Cheap Vs. Frugal – And The Difference Between The Two

By Brian Maynor

 

You may think you’re being frugal, but are you really being cheap?

Contrary to popular opinion the two words are not synonymous. Frugality is all about spending money wisely and not being wasteful, and we all know that cheap means spending as absolutely little money as possible.

Along with those different approaches to spending money there are other distinctions between the two concepts, along with a few similarities. Here’s everything you need to know to determine if you’re frugal or cheap:

1.    Comparisons. Both concepts center around money, particularly saving money, but there is one very big difference. A cheap mentality looks only at the price as the bottom line. It is the only factor used when deciding when to spend money. A frugal person on the other hand considers the price, but uses value as the bottom line. That means they may end up spending more money, but it’s only on a wise purchase that is a better deal.

2.    Motivation. A frugal person looks at all elements of a purchase when determining value, including quality and their time, before making a decision. Their goal is to ultimately have more things they really want in the long run. A cheap person is only motivated by saving money and spending as little of it as possible.   They are in essence afraid of spending money and will sacrifice value, quality and their time in order for instant savings.

3.    Habits. A frugal person doesn’t complain about spending money or avoid going out with friends, they just order wisely and limit what they spend. For example, they may order an appetizer and water at dinner or one glass of wine. A cheap person always complains about being ‘poor’, and when they go out will drink from the bottle of wine you order, eat off your plate and not chip in on the bill.

4.    Action Plan. Just like all habits you can change, modify or abandon them if you want to. One of the easiest ways to evaluate and change your behavior is to focus on your timeline. Cheap habits look only at the short-term, instant savings whereas frugal habits are long-term oriented. If that doesn’t work, ask yourself if you’re willing to buy thrift store underwear.

You may think whether you’re cheap or frugal is a personal decision and no ones business and that is true, until your spending habits affect others.

 

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I am always curious to hear from you and what you see in the workplace. Send your questions, comments and pet peeves to [email protected]. Also find each of these storyborads at http://brianmaynor.polyvore.com with links to purchase each item.

 

About Brian Maynor

Brian Maynor has built a reputation as one of the leading style coaches in the Southeast and is quickly expanding his eponymous company, BRIAN MAYNOR and his FIND, FLATTER & FLAUNT line of image consulting services. A professional with a fresh, upbeat and down-to-earth personality and boundless creative energy, he works frequently with with local celebrities; Fortune 500 companies and nonprofit organizations; modeling agencies; fashion designers; production companies; record labels; media and individuals. A regular contributor to various fashion blogs and online communities, Brian Maynor is one of the most trusted and recognized style experts in the region, utilizing his education and training as a broadcast journalist to serve as a style lecturer, emcee, and commentator for over a decade. He has appeared at fashion shows, expos, and charity fundraisers, as well as events with big brands like Banana Republic, Ann Taylor, Chico’s and Macy’s. His approach is innovative, creative and fashion-forward, balancing fresh, modern styles with classic pieces to keep one’s look grounded. To learn more, visit http://www.brianmaynor.com.

 

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