We all know what being cheap is and it’s normally associated as a bad personal trait to have among peers, friends, and family. As financially savvy parents on the other hand we ought to be frugal.
Cheap individuals prioritise short-term savings, even if it means sacrificing quality or convenience. Frugal people find ways to go without having some unnecessary things. Cheap people opt for poor-quality items solely based on price, avoiding necessary expenses, and making others bear the burden.
Frugal individuals research before making a purchase, wait for discounts, and make informed decisions. Cheapness may lead to others paying for your lifestyle choices. Frugality focuses on getting the most value for your money in the long term.
Frugality helps you reduce financial waste while freeing up more cash to save.
Some things in life are worth spending a little extra money on. This is because most of the time it equates to better quality. Being cheap is spending as little money as possible without considering quality or long-term consequences.
Cheap people pay twice the price for poor-quality items to be replaced multiple times.
If you take clothes, for example, you can buy a T-shirt at a low-end high-street retailer like Primark and one at a fashion house like Ralph Lauren the difference will be very noticeable to the touch and also after a few washes.
I’m not saying replace your wardrobe with just high-end fashion, but opting to pay a little more for the things you wear every week will make more financial sense in the long run.
Remember to be frugal and seek value in exchange for your money.
One other thing to avoid being super cheap on is food. Once upon a time I ate meals for £2.00 and thought I was winning in life. Little did I know the damage I was doing to my health.
Please ditch the low-cost snacks, sweets and fizzy drinks and get quality meat, fruit, juices and veg where possible. I’m sure your family and future self will thank you.
Don’t be cheap with only short-sighted savings at the whim of others, especially your children.
It’s easy to think your kids don’t need the best quality just because they’re young. I’d strongly defend this point and probably say they need better quality on most things than adults. This is especially true with clothing, school uniforms and shoes. I learned the hard way by buying cheap school shoes for my daughter so they only lasted one term. Beyond frugal living, you raise your little ones to have a standard in life and seek out quality in everything as they grow up which is truly priceless.
