We all know what being cheap is and it’s normally associated as a bad personal trait to have amongst peers, friends and family.
On the other hand, there is being frugal, which means you find ways to go without having some unnecessary things.
This helps you reduce financial waste while freeing up more cash to save.
Some things in life are worth spending extra money on because, the majority of the time, it equates to better quality.
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 and the difference will be very noticeable to the touch and 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, plus it just lasts longer.
Remember 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.
Maybe ditch the low-cost snacks, sweets and fizzy drinks and get quality meat, fruit and veg where possible. I’m sure your future self will thank you.
Don’t be cheap with only short-sighted savings at the whim of others, especially your children.
Found this post useful? join our personal finance community to learn more.
