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FRUGAL v/s CHEAP :
People who are frugal seek out the best value, as opposed to those who are cheap, who seek out the lowest price. People who are frugal avoid wasting money, whereas those who are cheap avoid spending it. Being cheap is spending as little money as possible, while being frugal entails spending money wisely.
Being economical does not equate to being cheap. Significant distinctions exist between the two.
What is the difference between Being Frugal and Being Cheap ?
1. Being frugal is a technique of handling your money. It is a technique for managing your money wisely and deliberately. A frugal individual priorities value and preserving money for life essentials.
2. Being frugal means prioritising your expenditures, maximising your money, and avoiding waste. Spending as little money as possible and going with the cheapest option regardless of the repercussions is what it means to be cheap.
3. Both the cheap and the frugal try to save money. They think differently about money, which is the main distinction.
4. A frugal individual does not detest making purchases. They are not scared to spend money, but they do not buy goods to gain prestige, popularity, or boost their self-esteem. They take into account their long-term financial objectives, their quality of life, value, and how their spending affects other people.
5. Saving money is the first priority for those who are cheap. In an effort to cut costs in the near term, they forgo quality and their time. They are the ones that travel a half-hour away to a store in search of cheap, inferior toilet paper.
6. People who are frugal consider cost in the context of total value. Spending more money up front may be the wiser move when longevity, maintenance costs, replacement costs, energy consumption, time savings, and satisfaction are taken into account.