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Are we all on the same frugality page?
From what I found, frugal living involves prioritizing needs over wants, spending less than earned, valuing quality, and embracing resourcefulness like DIY. Common practices include planning meals, buying used items, and seeking discounts.
I read that a cheap person focuses on price and a frugal person on value. Well, that doesn’t make sense. You could spend a lot of money achieving what you value – like a car or a cruise. 😎
I have a friend who lives on Social Security alone, but not out of necessity, just doesn’t like to spend. I think that’s in the cheap category.
As I read that frugal description, I have not been consistently frugal. We have always lived within our means, never had debt beyond a mortgage or a car payment, but no payments in the last dozen years. We always saved before any spending, but we didn’t buy used items and I certainty don’t do DIY simply because I am incompetent and hate it. Having an older appliance repaired has limited value IMO.
I welcome a discount- especially those senior ones these days, but I am not obsessed with seeking them out. We cook most meals, but eat out once a week or so.
Is frugality voided one splurges on a special experience thereby wiping out years of frugality? I don’t think so.
I’ve thought of another thought of mine that I think is frugal rather than just a cheapskate.
Since we’ve retired from our schools, my wife and I are not bound by the school calendar.
I’ve found that we can go to our favorite all-inclusive in Cancun for half the price of Christmas to New Year’s week if we go in late October to early November
The problem now is that my wife says ” Let’s go for half price” but I say ” Let’s go for two weeks for the same price”. 😁
It’s almost entirely contextual – I am good with money, you are frugal, he or she is cheap.
-I reward myself with nice things that I’ve earned, you overspend on occasion, he or she is a reckless spendthrift.
We should probably stop caring and wanting to label ourselves and others. We’ll all be a mass of inconsistencies. Personally haven’t bought new furniture in 20 years but I usually long haul travel twice a year and take numerous other trips.
The advantage of a saver’s habit (or being frugal) is that it’s easier to turn down superfluous luxuries in later life (or alternately having the financial headroom for the occasional spurge). Better than the other way around pursuing the high maintenance lifestyle then having to cut back severely in retirement (although I guess those folk “win” in the event of early deaths).
I like to think I am being a good steward of resources, living a responsible life. I feel lucky it comes easily, and I don’t feel deprivation.
Love the topic. I’ve been called frugal by others for over 40 years (heck, I’ve probably been called “cheap” for longer than that). Defined by others, they would view my expenditures as lower than I could afford, and they’d be absolutely correct. But i’ve never bought or purchased for myself with the intent of influencing what others think, so in my own assessment that defines me as frugal with a slight topping of arrogance (as I can quickly and easily acknowledge circumstances where a monetary investment on my part; cars, dress, home, etc., would have likely had a positive impact on how I was viewed by others, with a resultant monetary benefit. But I’ve always squashed that perspective). My best definition of frugal is “spending mindfully.” So regardless of wealth or net worth, spending on things (not necessarily material) that provide a measure of value, separate from the absolute cost of said thing. Jon Clements just wrote about his experience on a cruise ship, and paying extra for premium services. I completely agree with his sentiment. If you can afford it (ie not putting more burden on CC dept), and value the services received (knowing the relative savings of not spending that money elsewhere), it can be both a luxurious yet (relatively) frugal choice. My personal analogy to that is on the occasion that I opt for a “club level” option at a hotel, where while I may be paying extra, I’ve purchased the freedom to come and go as I please, enjoy drinks, snacks, and relaxation on my own time (vs going to a restaurant or bar). Nowadays as a “senior,” that’s further a luxury as either my or my spouse’s credit accounts provides that without any additional cost, so it checks all the boxes of frugality.
I’ve never liked the word frugal. I prefer sensible. I won’t drive five miles to a cheaper gas station, but I’ll hold off buying my favorite turkey sausage until it’s on sale and then buy a half dozen for the freezer. Mom and wife tear the Costco paper towels into quarters. I splurge on the half towels even if it’s just to wipe my face when I dribble my coffee.
And like several others here, I’m not the least bit ashamed of not doing my own household handy jobs. I rationalize it as supporting the local economy to hire a carpenter or handyman, but the fact is I’m lazy, unskilled and far too impatient to enjoy putting in a shelf or a window air conditioner.
I buy shirts and sweats only at the discount places, rarely throwing them away, and I own only one pair of jeans because I see no need for a second. Yet I paid $44K cash for a brand-new car two years ago. Go figure.
I hadn’t thought about paper towels, etc. So much of my recycling, etc. is on automatic. I purchase the paper towels that are serrated into thirds. Then I take one section and tear it in half. Not that I feel frugal or cheap. I simply prefer not to waste it. We seldom purchase water in disposable bottles, but I have saved one which I refill daily. Hydration is really important in a low humidity, desert environment. My favorite bottle was a Waiakea Hawaiian Water which I got at a neighborhood movie theater. It was what was available at the theater. That recyclable bottle is sturdy, coated, bright green so no one picks it up by mistake. It even fits in the car cupholder. After a year or so they wear out. Recently I went to our weekly outdoor “happy hour” where I drink water from that bottle. One newbie thought I was drinking mouthwash. Another person shared her story about a recent Hawaii trip. She said that there was a water shortage on whatever island she stayed at. I laughed and held up my bottle and said, “You won’t believe where this originated from.” A couple of days ago I read an article about a firm which manufactures paper straws and is pushing their product. This all raises a question about recycling. Is it frugal or common sense? BTW, I do understand that recycling aluminum is really beneficial because of the amount of energy it takes to mine bauxite, etc. Ditto for steel and asphalt. I’ve been recycling since the 70’s. But when I was a child “hand me downs” were popular, there were iron-on patches for worn sleeves and knees. I even learned how to darn the holes in my socks and hand stich tears. We even used glue-on soles to extend the life of shoes. My, how far we have progressed!
You sound like me a bit. Only i have two pairs of jeans. Connie insists on it.
I have six. I had given up on finding a pair that fit the way I wanted. When L. L. Bean’s worked I bought two pairs in each of three colors. I trust I will never have to shop for jeans again.
Many of us take steps to manage our tax burden. Is that frugality or simply common sense? Similarly, avoiding debt, paying off any credit cards monthly and using cash back cards may be frugal, but also may be common sense. We might consider a cost-benefit analysis when making a purchase. That implies that frugality is subjective.
Frugality, or being careful with resources occurs to me as being about allocation and determining alternatives. I have finite time and money so realistically I can’t do or have everything and that establishes limits. It always has. There are choices to be made. When I was saving as for a home, or finalizing funds for retirement I made some decisions that might be considered very “frugal”. For example, in 1998 G and I were saving for a house or condo. We lived for several years in smaller apartments and one included heat in the rent. We were paying $700 a month. We cooked 99% of our meals, too. When the time arrived we paid cash for the house purchase.
Today we think of ourselves as having more than enough,an “abundance”. G and I like to think of this as an “elegant sufficiency”. Yet, we remain careful and continue to save in retirement. Our priorities have changed. Money is now spent on other things, such as care for an elder parent. I do like certain DIY projects, but time and my physical condition has established new, tighter boundaries. Living within these constraints I farm out certain tasks, including some I am physically capable of. Why? Because I prefer to spend that time elsewhere.
Love your thoughts about frugality and common sense, Norman. Agree with them. Chris
Pick your spots. I’m not handy so am happy to hire a skillful tradesman to make necessary repairs around the home. OTOH, the hassles of travel* make that game not worth the candle to me, and I’m quite content with the 12 year old Toyota that may be my last car.
*I enjoy flying, but they have made the process of getting from the car to the boarding gate literally intolerable to me.
Frugality from the Greek frugalios… just kidding.
As Dan indicates, I suspect we each have our own definition of frugal, our own base level of the lifestyle we consider necessary. I’m frugal about silly, inconsequential things, like tearing a half sheet of paper towel in half again because that’s all I need to hold my morning bagel. But the same attitude extends to behaviors of more significance. Actions like saving and investing enough of my paycheck–before spending, as you say–to build a nest egg big enough for retirement. And accepting, no, finding satisfaction in the level of spending necessary to get the job done. You and I, and most others here were blessed with choices, but we followed through by making good choices. Even so, it’s nice choose to spend more freely sometimes.
Ed, the paper towels I splurge on at Costco (in the 24 roll bundle pack) are already scored at the 1/2 sheet size…no need for self tearing. 🤷🏻♂️🤣
But, the question is …. do you pay extra to have them scored 🤔😁🤗
Alas, that just means I’m tearing the half-sheets in half. <rolleyes>
But I’ve become so adept at the perfect tear!
We are frugal. One of the reasons is b/c it helps us afford some wants, like a cruise. 😉 Our mindset is that we try to be good stewards of what God has provided for us. We believe it all belongs to Him and we are just the managers. We have believed this for all of our married lives, long before people like Dave Ramsey became popular. Being frugal is different than being cheap. Being frugal is one of the ways we were able to retire with dignity. We cut back on things that don’t matter to us very much, so we can have some of the things that do matter. This would be different for different families, I think. Good musing, Dick. Chris
The idea is to trade the present for the future. Frugality is appropriate when you’re building wealth in order to invest more for the future. I just spent $13K on two round trip biz class tickets to Asia. The money is gone and the trip is happening very soon. I never think about the money, but I can’t wait for the trip. When we are done with our month in Asia, my wife and I will be sleeping soundly in comfort for the ride home. Again, I won’t be thinking of the money.
We traded the present for the future, and now at 52, the future is here. Let’s enjoy it.
Sounds good to me. But I’m not so sure I would call 52 the future. I’m 30 years past your future.
Again context. If the poster has saved sufficient age doesn’t really matter. And many of use might consider that life is really a memories/experiences game not a financial one. Finances are a key enabler of course but should never be the purpose, unless the size of the bankroll is our only means of having enjoyment.
Richard I agree that semantics is often the cause of disagreement on this site. Cheap/frugal, or how we define income class, and etc. I have been accused of being both cheap and frugal, sometimes as a compliment, other times an insult. Whatever, I don’t care. When it comes to money I always tried to save first, my philosophy being that I needed to prepare for the future, but just in case I didn’t make it that far, I’d better have some fun along the way. That mindset has served me well.