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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