Be frugal, don't be CHEAP!!!

There is a thin line between being frugal and being cheap. Often times people boast about living a minimalistic lifestyle, saving and investing more without realising there are just being plainly cheap. Mind you, I'm not saying it's wrong to save or live a minimalistic lifestyle. Imfact in this present age, if you are living lavishly without saving or thinking about the future by investing, you are one of the greatest fool. My point is, it's important to do it in the right way.

What does it mean to be Frugal?

Being frugal means you value quality over anything. You look for the long term benefits before purchasing anything. You bargain good price on valuable things.

What does it mean to be cheap?

Being cheap means you value low cost over everything. As long as it is cheap, it is the best. Always seeking for the lowest price products without taking into consideration its quality or evaluate its long term purposes.

It breaks my heart when cheap people boast of their lifestyle without seeing the damages it entails because yes, being cheap has its own disadvantages which you will realise later in this post.

It is true that both seek to achieve same goal which is to save more. It is important to take the right route in achieving this and being cheap is one of the most dangerous route one can take.

4 simple ways on how to be Frugal and not cheap

• Consider the long term benefits over the short term benefits. A frugal person does not mind spending money on quality purchases which will serve them for years but a cheap person will rather buy the product with the lowest price just to serve his/her immediate purpose. This is quite very wrong. Imagine A and B has same amount of money to buy a phone with 100dollars which is of good quality. But A bought the one for 50dollars with a low quality and end up spending 100dollars extra in repairs in the space of one year. How is that a good investment? B who bought the phone for 100dollars has succeeded in saving extra money by not wasting money on unnecessary repairs. This is is how to go about saving. By making quality purchases.

• Prioritise what is needed over what is considered cheap. A frugal person actually go for what he/she needs without blindly following trend while a cheap person will jump at a deal or product just because it it cheap. The fact that you get a needed item for an expensive price doesn't mean you aren't saving enough. Being frugal means you make your findings about this particular item, weigh your options to see they are all of great value and go for the one that will serve you well for a long term. A cheap person will rather jump on the one that is cheap even if the product will not later be of value in the long run.

• Consider how your spending affect people around you. It's important to value people over savings. A cheap person does not care if their choices affect the people around them. As long as they have extra money in their pockets and don't have to spend, they are OK. A cheap person will enter a cab with a poorer person and allow that person pay for their tfare when they could have just refused it and pay for themselves. They will rather paint themselves as the poorest in life just to explore others which is quite bad. Being frugal means you don't inconvenient the people around you with your decisions. They save money by still looking good without people even knowing they are frugal. It is a strategic and wise move.

• Finally, See money as a tool rather than a means to an end. Money is there to enrich our lives and it is important to save and invest. I cannot over emphasis about this but the moment you forget to live and the ONLY thing that matters is how to save extra box, then you're on the wrong path. Save by living, don't cut your life short just because you want to be cheap because being cheap has the potential of ending one's life.

Being cheap will deprive you of a good quality of life. To even purchase a good drug, eat good food or get good clothes will be a problem. You can do all these and still save. That's where Frugal comes in, it's all about investing in quality and long terms while having extra money to save. Make the best decision today. Be frugal, not cheap.

Image is made by myself on Canva.