Are you cheap, frugal or thrifty? These three words have slightly different meanings. As long as you continue to grow with your finances and are careful financially, you might find the definition of thrifty, frugal and even cheap interchange a bit.
However, these descriptions aren’t synonyms, they are reflections of the challenge of money management. You don’t need to search out where you are with thesaurus either. You will know where your vocabulary reflects by carefully looking at your words, along with every sentence when you think about the way you look at money.
Is It all a Financial Definition?
Looking for the definition of Frugal? Frugal people are careful about how they spend their money, but they aren’t afraid to spend money on things that are important to them. They like to get good value for money, but they’re not afraid of spending a little if they think the benefits will outweigh the costs.
Then there is the idea of cheap and it’s related, but different. Cheap people may be fearful of spending even a small amount of money in case they can’t afford it, or they might find ways to save so much on everything that they feel good about being cheap.
If you are thrifty, you might say that you are looking at an economical way of living. It’s one word that everyone seems to agree on when it comes to growing vigorously with your finances.
Relax! It’s possible to be frugal, thrifty and cheap and balance the every day savings in your own life. There is no test. (thank goodness). It’s all about the resources of what you have being put to good use for what you need.
When you’re on a budget, it’s tempting to start looking for ways to save money wherever you can. One of the best ways to do this is by being thrifty or frugal. Both terms refer to spending less money in different ways and are used interchangeably.
Be Cheap, Frugal or Thrifty? Do Them all!
There are, however, some subtle differences between the two terms that might help you if you find yourself having an argument about which term is more appropriate in a given situation. It’s More than a word of the day, it’s offering a look at money with examples and definitions.
Fortunately, being thrifty and frugal both have the same goal: finding creative and cost-effective ways to reduce your spending while maintaining your standard of living. Let’s take a look at how these two words differ and why they might be useful for different situations.
What does it Mean to be Cheap?
A cheap person is someone who is stingy with their money. They get a feeling of satisfaction from saving as much as possible and finding ways to get things for less. For example, if you invite someone out for coffee and they decline, saying they can’t afford it or that coffee is too expensive, then they might be cheap.
If, on the other hand, you invite someone out for coffee and they decline because they want to spend their money on something more important to them, then they’re probably just being frugal. The important difference between cheap and frugal is how they feel about spending money. Cheap people often feel bad about spending money on things that they don’t need. They might be uncomfortable inviting friends out to eat, or they might feel guilty buying certain things.
They might spend a lot of time searching for sales, discounts and freebies, and they might not be able to enjoy their purchases for long because they don’t have the money to replace them when they break or wear out.
Why Be Cheap?
There are many reasons why people become cheap. Some people may have low self-esteem and feel like they aren’t worth spending money on. Others may have financial problems that make them feel like they have to keep saving money.
Some people may have financial problems but choose to be cheap because they think it’s the only way they’ll ever get their finances under control. While there are many reasons why people become cheap, there are also plenty of reasons why people should stop being cheap. If you’re being cheap, you’ll miss out on a lot of joy in life, and you might be causing yourself a lot of mental and physical health problems.
If you’re feeling bad about being cheap, try to find ways to spend more money on things that will bring you joy. You’ll need to spend money at some point, and it’s better to be frugal and get good value for your money than to be cheap.
What does it Mean to be Frugal?
A frugal person is one who likes to get the most out of their money. A frugal person is likely to take care of their belongings, be able to manage their money well and stay out of debt.
Frugal people like to get good value for their money, but they aren’t stingy about spending it. For example, if you invite someone out for coffee and they decline, saying they can’t afford it or that coffee is too expensive, then they might be cheap.
If, on the other hand, you invite someone out for coffee and they decline because they want to spend their money on something more important to them, then they’re probably just being frugal. The important difference between cheap and frugal is how they feel about spending money.
Frugal people are careful with their money, but they’re not afraid to spend money on things that are important to them. Frugal people like to get good value for their money, but they aren’t afraid to spend a little if they think the benefits will outweigh the costs.
Why be Frugal?
There are many reasons why you might want to be frugal. You may want to save money for a special occasion like a holiday or a car. You might want to stockpile money in case of an emergency. You might want to be able to retire early.
Related Reading: 9 Good Money Habits to Start Today
No matter what your reasons are, it’s important to spend money on the right things. Being frugal doesn’t mean buying the cheapest versions of everything. It means finding good value for your money so that you get the best quality you can with the money that you have. Being frugal will also help you to enjoy your life more.
If you’re worried about your finances all the time, you’re likely to feel stressed, anxious and depressed. These feelings can affect your relationships with friends and family, your work and your overall health. If you’re frugal and enjoy the things you have, you’ll likely feel less stressed, less anxious and happier in general.
Find Your Own Way to Being Frugal
Some people have a frugal upbringing, and they don’t even think about being frugal. Other people have a more carefree attitude to spending money but could benefit from being more frugal. Whatever your situation, you can find your own way to being frugal. You don’t want to be so frugal that you don’t buy things you need, but you want to be careful with your money. You can find a middle ground.
Why be Thrifty?
Nobody likes being broke, and being thrifty is one of the best ways to make sure that you don’t find yourself with no money in your bank account. There are lots of different ways to be thrifty, and the best thing is that you can start to become more thrifty every day.
It isn’t something that happens overnight or even after a week or a month. Becoming more thrifty takes time, and it can be something that you work on every day. There are lots of ways to save money so that you have more in your bank account.
Find Your Own Way to Being Thrifty
Everyone has their own way of being thrifty. Some people like to only shop at thrift stores. Other people prefer to find ways to make their regular stores want to take their business. Some people like to make their own things while others prefer to buy things that they know will last longer.
There is no right or wrong way to be thrifty as long as it works for you. It’s important to find out what works for you and then do it. If you have tried to be thrifty in the past, but it didn’t work for you, then try something new. You may be surprised at how easy it is once you find a way to be thrifty that’s right for you.
Being cheap, frugal or thrifty is how you feel about money. Yet, let’s be real. It’s not about using a way to describe your money habits and then using that noun or verb in a sentence to describe your every financial decision. It’s not about trying to save every penny. It’s about choosing to spend your money on the things that matter to you while spending as little as possible on the rest. If you’re thinking and paying attention to every financial sign, you’ll be able to enjoy the things you love while still saving money.