Practising frugality is often mistaken as being a cheapskate; there are vast differences between the two. The mentality of being economical, reducing waste and getting the best value for what you are spending is being frugal. The mindset of being cheap is the overwhelming desire to not spend money for anything; people who are cheapskates have an obsessive desire to hold on to their cash.
A miserly person’s character is very different from a frugal person, and you would find that you would prefer the company of the frugal person rather than a cheapskate. A frugal person has good budgeting sense; they look at the big picture when making financial decisions and weighing pros and cons before making a purchase is second nature to them. Frugality doesn’t mean that you compromise your needs or wants in your daily to just save money. Possessing an economical sense when making a purchase means you try to get the best value as you can with your affordability, a cheapskate would instead opt to not spend any money at all and would try to live by spending as less money as possible.
Frugality is the fine art of balancing your money and desire to spend. Everyone has the urge to splurge; retail therapy can be addictive and destructive to your budgeting. Trying to be frugal is being conscious of your desire to spend and practising self-discipline to control your impulsive cravings. So, by cultivating the mind to consciously care about the cost, quality and reducing waste frugality is an admirable trait to have. Choosing to spend wisely without compromising on the quality of your lifestyle is the essence of being frugal.
A person who is a tightwad would be the total opposite; they would not care about the necessities they require nor the quality of things: their only priority is not to spend their own money. This is not a case of wanting to save money for a rainy day, a cheapskate would not care about the quality things they get, and the cheaper it is, the better. Cheapskates also have a reputation of putting their expenses on others, the more they can freeload on another person, the happier they’ll be. A prime example of how far a cheapskate would to not spend money, they would put their own health at risk rather than spend money to seek medical help if they are unwell.
A frugal person who would appreciate the value of money and the effort of earning it, they would not expect others to pick up their expenses for them. Frugality encourages saving but not on the expense of others, for example a frugal person would not expect a gathering of friends to eat out with savings coupons or promotions just to save money, a cheapskate would ignore social norms probably insist on dining with the cheapest cost possible; giving priority to their own pocket instead of the focusing on the experience of a social gathering.
For a frugal person, a tiebreaker for a financial decision would be the overall value of the item. The priority for a person who practices frugality is almost always the value of the purchase; quality is usually something that is considered after value. Completely opposite from this, a cheapskate would not care about the value for money or quality, the total price would be the decision-maker and the lower the price, the better.
Being around a cheapskate is no fun; one of the many reasons for this is their love of complaining about the cost of things. A miser would even complain about something free if possible; there are no satisfying people of this personality. It can be very tiresome and irksome to be out with a person who complains about the price of everything, regardless of its quality or value and it can be almost impossible to have a conversation about their need to complain about every price tag. A frugal person would appreciate the value placed on items and they can be respectfully honest about costings if they feel it’s not worth its value which is very different from a cheapskate’s almost always negative viewpoint on spending money.
Frugality is a virtue; it teaches a person to be responsible and proactive while being considerate to the people around them. Understanding the value of living life as best as one can and getting the best out of what can be spent in a wise matter is an amazing quality to have in person. Being penny-wise but pound-foolish never helped anyone and being a cheapskate has more downsides than advantages in life. A cheapskate would not appreciate living life without the shackles of thinking of money all the time; life is more than just about having money and hoarding it.
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