When it comes to money, you could say that I’m a Frugalista. You may be asking, what in the world is a frugalista? A frugalista is a very frugal person.
And let me be clear in saying that there’s a big difference between being frugal and cheap.
Being frugal does not mean that you are a cheapskate. It just means you are more conscious in how you spend your money.
Dictionary.com defines both words:
- Frugal – economical in use or expenditure; prudently saving or sparing; not wasteful: a frugal manager.
- Cheap – costing very little; relatively low in price; inexpensive: a cheap dress.
In other words, a frugal person may purchase a higher priced product to save more in the long run. While someone being cheap is only focused on paying the lowest price. Period.
So I’m all about making value based purchases. Shopping for value may cost you a little more today, but it can save you from making the same purchase over and over again. Plus, when you’re too cheap it could cost you more than money (e.g. comfort, health).
As Warren Buffett once said, “Price is what you pay. Value is what you get.”
Warren Buffett is one of the richest men in the world. He’s a billionaire who happens to be frugal. To read more about Warren Buffett’s frugal habits – check out Warren Buffett’s Frugal, So Why Aren’t You?
What are your thoughts on the difference between being frugal and cheap?