There’s a difference between being cheap and being frugal. My mother was cheap. She bought things because they were cheap (I was going to say inexpensive but a lot of things were just cheap). There was a lot of “junk” in her house. I sorta get it. We did not have a lot of money growing up so she had to stretch her dollar. But cheap things do not last. In the end those cheap things will generally force you to quickly buy replacements and in the long run cost you twice as much.
Being cheap is not always about spending less. Being frugal is about prioritizing your spending so that you can have more of the things that are important to you or or do more of the things that you enjoy.
For example, I rarely buy coffee from a coffee shop. I am not a regular or even infrequent customer of any popular coffee chains. I make my coffee at home. Occasionally, when I have a long car drive ahead of me I will treat myself to a coffee from my local Wawa or neighborhood coffee shop. But other than that I make my coffee at home. Buying coffee at a local coffee shop can cost anywhere from $8 to $30 per week. There are so many other things I could do with this money.
People who are cheap are afraid to spend money, especially large amounts of money. They generally sacrifice quality, value and time in order to “save money.” However in the long term it costs them more money. Frugal people are resourceful and spend their money more intelligently so they can focus on the things that mean the most to them.
For example, if you’re buying a new mattress, it’s better to spend the money on a good mattress that is going to be comfortable, durable and last 10-15 years than to buy a cheap mattress that is going to cause you back problems and wear out a lot quicker then a better made mattress.
Being cheap is buying discounted, poorly made furniture that will not last. Being frugal is buying high quality, well-made furniture second hand, from either a private seller or from a furniture consignment store. Or purchasing a piece of good quality furniture from the clearance center – and haggling with the salesperson to get an even lower price.
Being cheap is buying store brand clothes from a low end retail store and expecting them to last, maintain their color or not shrink. Begin frugal is buying better quality clothes from a consignment store, Goodwill or even the retail clearance rack.
Are you getting the picture yet?
Be frugal, pennywise, thrifty, cautious …. But please, don’t be cheap.