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Old 06-22-2017, 07:55 PM
 
Location: South Jersey
62 posts, read 43,800 times
Reputation: 292

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I like to think of myself as 'frugal'.. (my Dad says I'm a 'minimalist!). Even though I have the money to buy a luxury car, I drive a 2000 Mazda Protege. DW and I have lived in the same modest house for almost 40 years, with a few rooms added on.

While I like to shop at dollar stores, clip coupons, always ask for the 'senior discount' at fast food joints, I do spend money when I think it's worth it, for special occasions, gifts, charity, etc.

So that's 'frugal' right? Or is it 'cheap'? What do you think?
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Old 06-22-2017, 08:57 PM
 
8,768 posts, read 10,329,110 times
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Yes there are differences. In the world of financial conscious people, there are actually three types. Thrifty, Frugal and Cheap. Here is one way to recognize them.

All three walking on a road for hot and thirsty. They come across a small one room store. The Thrifty person will decide they are hot and thirsty so it's worth $2.00 for a cold bottle of water. The Frugal person will decide the .50 cents bottle of warm water in the sun will quench their thirst. The Cheap person will not spend a penny and just drink from the squeegee bucket.

I think that sums it up.
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Old 06-22-2017, 09:08 PM
 
11,612 posts, read 5,457,812 times
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Quote:
Originally Posted by Rabrrita View Post
Yes there are differences. In the world of financial conscious people, there are actually three types. Thrifty, Frugal and Cheap. Here is one way to recognize them.

All three walking on a road for hot and thirsty. They come across a small one room store. The Thrifty person will decide they are hot and thirsty so it's worth $2.00 for a cold bottle of water. The Frugal person will decide the .50 cents bottle of warm water in the sun will quench their thirst. The Cheap person will not spend a penny and just drink from the squeegee bucket.

I think that sums it up.
LOL, but how does that scenario make the thrifty person thrifty? A big spender would also buy the $2 cold water.
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Old 06-22-2017, 09:10 PM
 
866 posts, read 446,407 times
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I drive a $1000 car yet make well into the six figures. I don't even have AC in that POS. I don't have cable TV. I have a $30/mo prepaid cellphone plan. I shop at Aldi.

Yet I feel that I simply live in a world of financial austerity. I went through a dark period during the Great Recession and I struggle with the concept of taking on debt. The only debt I have is a mortgage.

I don't consider myself to be cheap. I don't think I'm frugal as I'm willing to spend money for quality. I don't clip coupons so I don't think I'm thrifty.

I live well beneath my means and I'm sure that perplexes people that know me. I just can't pull the trigger on new debt (that doesn't earn me income) and I can't stomach the thought of spending $30,000 for a new vehicle as that would deplete my cushion. If I finance the car, I have to carry full coverage for insurance. That's more wasted money. Why would I want to pay almost $20/day to say I own a "new car"? I have nobody to impress.

So perhaps I'm cheap, thrifty, and frugal.
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Old 06-22-2017, 09:17 PM
 
11,612 posts, read 5,457,812 times
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Definition of thrifty:

of a person or their behavior) using money and other resources carefully and not wastefully.
synonyms: frugal, economical, sparing, careful with money, penny-wise, provident, prudent, abstemious;
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Old 06-22-2017, 09:19 PM
 
11,612 posts, read 5,457,812 times
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The 'penny wise' makes me laugh. I was told I am penny wise and pound foolish which is true sometimes. I do spend too much sometimes on bigger things but constantly counting pennies. Not literal pennies, but small amounts.
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Old 06-22-2017, 09:22 PM
 
18,775 posts, read 6,129,215 times
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I live on senior low income and consider myself thrifty. Don't shop 99cent store, like to buy organic produce most of the time and buy grassfed beef and lamb. Just got rid of cable tv so not giving them $60/month. Due to a knee issue and possible knee replacement coming up I am considering giving up my 1995 low mileage corolla. It will be for sale...any takers.

I have several piles of medical piles from hospital/rehabs from my knee issue and some will go poof and a couple I'm making payments as I feel like it. I own nothing of great value and feel very content. I need nothing except my food, roof over head and my supplements. And NPR radio. It's only me and I treat my grandkids now and then. They are fine financially. No worry there.
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Old 06-22-2017, 09:35 PM
 
5,751 posts, read 3,035,945 times
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Let's use the old car example (I actually had a friend who did this). Let's say you have an older car. It provides what you need in basic transportation. But then has a problem. So you fix it. Then another problem. Repeat. And again. It's time to buy a replacement because this one is now on it's last legs. But no, you're not going to spend a dime on a replacement, you're too cheap to spend money on a car. So you keep repeating this process for over a year. In that time you spend over $10,000 repairing a car that is just going to keep breaking. And it finally break and you have no choice but to replace it. So now you have to spend the money on a new car anyway and have wasted over $10,000 trying to avoid it. That $10,000 sure would have made a nice down payment. wouldn't it?


Now I'm not saying run out and buy a new car. What I am saying is the cheap person spends dollars to avoid spending dimes while the thrifty person spends where needed to accomplish his goals.
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Old 06-22-2017, 10:54 PM
 
8,768 posts, read 10,329,110 times
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Quote:
Originally Posted by jencam View Post
LOL, but how does that scenario make the thrifty person thrifty? A big spender would also buy the $2 cold water.
Where does it say thrifty individuals don't spend money? They spend based on reasonableness. Since the meaning of frugal has been so distorted in this forum, cheap is becoming the new frugal. Unfortunately because so many who claim to be frugal are really just poor, the definitions really are meaningless.

It's almost as if the contest is to show how cheap one can be over the last person who posted how cheap they were.
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Old 06-23-2017, 05:21 AM
 
Location: Suburban wasteland of NC
248 posts, read 150,206 times
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Quote:
Originally Posted by Rabrrita View Post
Yes there are differences. In the world of financial conscious people, there are actually three types. Thrifty, Frugal and Cheap. Here is one way to recognize them.

All three walking on a road for hot and thirsty. They come across a small one room store. The Thrifty person will decide they are hot and thirsty so it's worth $2.00 for a cold bottle of water. The Frugal person will decide the .50 cents bottle of warm water in the sun will quench their thirst. The Cheap person will not spend a penny and just drink from the squeegee bucket.

I think that sums it up.
I'm confused; why did these hypothetical people go somewhere without at the very least bringing a bottle of water with them in the first place? If they knew they were going walking down a hot road why didn't they wear a CamelBak (particularly one that's also a backpack so you can stick snacks in it too)?
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