By Liv
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This article doesn’t call you names! But you will find out which category you fall into: frugal, cheap, thrifty, or stingy.
I was out to dinner with a few friends last night, and we stumbled on the topic of “Are you a geek or a nerd?”
After a heated discussion on the differences of the two, someone hopped onto their phone and discovered this lovely graph that helps you determine your geek/nerd status. (<- and in true geek/nerd form, someone said “I think this graph needs a third axis”)
This got me thinking: Are there similar words in the personal finance community that seem to mean the same thing, but when taking a closer look they are actually drastically different? Yes!
Frugal, cheap, thrifty, and stingy all describe someone who wants to save money. But if you explore each word in more detail, they are very different from each other.
Here is my take on what makes a person frugal, cheap, thrifty, or stingy.
What does it mean to be FRUGAL?
A frugal person is someone who cares about the cost AND quality of an item, while also valuing their time. It’s a balancing game. Frugal people practice conscious spending.
You know you’re frugal if you:
- Research a range of options for the item that you want to buy (bonus points if you are a member of Consumer Reports)
- You optimize the cost and quality of an item and ensure it fits within your budget
- You find ways to save money without sacrificing your lifestyle
What does it mean to be CHEAP?
A cheap person is someone who is always looking to buy the lowest cost item. It doesn’t matter the quality of the item (how long it will last, how well it will do its job, etc.), it just needs to be the cheapest alternative.
You know you’re cheap if you:
- Don’t care about the quality of the item, you only care about the price
- Like to brag about how little you’ve spent
- Always buy the lowest cost item
- Sometimes buy stuff because it’s on sale, best-price-ever, super cheap, etc.
- Don’t upgrade heavily used items because they “work just fine” (you have holey socks and 10 year old running shoes)
- Hate to spend money
- Don’t care how long it takes you to get a deal, as long as you get it (you sacrifice a lot your time to save money)
What does it mean to be THRIFTY?
Thrifty and frugal are very similar. But I think there is one main difference: a thrifty person is more hands-on in their savings (literally hands-on). They will make and re-purpose things (like knit sweaters, reupholster furniture, build a nightstand) to save money. They either truly enjoy spending time fixing/making things to save money, or don’t value their time as a much as a frugal person.
You know you’re thrifty if:
- You’re frugal, but you also:
- Don’t mind spending your Saturday mending your clothes, reupholster a couch, building a side table
- Make your own Halloween costumes
- Browse thrift stores for gently used items, then fix them up so they are as good as new
What does it mean to be STINGY?
A stingy person is someone who isn’t generous with their money. Ever share a meal with someone and they want to split the tab…to the penny. Or the worst is when someone offers you a ride, and then asks to split the gas costs (what?!?! It’s like $3!). These people are stingy.
You know you’re stingy if you:
- Don’t donate to charity
- Always ask to split the cost of something
- Are unwilling to spend or share money.
Are you frugal, cheap, thrifty, or stingy? Oh, and are you a geek or a nerd?
FAQs
Cheap: is described as stingy (not generous), depreciated (lower and honor or esteem), done with little effort, or inferior quality. Frugal: means an absence of luxury or simplicity of lifestyle is described with the words such as thrifty (good management), economical (lack of waste), or sparing (as in restraint).
What is the difference between thrifty and frugal and stingy? ›
“Thrifty: bargaining or shopping around whenever you can to get the best price. Frugal: not buying things you don't really need. Stingy: not giving gifts to loved ones when you are in a financial position to do so. Cheap: replacing something you broke with something the same but cheaper and of lesser quality.”
What is the difference between cheap and frugal? ›
A cheap person is someone who is extremely price-sensitive. They would go for the cheapest possible option regardless of the quality or value. They would prioritize saving money over getting some nice clothes or going out for experiences. Whereas a frugal person would try and maximize the value they get.
What is the difference between frugal and miser and thrifty? ›
While frugal and thrifty are positive terms associated with being economical with certain targets in mind, miserly is a negative term associated with being unwilling to spend money. “Even those who choose frugality do not push the envelope so much that it compromises the quality of their lives.
What does frugal or thrifty mean? ›
sparing, frugal, thrifty, economical mean careful in the use of one's money or resources. sparing stresses abstention and restraint. sparing in the offering of advice. frugal implies absence of luxury and simplicity of lifestyle.
What does thrifty stingy mean? ›
Frugal and thrifty have positive meanings. They are usually used for someone who is careful about how he/she spends money and lives simply and economically. Miser and stingy have negative connotations and they refer to someone who is reluctant to spend money, no matter what the circ*mstances.
What makes people cheap? ›
Being cheap can be a personality trait, but it need not be a permanent one. It could be a habit developed because you grew up poor and wished for more money or possessions or it can stem from other insecurities. It's possible to change this behavior if you become more aware of it and are motivated to be less stingy.
What to call a cheap person? ›
Synonyms of cheapskate
- miser.
- hunks.
- tightwad.
- skinflint.
- nigg*rd.
- piker.
- penny-pincher.
- scrooge.
"A cheap person finds something they don't have to spend a lot of money on and gives it to you with no relationship to your likes or dislikes," she said. "A thrifty person looks for a bargain on what's appropriate for that person."
How to be frugal but not cheap? ›
How can I be frugal without being cheap?
- Focus on the big picture. Don't worry about the little things. ...
- Don't be afraid to splurge on things you love. It's okay to spend money on something you really want if it's something you really want. ...
- Find ways to save money that are fun.
This type of behaviour often originates from psychological factors like low self-esteem, anxiety, and guilt, which cause individuals to hoard resources and lead to negative personal and professional relationships, as well as financial instability.
How do you know if someone is stingy? ›
Signs That Your Significant Other is Stingy
- Your SO never offers to pay for dinner, Uber, concert or movie tickets, etc.
- Your SO never has cash on hand to pay for essential things.
- Your SO often forgets to bring a wallet along on dates.
- Your SO makes up complaints in search of discounts.
Definition - one who does things in a small way; tightwad, cheapskate. Piker can refer to a tightwad, a cheapskate, or basically anyone who does not like to spend or give money.
What does stingy mean? ›
: not generous or liberal : sparing or scant in using, giving, or spending. stingy with the salt. stingy employee benefits. 2. : meanly scanty or small.
Is stingy the same as frugal? ›
Many frugal people are generous, because not only do they save money, but they get good deals things and are happy to share. Stingy people are not generous. They tend to hoard things for themselves. That's really all there is to it.
What does stingy cheap mean? ›
Stingy: you don't want to pay for things if you can possibly avoid it, primarily in relation to others. Sees value,. doesn't care. Cheap: you buy the cheaper things.
How to be frugal but not stingy? ›
How to be frugal without being stingy
- Set a budget and save for an item, even if it is something that seems extravagant, like designer jeans or a new fancy blender. ...
- Comparison shop for higher-priced items. ...
- Know when to spend. ...
- Ask yourself three questions before buying something: Do I need it? ...
- Compromise.
As nouns the difference between thrift and frugality is that thrift is (uncountable), the characteristic of using a minimum of something (especially money) while frugality is the quality of being prudently economical. Being thrifty helps us save money to realise our dream projects like housing.
What is the difference between being stingy and being frugal which would you rather be called stingy or frugal why? ›
What are the differences between a 'frugal' and a 'stingy' person with some examples? Many frugal people are generous, because not only do they save money, but they get good deals things and are happy to share. Stingy people are not generous. They tend to hoard things for themselves.
