Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Being cheap is when you inconvenience other people. Ie leaching peoples food/drinks, always complaining over a few bucks, get people to change venues to save a few bucks, etc I don't care if you are eating instant ramen for every meal, but don't bring that to my potluck -_-
That's exactly what I was going to say. I have always felt that the true difference between being cheap or frugal is whether someone hurts or inconveniences other people or only herself.
I get a kick out of saving money in a multitude of ways, but never at someone else's expense. I don't steal napkins and condiments from fast food places (or steal anything, for that matter). I keep my food budget very low (about $160-180/month for two adults), but I learned to shop smart and cook well, so even my dinner guests don't feel I'm offering "cheap" fare and often lavishly compliment my cooking. I don't mooch off of people, but when something is offered for free, I take it and try to pay them back in kind (for example, when my parents give me excess tomatoes from their gardens, I make canned salsa and offer them several jars). When someone brings in donuts at work, I make sure I do the same at some other time. I buy a lot of generic stuff, but if my husband really likes the brand name version better, I don't make him suffer through the generic version. I don't order a bunch of expensive stuff at a restaurant and then try to get everyone to split the check evenly. I don't buy something cheap as a gift just becuase it's cheap and not care if the person likes it or not. If someone asks me to the movies, I don't try to talk them into going to the cheaper earlier show to save money (and will politely decline if I just can't afford it otherwise).
If you want to use a car as an example I would change it to a good used car. I purchased a 12 year old Regal GS that had 65K miles last year. It's like brand new inside and out. I paid $4k, it was a $27K car in 2002. That's being economical.
Best example I can think of is ketchup or any food for that matter. If you're buying store brand ketchup that doesn't taste as good as the brand name, that's cheap. If you can find a store brand that tastes like the name brand, that's economical.
We paid $13,000.00 for our one owner, older widowed woman $62,000.00 when it was brand new, mint condition used vehicle with 12,000 original miles. All of the original paperwork, sales documents and maintenance over the used were included as well.
I have a wee bit of an idea what economical is.
I tend to shy away from the word "cheap" because it insults people for being fiscally responsible. In reality, being "cheap" is intelligent. What we need is a pejorative word to insult/stigmatize people who irrationally throw around money, because too many Americans are accustomed to living beyond their means.
Being cheap is being cheap not being "fiscally responsible". It's shorting yourself and others for no other reason than you just don't want to spend money that you could afford to spend. Other posters have given examples: not adequately tipping when you've had good service, ignoring quality, mooching off others, etc.
I will add to that list, depriving yourself of something that you really need and can afford but that you won't spend the money on despite having the ability to pay for it. For example, you need a car for work because you work off-hours, and the one you have is 12-years-old and sometimes starts and sometimes doesn't. Occasionally, it dies in traffic. It has been doing this for months, and rather taking it to a garage to see what's wrong or simply buying a new/newer one, you keep hitting up co-workers to jump start your vehicle or give you rides simply because you don't want to take money out of your bank account or take out a car loan.
Can you draw the line between being cheap and being economical? Is there some kind of rule to define what is cheap and what is just economically reasonable?
Is it possible to be perceived as a normal person without spending wildly?
Is it necessary to be packed in Brioni and flash Cartier diamonds to belong to the non-cheap part of the population?
Would be great to see opinions with contrasting examples.
2Mods: I understand it's not "great", but still debates. And it's not exactly about economics, rather it's about people's state of mind, perceptions, feelings etc. If you think it's economics, I wouldn't mind if you move it to another section.
As I read all the comments, you can tell it is a very subjective topic. What is the end state though? Many people that are called cheap are enjoying life in their old age whereas many of those that called them cheap are the ones now looking for scraps to make it.
I do not see my wife and I as cheap but that does not mean we did not look for the cheap bargains in life. We never deprived ourselves of having fun and enjoying life though. Our kids were never deprived of enjoying food and not wishing they had more, or that they did not have fun when we travelled, or were denied the ballet, gymnastics classes they wanted, etc.
One example:
When I was stationed in Germany my wife and I travelled throughout Europe. We bought an ice chest and stock it with cold cuts, bread, sodas, etc. so we did not have to spend on expensive food. That does not mean we did not try some special and unique treat along the way.
We also did not mind spending about 7K in a 5 day trip tour of the family throughout Italy, and later the same to France, and later to the Benelux.
After I retired from the Army at age 57 I had no more need to have a full time job. We saved money, travelled, and enjoyed life using our money wisely. Wisely would be called cheap by others.
How many of you can't wait to pay for the latest electronic gadget when the one you have works just fine? How many of you need to have the latest computer even though the one you have works just fine?
You can spend the money now when you do not have retirement security and later wish you had more when you are old.
Now we have a paid house, paid cars, not debts, no children education debts, etc. We are truly enjoying life without any worries. We have a decent amount of money in our saving account, my income is close to the 100K a year, and we have a comfortable life with no worries. I now do what I love to do, teach a local university management/HR subjects. I can draw social security but my wife said "We don't need it so let us wait to the longest to draw the most benefit of it at a later age".
Lastly, I share a happy comment my wife made. We were at the local COSTCO having lunch. There was a car on display for sale. I jokingly told my wife, "why don't we buy that car?" She replied "We don't need it but if feels good that if we wanted to buy it we can pay for it cash".
So some of you may call others cheap, but 20, 30, or 40 years down the road see how those you called cheap are doing. Take care.
I will add to that list, depriving yourself of something that you really need and can afford but that you won't spend the money on despite having the ability to pay for it.
Living below your means is intelligent. Just because you have the money for something doesn't mean that you can afford it in the long term. I wouldn't insult somebody ("cheap" is pejorative) for not wanting to pay for something that they can go without.
As long as you don't ask anybody for anything, and don't depend on anybody else (i.e mooching off others instead of buying it), there is nothing wrong with spending your money wisely.
In general, the debt culture and all the Americans that live beyond their means are a much larger problem. We should be talking about them and not the misers ("cheap" people) that don't throw around money and aren't bothering anybody.
Living below your means is intelligent. Just because you have the money for something doesn't mean that you can afford it in the long term. I wouldn't insult somebody ("cheap" is pejorative) for not wanting to pay for something that they can go without.
As long as you don't ask anybody for anything, and don't depend on anybody else (i.e mooching off others instead of buying it), there is nothing wrong with spending your money wisely.
In general, the debt culture and all the Americans that live beyond their means are a much larger problem. We should be talking about them and not the misers ("cheap" people) that don't throw around money and aren't bothering anybody.
That is an excellent post! In today's society people tend to want things NOW. Very often they get in debt and when it is time to pay, there are those that want the government to bail them out with laws against businesses. And who pays for those that forfeit on their debts? The rest of the customers because the businesses do get their money back by increasing the prices.
I do wonder how many people spend a lot of time online in forums like this one complaining that they can't make it, they don't make enough money, etc. instead of going out there and look for ways to make money. They probably have the latest state of the art gadget as they complain that they do not have enough money for this and that and yet spent who knows how much money to get the latest computer, iPod, etc. Take care.
when it come to ketchup, i want my brand, i can be cheap on other things, but good ketchup is my little treasure in life. I dont care how much it cost, its my joy, a good hamburger, some hot fries and my ketchup. maybe some fish
Economical is purchasing the best quality you can afford that will last and cheap is purchasing the lowest price no matter what the quality, then complaining when the item does not last and it has to be replaced.
In addition, I would note that the cheap person will refuse to allow his wife to buy a winter coat no matter how ratty (or even non-existent) her old one may be. Even if there is money available.
The economical person will look for a warm coat and hopefully one that is at least moderately attractive, within the budget. They will spend more for fit and warmth, but not primarily for appearance.
I speak from experience. The ex was cheap; I am economical.
OK, one of my neighbors drives a very old Kia. Is he cheap or is he economical? The car runs great but doesn't look good. I buy store-brand ketchup because it tastes better in a dish I buy it for, and also is 2 times less expensive. Am I cheap or economic or simply reasonable? I reuse paper and other office products. My boss looks at me with a snotty smile and throws away reusable things because they look old and not fancy. She (personally) is broke and should ride a bus, but she buys one big truck after another just to look like she has money.
Is throwing usable things away and buying brand-spanking-new ones (of the same quality but maybe more modern) a clear indication of not being cheap? Does a person have a right to follow his personal tastes for, say, non-fancy items without being called cheap? Does doing house work like painting and mowing lawns and picking up the dog poop indicate a cheap person?
I agree with most of the cheap vs. economical comparisons thus far. One change I would make is that the difference depends on your personal situation. Economical is trying to maximize the use of your resources (not just money). "Cheap" is when you are economical well beyond what is necessary to the point where it negatively affects your lifestyle. The trick with that last part is that different situations require different lifestyles.
There is nothing wrong with a middle-class person driving an old Kia, as long as it runs good and gets decent mileage. That is economical. On the other hand, an executive pulling down mid-six-figures driving an old Kia and using it to take rich clients to lunch would be considered cheap.
Being economical is spending wisely, even to the point of being considered cheap in some situations, so you can save your limited money and splurge on something you really really want (nice vacation, nice car, nice house, fun retirement, whatever).
Being economical is doing without yourself so your can provide a better life for your children. Being cheap is making your children do without so you can spend on yourself.
Being economical is taking a sandwich or leftovers for lunch on normal days instead of eating out. Being cheap is doing the same thing when a major client is in town and expects you to feed them.
Buying inexpensive things because you actually prefer them isn't cheap or economical... it's just practical. I personally love Grandma's brand Vanilla-flavored sandwich-creme cookies, and they typically cost $0.50/pack at convenience stores. I will get those over more expensive treats (say, a candy bar at $1.50) when I have a craving while traveling. Even better, I prefer to buy them in a box from the grocery store ($0.25/pack) and carry a pack with me.
I would rather own a Toyota Tacoma (mid-sized pickup) than any full-sized truck (Silverado, F150, Tundra, etc.). It's not because the Taco is cheaper, it's because I don't like driving vehicles that handle like ocean-liners in city traffic.
And finally, re-using paper and office products arguably has nothing to do with cheap vs. economical. Everyone needs to visit a land-fill at least once in their life and adopt the Reduce-Reuse-Recycle lifestyle.
I tend to agree. Economical: looking for the best quality at the lowest price. Cheap: lowest possible price with no concern to quality. And as a former waitress, if you don't tip you're not only cheap, you're a jackhole.
Bingo!!!!
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
