Frugal Vs Cheap Lifestyle – 6 Ways in Which They Differ

Last updated on September 21st, 2024 at 10:28 am

 

You might have been confusing the frugal vs cheap lifestyle, fortunately now you find cheap vs frugal lifestyle. Whether you know nothing about both terms or want to learn more you’re in the right place just keep reading through.

Some people don’t want to be referred to as being frugal or cheap since both terms are interpreted differently by the wrong mindset. But in the lines down all is going to be made clear such that you get a proper understanding and admire to practice one of the two.

Let me give you a clue, frugal living is my style that’s why I don’t mind anyone calling me so anyway. Honestly, after here you’re going to be like excited to talk about frugal living and living life to the fullest.

Asking why am not talking about being cheap. You’re just starting it’s all in the same post keep reading. All you have to know is cheap and frugal when you dig deep they differ though some people think they aren’t.

Yes, you’re mindful of the purchases you make, but the question is up to what extent?

What Differentiates Frugal and Cheap Lifestyles Among People!

Cheap and frugal are explained in many other resources online but it doesn’t matter which one you use as long as it provides clear information. There might be a twist in the words that are being used but still refer to the same thing unless otherwise.

It took me some time to pick it up that’s why I had to read various resources in order to get it right. That’s just a little bit of a tip that you can use but hopefully, in this one, you’ll get covered.

I feel flattered when people call me frugal and calling me cheap gives me a signal that there’s something am not doing right. And actually, when you call me cheap I just know that there’s a need to prioritize value over just cost.

But to make it clearer here’s more on how you can identify a frugal and cheap person.

A frugal lifestyle

1. Cost and time value

We all know that time is money and in order to save money you must value time. Frugal people prefer spending time living a life they wish to have than stressing their lives to hang on to things that they don’t want in order to save a dollar.

They know that time and money are key things that should move together in order to get real value. I would rather pay for a $200 online course to save time than go around in circles without a mentor.

When you pay for a course you use money but you save time which can be used to make even more money. That’s why frugal people would rather spend to save valuable time that is worth the cost, this is one of the signs of a frugal person.

2. Expenditure and importance

Frugal people prefer spending their money on things that are most important to them. They make sure that more costs are cut on the less valuable items to cover more valuable items.

And as a frugal person, it really gives me peace of mind to spend more on the most vital. It’s not at all being undecided but the value attached to the item is what pushes me compared to someone cheap.

A cheap person would prefer cheap things at all times say a cheap house yet distant from the workplace and cheap shoes yet not long-lasting. A frugal person rents an expensive house near the workplace to cut transport costs and of which as said it’s not the case with a cheap person.

3. Value and price

These are two different things in the minds of an economic creature and value is of much importance. Yes, there’s a need to be concerned about the pricing in order to save but the value comes first.

New cheap items at stores with poor value can’t entice a frugal person to make a purchase. He or she would rather look out for second-hand with more value at the same price or slightly higher.

And of course, when you buy quality you save more than buying cheap with quality that is compromised.

4. Mindful and practical

It’s hard doing things without a second thought, which may lead to action in order to make it perfect. But the extent to which you involve yourself in deciding what matters most is very important.

Frugal living involves taking an extra step on an item than just price to how best a product can serve before making a purchase. Here you’re most likely to get things at a lower price yet quality than one who cares only about price.

When am going to buy a nice second-hand car I always ensure that my mechanic does all the tests. And this helps me to avoid getting into expenses that I am not prepared to cover.

In case it fails the test according to my mechanic then at no cost I just look out for another one nice to take on.

A cheap lifestyle

5. Price and value

People with a cheap lifestyle go for things with very low prices without considering quality in mind, it’s among the signs of a cheap person. A long time back I bought a washing machine which was priced cheaply and was on promotion it didn’t last for half a year.

But if I had bought a genuine brand on the market despite the pricing it would last longer. There are very many people that have gone through the same thing and they still want cheap.

Big ups to brands like Apple, Clorox, and P&G have tried their best to offer quality in the market.

6. Spending little is the most important thing

Cheap people don’t also buy the idea of just parting with money that’s why they really pinch the dollar to the last minute. It’s not that they don’t have the money to spend but rather they never like to cash out much on anything.

Are you the type? It’s fine you can change your status to get on the other side of financial enlightenment. Trying to spend very little on every item it’s sometimes disadvantageous since you may end up with poor quality.

And this means you would spend more on repairs or even buying the same product several times hence costing you a lot. A cheap person will go for a $3500 washing machine that is just new on the market and ignores the one that’s proven to work overtime at a cost of $3800.

Yes, you could be having the warranty that allows you to get another one, but it again costs you time.

And how sure are you that the replacement is going to perform well?

Sometimes you’re the very person that has to transport back the product to the store to present proof which costs you transport too.

You may end up moving several times and going back to the store for repairs, it’s fine if that’s what you prefer.

So, in the end, when you’re not satisfied with its performance it will also be hard to get back the full amount hence that’s money lost. Am proud of who I am when you call me frugal since it reminds me to do what’s best when spending.

Here’s How You Can Be Frugal Without Being Cheap

Are you obsessed with price than value? If yes, I got you covered. It’s time now you prioritize value more than the price in order to live a frugal lifestyle.

Start purchasing cheap with value than buying cheap without value, it’s confusing. I never buy shoes because they look nice and cheap, quality means more value than just price.

If you buy new shoes every after six months then you have to mind about quality for durability. When I decide to take a night out at a nice hotel in town I would rather pay $50 for convenience than pay $25 in an uncomfortable environment.

But to someone with a cheap lifestyle, the $25 environment would do better in order to save.

• Make your own meals

It just feels like being cheap but it’s not true because you’re being mindful of costs and time value. The time you take at your workplace to go get lunch at the nearest restaurant can be very well utilized when you carry your own meals.

Also, spending on food and drinks is extremely put under control. The money you save on food can be used to do some other things that are productive say can be diverted to clearing loans.

If anyone says making your own food is cheap then you’re the opposite of what he or she thinks. Sometimes I like preparing meals during my free time with my family, it’s really fun.

And when am traveling in most cases I rarely buy food and drinks in restaurants. Carrying food and a drink in a backpack isn’t an issue since it keeps me away from spending.

• Purchase secondhand with value

I don’t know about you but to me, there’re several things that I can buy cheaply with value. And these may include cars, electronics, and information resources like books

A used car that’s in good condition can be easily serviced compared to a new one and also in terms of insurance costs it’s cheaper. Do you like riding a bicycle? Sometimes in the evening, I ride out to flex my legs.

I have a good brand bought in second hand cheaply but stronger than the new brand gotten at a slightly cheaper cost. I have many things with me like said above that I have purchased cheaply, still doing great since they’re quality.

• Avoid a cheapskate lifestyle

When you go beyond being frugal you might end up stressing yourself and hurting people around you. And that’s what cheapskates be like, it’s living way beyond a frugal lifestyle.

If you’re the kind that borrows all the time without buying your own you’re really doing worse. Packing food at every party around it might look fine to you but if overdone it’s unfair.

And carrying things at your workplace for home use without permission not only affects your dignity but even the people at your workplace. You can live frugally without being cheap when you do away with cheapskate lifestyle behaviors.

• Brand loyalty

Go out there and look for variety to compare value instead of being locked up to one brand that might have even lost value unknowingly. Some people continue spending money on cheap items due to brand loyalty yet they no longer offer standardized value.

There’re brands that you’re going to try out using that are better than the usual brand you use say cheap with value. Big Boss perfume used to work for me way back but nowadays one million smells just right and that’s value but again cheap.

Yes, it’s good practice, and not all the brands that you go for are going to be dumped there’re some that still offer value. And although the brand could be overpriced when it has more value compared to its competition with a low price it serves for a long time.

Cheap and valued brands in the corners that I didn’t see in the first place are straight away put on the priority list. Stocking is also not a bad option when you see that you could miss out on plenty of proven products with more value compared to what you currently use.

• Stop paying out full price

Do you know that you can buy cheaper than normal price in the market? No, let this be an eye-opener. You don’t have to rush out on everything that your eyes land on because they look nice at the stores.

Take your time to relate items you’ll get quality and cheap since not all stores offer the same prices. Remember there’s also discounting in the market you can keep your eyes open or link with different stores for alerts.

Using cash-back apps like Ibotta and Rakuten is a game changer when it comes to buying cut prices than usual. Also, think about the best times to make shopping since during weekends and festive seasons things get overpriced

Usually, I make shopping for groceries mid-week because I find them cheap and discounted. And when it’s coming to the festive season long-lasting items are bought 2 months or 1 month before.

Why You Shouldn’t Be Cheap?

As we’ve seen it’s crystal clear that a frugal lifestyle is different from a cheap lifestyle in real life. Yes, there’s something in common linked to cutting costs to save but how it’s done is what makes a difference.

I like saving money by buying cheap but the value of the item is the first call on the mind. What I mean is that even though something is cheap but when it has no value it’s hard for me to buy it.

I don’t want to end up buying the same thing every time and of which it’s expensive in case you’re calculative. One time my friend was planning to start a YouTube channel he bought a cheap Bluetooth microphone that never work at all.

And this wasn’t enough for him to learn, still bought another cheap one that somehow worked but didn’t bring out what he wanted. He was almost getting crazy about what he wanted until paying up some good money to get a USB Blue Snowball microphone at $50.

Cheap people will buy cheap no matter the quality and it’s costly since you may keep on buying the same thing all throughout. As am telling you now he’s still using the blue snowball microphone, it’s 4 years ever since.

This Is Why Being Is Cheap is Expensive

When you choose to live cheap with a price-minded approach to items that you wish to buy it’s not a good idea. Being cheap, you’re most likely to buy at a lower price with poor quality.

Why should I pinch a dollar several times when I can do it once on something quality for just a few extra bucks? Before I used to buy new shoes every year but nowadays it’s just out of choice since quality is top listed.

What cheap people don’t know is that a $100 pair of shoes that is quality is cheaper than a $40 pair of shoes with poor quality. Just as an example, in case you buy the $100 pair of shoes once in 3 years, and for the $40 pair it’s every year.

It means that you’ll spend $120 which is $20 more than he or she who bought quality over the last 3 years. You might be shocked about this one, right? It’s not the end just apply simple addition and subtraction all will be well.

And I know it’s not easy to go into the details but the benefits are worth your efforts in the end. Since you want to save to reach your goals much faster with proven tactics that work your way you better act.

Cheap Vs Frugal – You Don’t Know Where You Belong?

I know some people might not know their standing point even up to now but let’s explain more. And when you honestly speak to your heart after here you’ll in no time have a clear picture of who you really are the smart way.

• Do you mind about quality whenever you make a purchase for a product?
• Shopping is fun but does brand loyalty impact your spending sometimes?
• During shopping are you very much attracted by the prices of commodities even when not ready to buy?
• When you go for a holiday do you look out for the cheapest places irrespective of enjoyment?
• You can also get calculative; do you really gain much when you give attention to price than value and time?
• Do you visit each and every store to get the cheapest products in the market but then complain about transport?

Stingy and Frugal – What’s the Difference?

Let’s briefly compare stingy with frugal in case you don’t know where you belong. If you’re frugal, prices of commodities can’t trigger your purchasing power.

Value is what drives your interests most and that’s why you’re too selective while at the stores. Frugal people don’t just part with money anyhow no matter the price since they’re practical and mindful.

Are you too cost-driven to save than any other thing? You’re stingy. Sure, you want to save, but you find yourself losing out in terms of value, time, and friends.

The bottom line is the cost, you rather spend hours waiting for a cheap flight than spend a few extra dollars on another to move on time

The End

Now, are you frugal or cheap?

Hopefully, you know where you belong now though the people around interpret you differently.

And that’s no problem whether you’re cheap or frugal so long as you’re comfortable with the lifestyle.

Both cheap and frugal lifestyles have a common factor which is saving to meet financial goals.

Though, how each lifestyle affects the journey to success is what differs.

Understanding who you’re is very important because it helps you determine whether you’re living right when it comes to spending.

People will call you frugal or cheap according to your actions and you can also now tell whether you’re acting cheap or frugal.