People use the term cheap as a derogatory term, and they often use the terms frugal and cheap as if they were synonyms.
A frugal person is restrained in their acquisition of goods and services. They are not afraid to spend money when necessary, but they do so responsibly, and restrain their impulse buying. You want to be frugal.
You do not want to be cheap, although if you are, you can certainly benefit from our thoughts as well. A cheap person avoids spending money at all costs, and does not consider the value of an item, only its monetary cost. They look around for the least expensive item, not the best deal. The best deal on an item may not be the cheapest.
We advocate the middle road. Don’t buy the cheapest item you can find, unless that is what satisfies your needs. Look for something in the middle of the spectrum, then get that item for the cheapest you can find it. Cut rate items often, but not always, are less reliable. If you buy all your items at the local dollar store, don’t be surprised if the quality and longevity of these items require you to replace them more often than a more expensive purchase.
So, welcome to Dealy Planet, where we will keep you up to date on how to keep your personal finance in order, where and how to find the best deals, and more!
