Be Frugal. Not Cheap.

When it comes to spending our hard earned money, we often use the words "frugal" and "cheap" interchangeably. But there's a big difference between the two! In this video, I'll explain the difference and why being frugal is so important in today's economy.

Timecodes:

0:00 - Intro
1:20 - So, How Are Being Frugal & Being Cheap Different?
4:44 - Frugality Will Turn You Into a Millionaire One Day
5:55 - Why Being Cheap Is Bad
7:10 - So, How Can I Become More Frugal, Without Being Cheap?

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LINKS:

DISCLAIMER: I am not a financial adviser. These videos are for educational and entertainment purposes only. I am merely sharing my personal opinion. Please seek professional help when needed.

[bryanr]

Don't chase low prices, persue high value.

[mikesimone]

Perfect story!! My turning point was in the 80's when I needed dress shoes. First pair ripped in a few weeks, second pair in a month. Went to a mall and saw an Allen Edmonds store. At that point I was going to buy the best quality shoes I could find. They had a sale and I bought a pair for $98. I bought a few more pairs over the next few years and I still have and wear them to this day. That was my cheap to frugal turning point and I've used that philosophy to this day. And it's served me very well.

[bwhkfyj]

Thanks for the video, I’m glad you’re doing much better financially than in childhood. I grew up in Russia in 90s in poor family in the outskirts of the country. 30 years later and I still count every dollar I earn and spend even though I’m making an order of magnitude more what my family had. This “poor mentality” is very hard to get rid of.

[ash_tbh]

I say buy nice or buy twice. I have to dress business for work, and I wasted $100's on cheap crap that looked fine at first. I regret buying cheap every single time. I save so much money and space keeping a small wardrobe of nice clothes and shoes that I maintain. It's not that hard to find specific designer stuff you want second hand or on sale either. Just push the need for instant gratification aside and be patient.

[TVResults]

I knew a man many years ago who used to come to the bank with his millions asking for special rates on cds. He was known in the nearby towns as this is how he spent his days. The wild thing was he had holes in a clothes and he smelled horribly. He also lacked skills in communication and treatment of others.
I saw him out one time at a flea market and he refused to even pay for a hot dog or something to drink for himself. He was asking people to buy him things. He had no friends because of his behaviors. This would more than qualify as cheap. I would say he was very sick. Thanks for the examples in the video.

[pukaman]

I like to pay people for their work. I went to a cobbler once to get my boot fixed. Charged me ten dollars. I argued with him that it was not enough, he needed to charge me more. I told him that I like his business and want him to be in business tomorrow.

[bethanyb]

My sticking point was my purse. I got sick of fake leather purses that flaked out after a year or so. Since I have a firm idea of what I want in a purse, I find it frustrating to go from store to store looking for something acceptable. I finally bought a solid leather purse online a couple of years ago, and it still looks great. Lots of pockets, big enough to carry everything I want, and I plan to keep it for years to come.

[JediBunny]

I’m so grateful my parents instilled frugality in my mind growing up. They had such care for value but refused to overspend on what wasn’t important or meaningful for them. I’m not wealthy by any stretch, but I live below my means and truly value time, energy, and connecting with others above all else. This is a great video with a powerful message; thank you!

[christinec]

Watching this video is gonna be my turning point from cheap to frugal. My money in the bank account was sitting there for many years, they started smelling like rotten eggs. Thank you for making such a good contents like this.

[ThinkkTwiice]

As a first generation, college drop out millionaire at 32, I try to explain these things to young people.

[supperhey]

Sometimes, a "cheap" person will pay the lowest prices, but at the same time buying more that said items for FOMO (i.e. buying before the sale ends). Some Costco wholesale goers come to mind. In the end, they are financially in the worse places, justifying for being "cheap". It's a vicious cycle.

[brib]

I love this! I wish more people would learn the difference between these two. Frugal isn't a bad quality like so many people think! I know I've been called cheap because I didn't want to spend money on things that didn't hold value for me, but other people found value in. But they were just projecting their thoughts onto me and assuming everyone values the same things they do.

I also think thrifty is a positive descriptor that is a lot like frugal, but more on the DIY side. This would be like people who make homemade gifts, repair their own clothes, or maybe even forage for wild mushrooms. They don't do all these things JUST to save money. They do it because they enjoy doing it PLUS it saves them money.

[CaspianSh]

I have watched my fair share of financial advice videos on YouTube. The advice on this channel have been by far the most mature, practical, and down to earth! Fantastic job!

[samanthahardy]

I've been called cheap because I won't buy new clothes in mainstream stores. I buy second hand and will wear them until they have holes in which I then cut up to use for rags to wipe down surfaces. Woollen jumpers/sweaters with holes in I will either repair or unpick to make new items. I see it as being frugal, others see it as cheap. I enjoy recycling.

[sarges]

so eloquently put. As a frugal person I concur and thank you for a beautiful explanation. I never thought to break it down as it's something that has become baked into my thinking and how I spend. Every so called cheapskate should strive to become frugal.

[flower-ssjt]

'Buying back time' is so important'. I was fortunate to work for an organisation where I could do a alot of overtime, and rather than getting money for the overtime, I could take additional days off work. So if worked hard in school terms then I could take time off in school holidays.

[lukewindholz]

I felt like you were speaking directly to me in this video. I went from being an over spender to as cheap as possible for the last decade. Now that I’ve worked my way into a better financial position, I’ve been having trouble breaking the cheap habit. I feel guilty spending money on anything that isn’t essential. Thankfully I have moments of clarity and my wife and I booked our first vacation since our honeymoon 5 years ago and I plan on enjoying myself and not stressing over the cost. It’s a constant battle but nice to know others struggle with it as well.

[Felarchy]

I dished out for a set of really nice bluetooth, wireless headphones. Instead of spending 15-20 bucks every few months, I put down 80 and have had the same set for years! I use them daily so it was absolutely worth the expense.

[andyroberts]

I used to be cheep but my wife helped me become frugle. Eg:I like my coffee but only baught cheep coffe for home so would buy it out a lot but only buy smal cups cos it's cheeper. Now I have a good coffee machine (€200 ish and had it years) and only get good beans for it so it's always really nice coffee, I buy it in bulk 2 - 3 times a year when they're on sale, so I tend to get 10 bags for the price of 8. So now I rarely buy coffee out, what I have at home is usually nicer, and it's cheeper in the long run.

[ricardoblikman]

PS this is what I learned. After I had an accident in an older Car I bought a new one (Toyota) yes it was more expensive but I drive it properly for over 10 years now and the maintenance is very low. If your car lasts 10+ years its really a good investment. You have 0 uninsured / guaranteed problems. You are a lot less tired after driving and if you do the yearly maintenance you will never have problems. It can turn a 30k car into a 3k car a year + 0.5k average maintenance. Older cars have a lot more maintenance costs and are less safe.