Frugal vs Cheap

[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]

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.

[bjl584]

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.

Well said.

Frugal is shopping around for the best deal on brakes. Cheap is not changing them and possibly causing an accident.

[couchrobt]

Frugal is spending enough on what you need, your necessities, and living within your means. Cheap is spending so little that it jeopardize health and thus leads to a more serious problems. Maybe this type of living would normally depend on one's way of life, principles, and self-discipline.

[rob62521]

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.

DisneySteve, have you found it is more fun to cook with your good stuff and things cook more evenly? I bought a good set of knives a few years ago and sharpen them regularly and it certainly makes my life easier -- and I'm not replacing my knives so often. I think that is more frugal than cheap. I think frugal is using your funds in a smart way.

[couchrobt]

Just try to live that is enough for you to live by especially when you are living alone. All you need is what you should get, the wants can wait when you are able. There is nothing wrong with that.

[canada94]

Living frugal is healthy, living cheap could be destructive.

I Agree with Sonic, you get what you pay for most of the time, on certain things you should always go for quality, especially if it concerns someones safety

[jerrycates]

Cheap living is different from being frugal. I would suggest to live frugally rather than cheap. It helps mold a person to a better one especially when it comes to finances.

[Frugal]

Frugal is spending money wisely; cheap is simply refusing to spend at all, even when you need to.

[walker.kenny]

Frugal is living within your means. Cheap is having NO life

[KennySoward]

Yes...frugal simply means focusing on value, as another poster put it. Example: Purchased a cheapie bookshelf from Walmart. It was so weak that it could barely stand on its own. We did get a refund and a better-quality bookshelf, but it was a huge waste of time.

We should have gone online and looked at some reviews of the item before buying it.

[jerrycates]

That is definitely true. Frugality is a good way to save and learn to live within one's means. But if it affects your rational decision making, that is a different story. You might end up needing mental help soon!