Not long ago, in the Geezeo community, a user asked, “what is the difference between ‘frugal’ and ‘cheap’? Our frugal expert Natalie McNeal had a great answer, “Cheap people show up to your house party empty handed, but frugals show up with an enjoyable wine they bought on sale. Cheap people buy black slacks made of poor quality because of the low price. Frugal people would purchase/get from a friend a pair of high-quality slacks and maintain them for years. When I think of cheap, I think poor quality. Frugality means being discriminating. I enjoy nice things as needed and in moderation.”
Also recently there has been many personal finance bloggers who have been talking about what frugality means to them.
To Remodeling this Life, “frugality is about setting up priorities and making meaningful goals. It’s a balancing act and requires being mindful of not only what I consume but what I waste and doing what I can to minimize both. There is nothing more wonderful to me in my life right now than to feel like I am making a simple and beautiful life for my family without spending a lot of money. For me, frugality is just a means to a far off end, but it’s also a beautiful path to be walking along.”
Almost Frugal has been writing about concepts of frugality every so often because she believes that, “when learning to live a frugal life, it is just as important to think about the why as the how. In other words, lists of frugal tips are fine and good, but all your frugal efforts are ultimately doomed to failure if you don’t truly shift your way of thinking.” The one she talks about here is that of knowing what you want, and being willing to wait for it.
And The Reductionist says, “The first thing that stands to be mentioned is that my understanding of frugality is that it doesn’t necessarily have to be an all-or-nothing deal. I think that if one engages in fast-and-binge spending or a regular basis, that person might not necessarily be frugal on my account, but I don’t think that the occasional indulgence- however frivolous- is going to be a make -or- break situation.
That said, one of my favorite definnitions of frugality is the definition in Your Money or Your Life : the authors note that frugality isn’t the same as penny-pinching. It’s having a high joy-to-stuff ratio. I try to call that line up every time I’m deciding on a purchase or a course of action, and how that purchase is going to make me feel.”
So after thinking about all of this, what does frugality mean to you? Please tell us about it here, and in our community sections. You can talk about frugality with our very own Frugal expert, Natalie McNeal, or in groups such as Financially Frugal Families.
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