Frugal people and people who are considered cheap both want to save money, but there's a world of difference between frugality and being cheap. It's all about the big picture. Piggy bank in vice image via Shutterstock
Daily Finance explains that while frugal people are concerned about how much things cost, they don't base their spending decisions on the price tag, but rather the value of the item to their lives. They might spend for quality if it means less waste in the long run and even splurge on occasion:
Splurging on an item sounds like it might be contrary to a frugal mindset. It really isn't. In fact, it's a key part of frugality. Frugality is concerned with value, not being so miserly that you never have anything you want.
[...] The bottom line is that frugal people are not overly worried about money. Frugal people simply want to make money work for them in the best way possible.
We've talked before about whether frugality can be limiting and times people can take frugality too far, but perhaps we were talking about being cheap and not being frugal.
5 Ways Frugal People Aren't Cheap [DailyFinance]