Comments on: Cheap versus frugal http://www.iwillteachyoutoberich.com/blog/cheap-versus-frugal/ Personal finance blog for college students, recent graduates and everyone else -- including entrepreneurship -- for getting rich. Featured in the Wall Street Journal and New York Times. Sun, 21 Mar 2010 02:45:13 -0700 http://wordpress.org/?v=abc hourly 1 By: Leah D http://www.iwillteachyoutoberich.com/blog/cheap-versus-frugal/comment-page-2/#comment-103232 Leah D Mon, 13 Jul 2009 17:01:03 +0000 http://www.iwillteachyoutoberich.com/blog/cheap-versus-frugal#comment-103232 Ok so I feel I can be a bit frugal sometimes but most of the time I am an impulse buyer (which proves to be no good either!). I have recently been introduced to save.ca which helps me save money, and not spend five hours looking out for coupons. I use these and sometimes if I don't need it, but it's on sale I will buy it knowing it will save me money when I don't have it. I really enjoy treating myself once in a while but I do look at the long term aspects of it. Is this really important to me? Can I afford this? What am I going to have to give up to get what I am looking forward to? etc. With my husband been laid off this year, I've been scrimping and saving more than usual. I believe with a 50% wage loss, we have actually saved more this year than we ever did before. It's amazing how much can be cut back when needed!! In a few months, we'll have all our debt paid for besides our vehicle and we will be able to purchase our first home together. As for the dining out with cheap people, I have a few friends like this and just pay for their meal before taxes and tip! I have learned how to get these people back at their rudeness in the past- you give them the amount your meal cost exactly like they did to you the last time...then maybe next time they'll get the hint. Either that or don't be embarassed to ask for separate tabs and deliver your tip to the waiter to make them feel the shame (if they have any). I work as a nanny for two kids. the family I work for expected me to take their kids everywhere and just pay for the kids admission (if that). I was put in the position to pay for gas, my admission and generally a snack. By the time I was done, I didnt make a penny! To fix them, I started to carpool, only bringing my car when I truly needed it, I stopped taking them on outings and using nature/toys as entertainment, and then the kids would ask the parents to go out. I hate working for cheap people so much, that it is making me cheaper myself. I hate being cheap..but sometimes you got to do, what you got to do. Don't me so willing and kind, or else sometimes it bites u in the tail! Ok so I feel I can be a bit frugal sometimes but most of the time I am an impulse buyer (which proves to be no good either!). I have recently been introduced to save.ca which helps me save money, and not spend five hours looking out for coupons. I use these and sometimes if I don’t need it, but it’s on sale I will buy it knowing it will save me money when I don’t have it. I really enjoy treating myself once in a while but I do look at the long term aspects of it. Is this really important to me? Can I afford this? What am I going to have to give up to get what I am looking forward to? etc. With my husband been laid off this year, I’ve been scrimping and saving more than usual. I believe with a 50% wage loss, we have actually saved more this year than we ever did before. It’s amazing how much can be cut back when needed!! In a few months, we’ll have all our debt paid for besides our vehicle and we will be able to purchase our first home together. As for the dining out with cheap people, I have a few friends like this and just pay for their meal before taxes and tip! I have learned how to get these people back at their rudeness in the past- you give them the amount your meal cost exactly like they did to you the last time…then maybe next time they’ll get the hint. Either that or don’t be embarassed to ask for separate tabs and deliver your tip to the waiter to make them feel the shame (if they have any). I work as a nanny for two kids. the family I work for expected me to take their kids everywhere and just pay for the kids admission (if that). I was put in the position to pay for gas, my admission and generally a snack. By the time I was done, I didnt make a penny! To fix them, I started to carpool, only bringing my car when I truly needed it, I stopped taking them on outings and using nature/toys as entertainment, and then the kids would ask the parents to go out. I hate working for cheap people so much, that it is making me cheaper myself. I hate being cheap..but sometimes you got to do, what you got to do. Don’t me so willing and kind, or else sometimes it bites u in the tail!

]]> By: Toby http://www.iwillteachyoutoberich.com/blog/cheap-versus-frugal/comment-page-2/#comment-102667 Toby Sat, 04 Jul 2009 21:50:38 +0000 http://www.iwillteachyoutoberich.com/blog/cheap-versus-frugal#comment-102667 I also notice that when the economy is in decline, instances of both frugality and cheapness increase...typically frugality would involve buying secondhand "quality" items from flea markets, garage/yard/rummage sales, or thrift shops as opposed to buying brand new, but cheaply made, comparable items from discount, closeout, or dollar stores. That secondhand Craftsman tool from the flea market will outperform that cheap tool from Big Lots. That secondhand Tommy Hilfiger shirt from the Goodwill store will look better and hold up better than the cheap shirt from Wal-Mart. Buying a brand name cleaning product will, in many cases, be a better value than buying a cheap knockoff product from a dollar store. You typically would need less of the brand name product to do the same job as a large quantity of the cheap product. Once I bought shampoo from a dollar store; I had to use nearly half the bottle to get enough lather to wash my hair; also the product appeared watered down. Most brand name shampoos are thick, and need only a quarter-sized dot to produce enough lather. And dollar stores also sell counterfeit and knockoff versions of brand name products, anything ranging from Colgate toothpaste from South Africa (not made for the US market-too much fluoride, which can harm teeth) to "Dinacell" batteries (a cheap Duracell ripoff that tends to last a short time and leak big time.) Dollar stores are the cheap person's paradise. I admit being cheap at times myself, and I have been burned as a result. Thinking about what you buy, if you really need it, and considering value vs. just price is the sign of a frugal person. I also notice that when the economy is in decline, instances of both frugality and cheapness increase…typically frugality would involve buying secondhand “quality” items from flea markets, garage/yard/rummage sales, or thrift shops as opposed to buying brand new, but cheaply made, comparable items from discount, closeout, or dollar stores. That secondhand Craftsman tool from the flea market will outperform that cheap tool from Big Lots. That secondhand Tommy Hilfiger shirt from the Goodwill store will look better and hold up better than the cheap shirt from Wal-Mart. Buying a brand name cleaning product will, in many cases, be a better value than buying a cheap knockoff product from a dollar store. You typically would need less of the brand name product to do the same job as a large quantity of the cheap product. Once I bought shampoo from a dollar store; I had to use nearly half the bottle to get enough lather to wash my hair; also the product appeared watered down. Most brand name shampoos are thick, and need only a quarter-sized dot to produce enough lather. And dollar stores also sell counterfeit and knockoff versions of brand name products, anything ranging from Colgate toothpaste from South Africa (not made for the US market-too much fluoride, which can harm teeth) to “Dinacell” batteries (a cheap Duracell ripoff that tends to last a short time and leak big time.) Dollar stores are the cheap person’s paradise. I admit being cheap at times myself, and I have been burned as a result. Thinking about what you buy, if you really need it, and considering value vs. just price is the sign of a frugal person.

]]> By: Toby http://www.iwillteachyoutoberich.com/blog/cheap-versus-frugal/comment-page-2/#comment-102666 Toby Sat, 04 Jul 2009 21:36:33 +0000 http://www.iwillteachyoutoberich.com/blog/cheap-versus-frugal#comment-102666 Cheap people are inconsiderate. For example, when getting a meal with other people, if their food costs $7.95, they’ll put in $8.00, knowing very well that tax and tip mean it’s closer to $11. Usually when I am dining in a restaurant with others, I, as well as others in my party, would ask for separate checks. This eliminates the problem of trying to divvy up the costs of one check with different people, everyone would know exactly what they ordered, and, in case the bill is divided evenly among the party, it eliminates the person with the $5 order subsidizing the person with the $15 order (like, if one person only ordered a side salad, and another person ordered a steak dinner.) Separate checks makes paying a group's tab at a restaurant simpler. Cheap people are inconsiderate. For example, when getting a meal with other people, if their food costs $7.95, they’ll put in $8.00, knowing very well that tax and tip mean it’s closer to $11.

Usually when I am dining in a restaurant with others, I, as well as others in my party, would ask for separate checks. This eliminates the problem of trying to divvy up the costs of one check with different people, everyone would know exactly what they ordered, and, in case the bill is divided evenly among the party, it eliminates the person with the $5 order subsidizing the person with the $15 order (like, if one person only ordered a side salad, and another person ordered a steak dinner.) Separate checks makes paying a group’s tab at a restaurant simpler.

]]> By: Barbara Saunders http://www.iwillteachyoutoberich.com/blog/cheap-versus-frugal/comment-page-2/#comment-99805 Barbara Saunders Fri, 29 May 2009 20:03:33 +0000 http://www.iwillteachyoutoberich.com/blog/cheap-versus-frugal#comment-99805 I have this running discussion with a friend. Said friend thinks I am unrealistic because my income goals (pretty moderate in the scheme of things) are significantly larger than his. However, the income he says he can live on excludes things like paying child support, saving for retirement (he assumes parents will leave $$), and tipping (at all). And still it means spending sometimes 24 hours to be able to afford a $100 item that I'd rather just pay $100 for, even if that's a splurge. I think cheapness, more than frugality, goes along with persistent underearning. E.g., it's one thing to make the choice to buy an expensive car and not have money for a house; another to buy a less expensive car, bank the difference, and use it for a downpayment; and still another to earn just enough for a junker car and have no house either! I have this running discussion with a friend. Said friend thinks I am unrealistic because my income goals (pretty moderate in the scheme of things) are significantly larger than his. However, the income he says he can live on excludes things like paying child support, saving for retirement (he assumes parents will leave $$), and tipping (at all). And still it means spending sometimes 24 hours to be able to afford a $100 item that I’d rather just pay $100 for, even if that’s a splurge.

I think cheapness, more than frugality, goes along with persistent underearning. E.g., it’s one thing to make the choice to buy an expensive car and not have money for a house; another to buy a less expensive car, bank the difference, and use it for a downpayment; and still another to earn just enough for a junker car and have no house either!

]]> By: Mio http://www.iwillteachyoutoberich.com/blog/cheap-versus-frugal/comment-page-2/#comment-94075 Mio Sat, 04 Apr 2009 09:43:50 +0000 http://www.iwillteachyoutoberich.com/blog/cheap-versus-frugal#comment-94075 Since very few of us has unlimited amounts of money, we have to prioritize, we have to save. Everyone says that saving is boring. In this society spending is “fun”! I don’t agree. Saving is only boring when you have to say no to things that means a lot to you! Spending is only fun if you buy something that means a lot to you! It’s all about knowing yourself enough to know what makes a positive difference in your life. The thing is that you can’t follow other people, because we are all different! What is essential to you might not mean anything to me! If an expensive line of skin care, the latest cell phone or tropical vacations are important to you then go ahead. If a specific kind of toilet paper, cereal or cappuccino are important then spend your money on that. You probably already know what is important to you. But, do you know what is not? Stores, restaurants and service providers all want to sell as much as possible. They spend a lot of time, effort and money to convince you that you have to buy their products! I have been called cheap and I have been called frugal. Usually because I didn’t want to spend my money on the same things that other people did. Other’s bought coffee drinks with alcohol and I bought a cup of black coffee, for instance. They never stopped to consider whether I liked coffee drinks with alcohol or not. They assumed that it was about the money. I was labeled “boring”! If a friend is important to me a gift to him or her will be prioritized. If a restaurant meal with a couple of friends is important to me of course I will find the money for that. I might order something cheaper from the menu if my budget is tight but I will definitely pay for my own part of it. Thinking about this and reading some of the previous comments I realize that how other people prioritize apparently stir up a lot of emotions. I can understand the frustration when irresponsible people force other people to pay for them. But why is it so frustrating when someone chooses to spend (or not spend) differently from what you do????? It doesn’t automatically mean that he or she is cheap it just means that he or she prioritizes differently. What difference does it make to you if your friend chooses to use cheap skin care? It certainly doesn’t give others the right to label him or her as cheap! Since very few of us has unlimited amounts of money, we have to prioritize, we have to save. Everyone says that saving is boring. In this society spending is “fun”!
I don’t agree. Saving is only boring when you have to say no to things that means a lot to you! Spending is only fun if you buy something that means a lot to you! It’s all about knowing yourself enough to know what makes a positive difference in your life. The thing is that you can’t follow other people, because we are all different! What is essential to you might not mean anything to me! If an expensive line of skin care, the latest cell phone or tropical vacations are important to you then go ahead. If a specific kind of toilet paper, cereal or cappuccino are important then spend your money on that.
You probably already know what is important to you. But, do you know what is not? Stores, restaurants and service providers all want to sell as much as possible. They spend a lot of time, effort and money to convince you that you have to buy their products!

I have been called cheap and I have been called frugal. Usually because I didn’t want to spend my money on the same things that other people did. Other’s bought coffee drinks with alcohol and I bought a cup of black coffee, for instance. They never stopped to consider whether I liked coffee drinks with alcohol or not. They assumed that it was about the money. I was labeled “boring”!

If a friend is important to me a gift to him or her will be prioritized. If a restaurant meal with a couple of friends is important to me of course I will find the money for that. I might order something cheaper from the menu if my budget is tight but I will definitely pay for my own part of it.

Thinking about this and reading some of the previous comments I realize that how other people prioritize apparently stir up a lot of emotions. I can understand the frustration when irresponsible people force other people to pay for them. But why is it so frustrating when someone chooses to spend (or not spend) differently from what you do????? It doesn’t automatically mean that he or she is cheap it just means that he or she prioritizes differently. What difference does it make to you if your friend chooses to use cheap skin care? It certainly doesn’t give others the right to label him or her as cheap!

]]> By: Savings http://www.iwillteachyoutoberich.com/blog/cheap-versus-frugal/comment-page-2/#comment-89756 Savings Fri, 20 Feb 2009 12:36:16 +0000 http://www.iwillteachyoutoberich.com/blog/cheap-versus-frugal#comment-89756 I'm definitely Frugal, reason being ::Frugal people don’t mind spending money, they just don’t like wasting it…and they think its a good idea to try your best to live within your means. They know that saving money and investing it is the key to a steadily improving lifestyle. They are creative in finding ways to enjoy life that don’t cost a lot of money. They set financial goals and work to achieve them, whether its sending the kids through college or saving for that trip around the world. They make purchases based on the true worth of what they’re buying, not on status or hype. Thanks for raising such a topic. I’m definitely Frugal, reason being ::Frugal people don’t mind spending money, they just don’t like wasting it…and they think its a good idea to try your best to live within your means. They know that saving money and investing it is the key to a steadily improving lifestyle. They are creative in finding ways to enjoy life that don’t cost a lot of money. They set financial goals and work to achieve them, whether its sending the kids through college or saving for that trip around the world. They make purchases based on the true worth of what they’re buying, not on status or hype. Thanks for raising such a topic.

]]> By: katrina http://www.iwillteachyoutoberich.com/blog/cheap-versus-frugal/comment-page-2/#comment-85398 katrina Thu, 01 Jan 2009 00:45:37 +0000 http://www.iwillteachyoutoberich.com/blog/cheap-versus-frugal#comment-85398 my sisters used to laugh at me, cuz I would never pay full price for anything like toilet tissue, toothbrushes, paper, envelopes but get them on sale & store them for use; I bought beautiful things at consignment & thrift stores, most brand new, tags still on them; then they said what the heck, can't change you I will join you! one for Christmas told her husband he had bought her a beautiful leather jacket for Christmas; he guessed $300; or higher once he saw it; she finally put him out of his misery by telling him she actually got it at Goodwill for $30.00!!!! Frugal does NOT mean doing without at all; it realizes everyone is out to take your $ & doing all they can to get you to spend it THEIR way; one man loved 501's but hated to spend $50 on them so got cheaper ones & every time you saw him he complained; I found them brand new for $29 & bought him 2 pairs; I explained to him THIS was something HE truly wanted & when you understand the life length of the jeans for 5 years it was less than 1 penny a day; so it WAS worth it for what he really cared about; THIS is the difference between frugal & cheap; frugal doesn't run out & buy a "playstation" because it is new; rather rejoices when finds a mint one for $14.99 at thrift store cuz someone else had to "upgrade" & it was "obsolete"; rejoices when they find Lena Liu's framed paintings for $3 & $5; whom they truly love but just could not justify $100 up to buy one new; they never buy things just to "have" them; even a lamp if not a thing of beauty would rather read by flashllight than have ugliness in their home for years, until they find a matching set of 2 table & 1 standing lamp, complete with shades, things for beauty for $60.00. Most folks do NOT understand frugality at all; to me, it is just common sense. my sisters used to laugh at me, cuz I would never pay full price for anything like toilet tissue, toothbrushes, paper, envelopes but get them on sale & store them for use; I bought beautiful things at consignment & thrift stores, most brand new, tags still on them; then they said what the heck, can’t change you I will join you! one for Christmas told her husband he had bought her a beautiful leather jacket for Christmas; he guessed $300; or higher once he saw it; she finally put him out of his misery by telling him she actually got it at Goodwill for $30.00!!!! Frugal does NOT mean doing without at all; it realizes everyone is out to take your $ & doing all they can to get you to spend it THEIR way; one man loved 501’s but hated to spend $50 on them so got cheaper ones & every time you saw him he complained; I found them brand new for $29 & bought him 2 pairs; I explained to him THIS was something HE truly wanted & when you understand the life length of the jeans for 5 years it was less than 1 penny a day; so it WAS worth it for what he really cared about; THIS is the difference between frugal & cheap; frugal doesn’t run out & buy a “playstation” because it is new; rather rejoices when finds a mint one for $14.99 at thrift store cuz someone else had to “upgrade” & it was “obsolete”; rejoices when they find Lena Liu’s framed paintings for $3 & $5; whom they truly love but just could not justify $100 up to buy one new; they never buy things just to “have” them; even a lamp if not a thing of beauty would rather read by flashllight than have ugliness in their home for years, until they find a matching set of 2 table & 1 standing lamp, complete with shades, things for beauty for $60.00. Most folks do NOT understand frugality at all; to me, it is just common sense.

]]> By: sophia http://www.iwillteachyoutoberich.com/blog/cheap-versus-frugal/comment-page-2/#comment-68554 sophia Sat, 02 Aug 2008 23:33:39 +0000 http://www.iwillteachyoutoberich.com/blog/cheap-versus-frugal#comment-68554 I definetly consider myself frugal. I tend to disagree with some of the thing you listed above as your pet peeves with regards to things you don't like to spend money on. But then again, I have my own pet peeves myself LOL. Here is a tip about dry cleaning use the drycleaning products you can buy at rite aid etc. they are about 50 cents per item. Restaurants, check out restaurants.com it's a great site they have special deals and you can get a great meal for a lot less money (e.g. bought a 25 dollar coupon to a restaurant for 3 bucks) they have a huge selection in NYC. The catch is you have to charge up to 35 dollar on food, but its definetly worth it. Parking and transportation, I live in NYC and don't have to worry about that. But every know and then I like to treat myself to cabs, its totally worth it to me. My pet peeves paying too much for a haircut and dying my hair but I am single and I should change that if I ever want to meet anyone LOL. Have a great day :-) I definetly consider myself frugal. I tend to disagree with some of the thing you listed above as your pet peeves with regards to things you don’t like to spend money on.

But then again, I have my own pet peeves myself LOL. Here is a tip about dry cleaning use the drycleaning products you can buy at rite aid etc. they are about 50 cents per item.

Restaurants, check out restaurants.com it’s a great site they have special deals and you can get a great meal for a lot less money (e.g. bought a 25 dollar coupon to a restaurant for 3 bucks) they have a huge selection in NYC. The catch is you have to charge up to 35 dollar on food, but its definetly worth it.

Parking and transportation, I live in NYC and don’t have to worry about that. But every know and then I like to treat myself to cabs, its totally worth it to me.

My pet peeves paying too much for a haircut and dying my hair but I am single and I should change that if I ever want to meet anyone LOL. Have a great day :-)

]]> By: katrina http://www.iwillteachyoutoberich.com/blog/cheap-versus-frugal/comment-page-2/#comment-66962 katrina Wed, 23 Jul 2008 00:07:49 +0000 http://www.iwillteachyoutoberich.com/blog/cheap-versus-frugal#comment-66962 frugality is simply getting the most value for your $ whether you have a lot or not; it means stocking up on items when on sale, because why pay full price if you don't have to; why pay full price for toilet paper? why not stock up on it when on sale, have on hand, and have the $ next month to buy ribeye steaks to last you 6 months buy buying them in a bag & have cut to size? It means buying clothes/shoes/at 70% off the lowest marked price. Then not only will you live well on less, you can also have plenty to spare to help others with always, even living on disability. Cheap means skinflint who screws everyone over for their own benefit, and never giving anything to anyone because they are stingy, selfish folks; and MOST people who have a lot of money are CHEAP. frugality is simply getting the most value for your $ whether you have a lot or not; it means stocking up on items when on sale, because why pay full price if you don’t have to; why pay full price for toilet paper? why not stock up on it when on sale, have on hand, and have the $ next month to buy ribeye steaks to last you 6 months buy buying them in a bag & have cut to size? It means buying clothes/shoes/at 70% off the lowest marked price. Then not only will you live well on less, you can also have plenty to spare to help others with always, even living on disability. Cheap means skinflint who screws everyone over for their own benefit, and never giving anything to anyone because they are stingy, selfish folks; and MOST people who have a lot of money are CHEAP.

]]> By: Mel http://www.iwillteachyoutoberich.com/blog/cheap-versus-frugal/comment-page-2/#comment-61425 Mel Sat, 10 May 2008 00:29:32 +0000 http://www.iwillteachyoutoberich.com/blog/cheap-versus-frugal#comment-61425 wow that one about the cheap person ordering 7.95 meal and putting in 8 bucks is so close to home. one time me and my b/f went out with this couple, even though they insisted on ordering wine (which is not in my budget) which was 50 dollars, they still made me pay for a 1/4 of it which i didn't want to do and told them i didn't want to do because I didn't drink any of it! but when the bill came they made the waiter split it exactly before i could remind them that i didn't drink the wine so i shouldn't be charged for it, but they didn't make any moves to try to pay me back the 15 dollars I had put in for the wine (because of the extra tax and tip it also cause me to pay). cheap jerks. I decided never to eat out with them again. wow that one about the cheap person ordering 7.95 meal and putting in 8 bucks is so close to home.

one time me and my b/f went out with this couple, even though they insisted on ordering wine (which is not in my budget) which was 50 dollars, they still made me pay for a 1/4 of it which i didn’t want to do and told them i didn’t want to do because I didn’t drink any of it!

but when the bill came they made the waiter split it exactly before i could remind them that i didn’t drink the wine so i shouldn’t be charged for it, but they didn’t make any moves to try to pay me back the 15 dollars I had put in for the wine (because of the extra tax and tip it also cause me to pay). cheap jerks. I decided never to eat out with them again.

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