Are you SUPER FRUGAL when it comes to everything? Maybe I shouldn’t dirty the word frugal by using it so poorly. Are you SUPER CHEAP when it comes to how you spend every single dime? If so, this post may help you reconsider your cheaper than thou ways. My example may not work for every situation, but it works if you want your nice lawn mower and weed eater to stay in good condition.
Just to clarify, frugal to me, means making the best financial decision I can with my money. To get the best bang for my buck. But sometimes being frugal doesn’t exactly mean buying the cheapest item available, or in my case, NOT buying anything at all. Sometimes quality comes into play so that your purchase will last longer than the cheap-O variety. Frugality is about the long term, and being cheap usually costs you money—the opposite objective of those wanting to be frugal.
The story I’m sticking to
When we lived in our first house I bought a nice Husqvarna push mower, and a fairly nice weed-eater that had several attachments for blowing leaves, edging etc. When we lived 30 miles north, we had a walk-in basement. This is where we stored my tools—safe from the elements.
The place we live now has no place for us to store anything. With that said I had the lawn mower and the weed eater up against the house, sometimes covered by the cheap-O tarp I bought to keep from having to buy a storage shed. I say sometimes, because the wind would blow it around and eventually off. Before long, the tarp was useless and I decided to be cheap…again, and NOT buy a “much better” tarp, because I was going to just build a storage shed myself.
Do you know any other men out there that have started projects or procrastinated on starting projects, only to later figure out that it isn’t going to get done? Oh I have ideas all day long, but sometimes those ideas ferment for a little too long. Know anyone like that? 😉
I have a feeling I’m not alone.
The consequences of me being cheap, as well as stupid
The rain and wind beat my lawn mowing tools into submission. Hopefully, my $500 Husqvarna push-mower will just need a professional tune-up, but my weed eater is going to cost more than the price of a new one to replace it.
The cost of being cheap was $103.89 PLUS the cost of the original weed eater which was about $150.
And that’s without the cost of paying a lawn mower mechanic to fix my mower. Husqvarna is like the Harley Davidson of lawn equipment. I just hope it can be fixed. Arrrrhh arrhh arhhh! (That’s my very best Tim “the tool man” Taylor impression.) 😀
Hindsight says…
“Hey Brad, maybe you should of spent about $200 for a basic tool shed to house your Harley Davidson Husqvarna Self-Propelled Push Mower and your way over-priced weed eater.”
Lesson learned.
There are always two sides to every story
Now for the benefits to being frugal as opposed to being cheap. I HATE buying brand new computer stuff as soon as it comes out. HATE IT! I don’t buy the absolute cheapest computer out there but I am not spending top dollar either. I tend to fall right in the middle on most of my electronics purchases.
I have found that being frugal in that way saves me money, because lets face it—all you are buying when you pay top dollar is newer technology. Newer technology is not a good enough reason to pass up on a cheaper, more stable product, just like the new car smell is not a good enough reason for me to turn a financial decision into a train wreck.
I’ll settle for the gently used car, and the new computer with the large discount any day.
Perhaps it’s not such a good thing that all this is happening to me in the same week, let alone the same month. Today I bought a new weed eater and some time this week—when I find the right deal—I’ll be buying another computer to replace the current “way out of date and super slow” computer.We bought it a little over 5 years ago and it has served us well, but it’s time to say good bye.
If we had bought a new computer every time new technology came out, we would have replaced that computer at least 10 times in 5 years. 😀
No I don’t “need” a new keyboard, new monitor, new speakers, or a new mouse, just the hard drive. I have noticed that people usually just replace everything when they need, or want a new computer. I realize the novelty of having a cool new monitor and some shiny new speakers is probably nice, but unless it makes more sense to buy the whole package as opposed to just the piece you need, I don’t see the point.
Conclusion
Cheap and frugal do not have the same meaning.
If you want to be frugal, shop for the best product at the best price, but don’t buy more than you need to get the job done. Just like you don’t need a Corvette to get you from point A to point B, you don’t need a computer that will run NASA. Just buy what you need.
I was being frugal when I bought my last computer.
If you want to be cheap, don’t buy something even though you don’t need it, just so you can save a buck. You can save money at the grocery store by cutting coupons and buying sale items, but buying Ramen noodles to save a few bucks will eventually kill you. It’s worth spending a few dollars more and buying the fresh produce to make a healthier, more nutritious soup.
I was Mr. McCheap-O when I refused to buy a small storage shed to house my expensive lawn equipment.
Don’t be cheap. BE FRUGAL. There is a difference.
Very good point making the distinction between cheap and frugal. With cheap you often end up with a lot of broken crap, with frugal you end up with a few good, well thought-out purchases that will last.
Absolutely! I think people confuse the two quite often. Products that last are the best way to go if you are trying to be frugal. Something I wish I would have learned in my earlier years. LOL
Ah, my sage friend. I can only say: INDEED.
I don’t know how many gadgets (book lights, especially) I have bought ten times over because I found a happenin’ deal at the dollar store. Le sigh. If I would’ve dropped $8 on the one at the regular store, I would still have a working one. Same for clocks, watches, flashlights…
The other side of that is that means I am supporting China 10x versus trying to find a suitable, locally-made version that will probably last longer. That’s the other side to being cheap: substandard labor practices, cheap materials, outsourcing.
Right on Carrie! Fortunately for me I have not found myself on the cheap side of things…for the most part. I used to be the guy who had to buy the BEST in everything I wanted. I usually always picked the item that costs the most and then I would try to talk myself into the purchase. LOL You’re definitely right about the dollar store. It’s cheap but it doesn’t last either. LOL
Yes, I have a co-worker who is SOOOO cheap, but he classifies it as frugal. There’s a definite difference! One can be frugal and none of their friends even notice, but a cheap person always stands out.
Brad, I agree that a line needs to be drawn between frugal and cheap. Frugal means not spending frivolously, or not spending more than is needed. Cheap is not wanting to spend any money at all! Some people agonize just over spending $5 on something–at that point money is no longer a tool, but a force controlling your life. That’s not at all where I want to be!
Also, the discount computer you bought last time lasted you five years. Had you bought a top of the line version it probably would have lasted…FIVE years! They aren’t built for much more than that, and the real issue is advancing technology anyway. After a few years you have to get a new one because the old unit can’t manage the tech changes. High end almost doesn’t enter into it. How many of us really need a top of the line computer anyway??? They’re not like TVs and refridgerators that can last 15-20 years. Some day, but not yet.
Great post!
Kevin
We live on the edge of frugal…you know, just this side of cheap. So far, the balance has been worth it and we splurge every so often to allow for the things that make life nicer (like a good bed and an annual vacation or two).
It helps that I’m cheap and my husband is just one little step above frugal, so we balance each other out. He convinces me to buy what we need at the quality that will last and I convince him to budget for the “luxury” expenses he might have rushed into if I wasn’t around. He appreciates our savings accounts because of me and I appreciate our nice home stuff because of him. 🙂
I cannot tell you all the cheap junk we just got rid of to a thrift shop! When I saw all that I just wanted to cry. That money could have and should have been used better and smarter. Lesson learned. Buy cheap you get cheap. Buy quality you get quality whether new or used. Thanks for the great post Brad. 🙂
I’m cheap with nearly everything outside of tipping, giving gifts to beautiful women, and giving to charity
My father-in-law constantly buys cheap and wastes money. He says he’s “getting a good deal”. What he gets is stuff that breaks after one or two uses.
We just shake our heads because at age 80, we can’t change him.
Just found your site and love it. This post really appeals to me as I am constantly trying to explain the differance between the two when teaching my classes on couponing and living frugally. I try and explain that you can live a rich, full life, debt-free while saving AND spending money.