Let's talk about the difference between frugal and cheap. I have a video on my YouTube channel that's gotten a lot of views lately -- it's an old video too. It had someone leave a comment on that that said: "Are you frugal or are you cheap?"
And I really had to think about that. Am I frugal or am I cheap?
I think I'm a mix of both. I think I'm frugal about the things that are really important. And cheap about the things that don't matter to me that much.
But let's break that down because I think that there is a huge difference between being frugal and being cheap. I think that people use those two words interchangeably when they don't necessarily mean the same thing.
I think that a cheap person wants to get the lowest price possible regardless of quality whereas a frugal person puts an emphasis on getting the most for their dollars.
Frugal people want the most quality, the most time, the most value, the most experience for their dollar.
Let's, for example, use our new roof. We had a roof put on in January 2016 after heavy wind damage. We took some time to save up the cash to pay for a new roof and we decided to go with a high quality metal roof. It would have been cheaper to get shingles. It would have taken us less time to save up to get shingles. But we would have found ourselves buying a new roof sooner. So we decided to go with something that cost a little bit more, but was more energy-efficient, looks better and would last longer.
Cheap people want to get the lowest price possible without thinking about the long-term.
Ask yourself: Am I going to have to replace this in five years or in five months or in five days? Is this going to cost more harm than it is good? Like cheap shoes that tear your feet up. And is this going to negatively impact my relationships with people? Because I think sometimes cheap can have a negative impact on our relationships as well.
I think also sometimes cheap means that you're not willing to wait for the best value. That you're going get what you need at the cheapest price rather than waiting, working, trying to save up the extra money you need to get something that's maybe just a little bit better -- maybe even a lot better.
I think that saving money can become an idol to a lot of us: that so much priority is placed on that that it becomes above everything else and reaches the point of being unhealthy because we obsess over it. We obsess over spending money or not spending money. And I think that that can become just as dangerous to our relationships as overspending.
Those are just my thoughts. I would love to know what do you think is the difference between cheap and frugal. Leave me a comment below.