One of life’s beauties is the ability to design our lifestyle how we want it – according to our values and desires. We can choose to live lavishly, indulging in fine dining, premium champagne, an extensive wine collection, exotic travel, and the latest luxury vehicles. At the same time, we can opt for a minimalist approach, with a reliable car, quality home-cooked meals paired with an affordable bottle of wine, and local or budget-friendly travel experiences. These contrasting lifestyles are just different choices, and nothing prevents us from pursuing either path.
BUT
It’s crucial to distinguish between living within one’s means and being frugal versus being cheap. Frugality involves mindful spending and prioritizing quality, cheapness often comes at the expense of others and disregards long-term consequences:
- Reusing paper towels for extended periods
- Asking strangers for their leftover food
- Driving excessive distances to save a few cents per gallon of gas
- Purchasing inexpensive clothing or shoes solely based on price, neglecting quality
- Taking excessive amounts of condiments or packets from restaurants
- Lingering for hours at an all-you-can-eat buffet to maximize the number of meals obtained
Cheapness is driven by an excessive focus on cost, often at the detriment of others or one’s own well-being. For instance, someone might continue using an old, frequently-repaired refrigerator because it was inexpensive, even though replacing it would ultimately be more cost-effective.
Frugality involves making choices that may require personal sacrifices but do not infringe on others:
- Mindfully allocating funds, prioritizing quality over price
- Selectively spending on experiences rather than material possessions
- Preparing meals at home
- Sticking to a budget
- Embracing a do-it-yourself approach when appropriate
- Avoiding excessive personal spending while being willing to spend on others
- Considering the comfort and dignity of others, avoiding embarrassing situations
The distinction between frugality and cheapness lies within our mindset and perspective, a small difference but something that will lead to drastically different results
Joe DiAndrea 