Is it time to think frugal ?
In today’s world, one of our goals is to to manage money wisely, especially if the times are recessionary and indicate a rising inflation. One way to achieve our goal is to think frugal and when i say frugal, i do not think, think cheap.
Is there a difference between frugal and cheap ?
My answer is yes, there is. Let me explain by applying the principles of slice and dice.
When I think frugal, I am primarily focusing on the value of the product or service and the cost may or may not be significant.
When I think cheap, I am primarily focusing on the cost of the product or service and the value may or may not be significant.
When I am thinking cheap, I primarily want the lowest cost on pretty much everything whereas when I am thinking Frugal, I primarily care about the lowest price on the product or service I like.
If I am thinking cheap, I may end up being inconsiderate as against when I am thinking Frugal when the topic of discussion is about tipping. For Example; while thinking cheap, I may pay 10 bucks for a 9 dollar meal as against paying 12 bucks for the same meal when I am wearing my frugal hat.
I am thinking Frugal when I focus on the budget and I may not order the soda with the lunch whereas when my cheap hat is on, I may order the soda with the meal perhaps to avoid looking cheap.
So, which option is better, then ? Well the answer may be it depends.
I think it is time to think frugal if you care about value and are oriented for the long-term. If you are thinking short-term and focusing on cost, then thinking cheap is the way to go.
I think the optimal choice may be to be equip ourselves with both the above skills so that we can think frugal or cheap as per the demands of the situation.
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