (i.e. house swapping) in order to get the most bang for their bucks.
Frugality is using your resources to best meet your wants and needs. Being cheap is...well, just being cheap for the sake of saving a buck. I think you miss out on life by being "cheap" and always worried about the bottom line only.

[rob62521]

Wow, you've all said wonderful things that hit the nail on the head. Plus, if you are cheap when it comes to relationships, you cheat yourself and your friends and family. Like the person who always tries to figure out a way to get by without paying much when the split the check. Money may have been saved, but the relationship has been "cheapened".

I concur -- better to buy something that is worth the money than to purchase a cheap item that has to be replaced.