As a joke (or not!) I have always defined myself as being cheap. Lately, though, I have been thinking about it and have come to the conclusion that I no longer think that is true. Although I have never been a huge spender and have lately made it a habit of spending even less, I do not think that I am cheap but simply being frugal.
So what is the difference between the two? Cheap is wanting to buy a product at the lowest price possible, frugal is getting the best value for the best price.
Many go for the cheap option in order to save money but often that is not the cheapest option in the long run. Sometimes when we buy something cheap, it can break, loose its form or color and have a very limited time of usage. So either we just didn’t have any use of it or we go out and buy another product, normally more expensive because of the previous experience, with the result of no money saving at all!
Often it is worth it to buy less quantity and more quality even if it is slightly pricier – it will be both cheaper and more worth it in the long run and often helps us save money as well as time.
Some examples of how to be more frugal and smarter with our money:
Buy less but of higher quality.
Wait! And buy at the end-of-season sales to get the good products for less.
Buy produce according to the season to get a better product for less.
Reuse things or re-new them.
Remember that you always have a choice and sometimes investing a bit of effort, time or even money can save you a lot in the long run….. and help us become frugal and not cheap!