Frugality Or Stingy: Which One Are You When It Comes To Money?

In your childhood days, your parents must have told you to learn to save money, spend your money wisely, and so on and on. Well, you would have surely hated that talk during that time. Now, after growing up, you must have got the reality check by now and have understood the utmost importance of savings. Let face it! We all want to save our precious money, and for that, we try various financial tactics like budgeting, savings, tracking our spending and many others.

There is even a categorisation of the person who loves to save money. Such people are called as “frugal” that literally means living economically. This is a positive indication that the person spends his/her money smartly and likes to stick to the budget. But, if the mindset of saving money exceeds a level that the person starts cutting expenses from their necessities, then that’s called stingy with money. Yes, this is a negative trait, or you can say a habit where you don’t want to spend your money anywhere.

WHY IS frugal living better than being stingy with money?

Now, the main point of debate is to recognise which one are you; a frugal or stingy? Labelling yourself in can be really complicated, especially when it is related to money. But, it is important to realise which one are you because being stingy indicates that you are definitely in the wrong path of money-saving. In the end, it will do more harm than any good. So, to help you, we have discussed the traits and habits of both the personalities that can help you understand. Now, let us get started.
The money traits of a people with a frugal and stingy mindset
It is important to realise that the main difference between frugal and stingy is in focus and intention with which you are saving money. There is some major difference that set these two personalities apart.

Let me check the price tag first

Yes, both frugal and stingy person loves to save money as they understand the importance of their hard-earned money. However, a stingy person has the habit of taking things a bit ahead and is someone who just prefer not spend their money at all. They just hate the fact that there are certain things that are important for survival and for which they have to spend their money.
Stingy people will check the price tag before buying anything. They will go with the lowest price tag without giving importance to the quality. On the other hand, frugal people go for the quality of the things that they are purchasing. They want to ensure that the price that they are paying worth the value of that item.

Money always comes first

There is no denying the fact that stingy people certainly do have a problem when it comes to money. Whether they are buying for themselves or for others, they try their best to save as much penny as possible. They would sacrifice all the pleasure of life to ensure that they don’t have to spend much. Well, what’s the point of working so hard and earning money if you cannot spend much to stay happy in life.

Frugal people want to save money, and they are not extravagant as well. But, they don’t restrict themselves when it comes to keeping one or their closed ones happy. When needed, they will spend their money to make others as well as themselves happy.

Spending smartly not greedily

One good quality of a frugal person is they like to spend their money smarty, not with the greedy intention of saving every penny possible.  They try to get rid of the unnecessary expenses that have been draining their money. Now, stinginess is not a strategy; it’s more like a person personality that comes naturally. They will not hesitate even a bit to avoid even important expenses.
So, if you are a frugal person, then you must look for the right solution to fix the problem rather than waiting for it to get worse. Thus, if you have just lost your job and finding it hard to manage your daily expenses, then you could apply for payday loans for unemployed from RecentFinance in the Uk.

Not having the long term plan

The stingy person is so much into saving a penny in every purchase and spending that he/she doesn’t see the broader aspect. This makes the person ignoring the quality that eventually will backfire, and you will have to spend again. This is similar to being penny wise and pound foolish where you are so focused on saving the coins that you are sacrificing the big cash.
A frugal person will never do such thing as he/she will be spending the money wisely and at the same time, will have a large goal in mind as well.
By far, you must have well understood what defines a frugality and stinginess when it comes to money. So, if you want to save money, then choose the path smartly.

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