How to be Frugal, Not Cheap (Guest Post)

Many people mistakenly think being frugal is all about being tight with your money and being completely cheap; getting the lowest possible price for everything and not spending any money. This is not quite right. Frugality is about saving money, but there is a big difference between being cheap and being frugal.

If you are frugal you don’t just look around for the lowest price. You look around for the best quality item, that will last a long time, therefore being cheaper in the long run. Then you look for the lowest possible price on that item. Buying 6 pairs of $20 sneakers in 1 year because $20 is cheap is not being frugal. Buying one pair of $80 sneakers for the year would be. The cheap sneakers end up costing you more over the course of the year than buying quality sneakers in the first place. Of course, if you can find $80 sneakers for $20, that is even better.

Being frugal is also about taking care of what you own. Ironing clothes and mending as needed, servicing your car etc. You might save money by not servicing the car regularly, but when you finally get around to it, you will often find you have caused damage or repairs which if done straight away would have been a minimal expense are now hundreds of dollars.

Frugality is a mindset and way of life. Being frugal enables you to take care of what you own and save money, which in turns allows you to spend time and money on the things you enjoy. Frugality is not about being miserly, stingy or greedy with money. It is about being smart with your money, spending it wisely and know what is worth spending money on.

If you want to be frugal keep in mind the following

• Research before purchasing anything so you know the best price and best product
• Never pay retail price
• Buy the best quality you can afford at the lowest possible price
• Look after the things you own
• Spend on what is important to you whilst cutting back in other areas
• Don’t be wasteful. This can cover everything from throwing out food because you bought too much, to using heaters when you could just put on a jacket.
• Do not spend your whole life doing every single little thing to save money, because most of the time that is just being cheap. Find what you can do to save, and then do that, but don’t do it to the detriment of your family or those around you.

These little tips will help you to be frugal, without being cheap.