Tuesday, February 23, 2010

Discussion: Are You Cheap or Frugal?

I hear the word "cheap" and I cringe a little. But I ask grocery store clerks to give me a deal if I'm buying something on its due date, I clip coupons, I ask for free samples and I hate paying for parking. Am I cheap?
So I looked up the definition of cheap, and it states what I thought it would - stingy and miserly. On the other hand, frugal means prudently saving or not wasteful. I would say that I'm more of the "frugal" than "cheap" but I love this quiz from Moolanomy - it discusses your dining out habits, your shopping habits, and even your gift receiving habits. I got 25 points - I'm definitely frugal!

After taking the quiz, what was your score? If there's a way for you to save more money, what are your solutions?


  1. I was just talking about this with my boss last night -- I'm frugal with some things.

    For example - hubby and I will spend $150 on a great steak and wine dinner out someplace fun -- but we won't spend $15 for a burger at ski resort because we think it's a waste of $$$.

    PS- Have you been to this site: http://www.girlsjustwannahavefunds.com/... lots of great ideas for future post for ya!

  2. I rate a 26. To me, the difference between cheap and frugal is whether you will pay a bit extra for something that's a better value and whether you cheap out on other people (e.g. tipping poorly). The funny thing is, the people I know who are "cheap" actually spend more money over the long run because they wind up buying things multiple times.

    Or is it this: frugal is when I ask to split the check, cheap is when you do? :)

    One interesting thing about that quiz: it doesn't weight the expense factors in your life. For example, you can buy new clothes all the time and get a new TV every couple years, but drive a used Hyundai, and you'll still save money compared to leasing a Lexus. For my money, targeting the biggest expenses (housing, car, vacations, clothes for some people) first makes the most sense.