Many folks may look at our tips and FinSights and just think we’re being cheap. Some people throw the word cheap around any time mention of saving money comes up. Well we’re here to tell you the difference between being frugal and being cheap.
Frugal people know when and how to best spend their money.
Cheap people may not know how to spend their money wisely.
Ex: When buying electronics or appliances, frugal people will price shop, check ratings and reviews, and look for rebates and sales. Cheap people will go into a store and just buy the cheapest thing possible.
Frugal people still value others over savings. Cheap people may screw others out of money.
Ex: Frugal people will still tip appropriately at meals even after using a coupon. Cheap people may complain unwarranted about service or food to get out of paying a tab or leave no tip.
Frugal people see the better purpose of savings, whether it being able to give to their kids college funds, a house, a car. Cheap people may see their money as just theirs and never spend a dime too much or give to others.
Here are 4 quick ways to move to a frugal (not cheap lifestyle)
1.Think long term when making purchases
2. Get the most bang for your buck (never pay full price)
3. Use everything as long as you can, and as many times as you can
4. Enjoy socializing, but plan ahead to not overspend.