Frugal Doesn't Always Mean Cheapest

amyschiff · 05-16-2008, 04:58 AM

I was reading some product reviews for ipod armbands today and it made me think about how all the research I do before purchases is frugal behavior in itself. Wading through reviews has become second nature to me, and I think it's one of the most awesome aspects of the internet. I love that people are so willing to share their experiences, good or bad.

What I'm getting at is that frugal purchases are a combination of price and value. Price is a short term benefit, but value is long term. What good is something cheap if you have to replace it frequently?

It may take longer to make a purchase decision, but for me I think it's well worth it. Heck, it could even help you decide if you really need to make the purchase in the first place!

Happy weekend everyone!

mcnerd · 05-16-2008, 11:18 AM

You are absolutely correct. Many purchases and things that are done are not "cheap", but they are frugal in the long scheme of things. Being frugal is more of an attitude than an issue of pocketbook.

khorrell · 05-17-2008, 02:46 PM

Of course, that brings us back to the time vs. money discussion. I've also been researching MP3 players, and I swear I could make more than the darn thing costs in the amount of time I've been researching it!

mcnerd · 05-18-2008, 11:56 AM

It didn't seem like the discussion was time vs. money. I would think frugality does not necessarily involve either of them.

khorrell · 05-19-2008, 07:20 AM

That's an interesting perspective. The way I see it, if I spend three hours researching the best value for my money (say a recently purchased cast iron griddle), the opportunity cost of that three hours is a factor in the value. In this particular case, I ended up buying one of the more costly choices because it is the best value. However, I spent several hours reading reviews before making a choice. So basically, the cost of my three hours is factored into the value of the purchase.

Or am I totally confused?

Glue · 05-19-2008, 08:53 AM

I would think the cost could only be factored in if you were taking time away from work to do the research. Research in itself produces other immeasurable benefits.

engchik · 05-19-2008, 10:31 AM

this is something i was always trying to impress upon my roommate when i lived in NYC. sure, new york is pricey, but... she would buy the cheapest MP3 player, then it would break. the cheapest dishes that would crack, the pans that would blacken after 2 cans of soup. she seemed genuinely amazed when i suggested putting thought and research into finding decent products, and was surprised that's how i operated.

mcnerd · 05-19-2008, 05:58 PM

Quote:

Originally Posted by khorrell

Or am I totally confused?

Not, but its a futile (not frugal) effort to include one's own time into something you do yourself or you will go mad. Hobbies and all Do-It-Yourself jobs would go out the window as way too expensive, especially if it takes you 5 weeks to do a 1 hour job.

Julie Rains · 05-20-2008, 01:32 PM

I think that many of us calculate multiple factors when making a purchase decision -- for me it's not the time to research that is a huge deal (maybe it should be though) but the time and inconvenience it takes to replace an item, esp. one that should have lasted longer.

saint tim · 05-21-2008, 05:52 AM

I'm frugal... very very frugal by definition. I'm not cheap, we pay more for everything we buy from groceries to appliances, we want what is going to last, we want what is best for us. We don't eat "filler" food, nothing processed has crossed our door for years. We don't shop at walmart, we support local business first and then move on if we can't find it.

05-16-2008, 04:58 AM	#1
amyschiff Senior Member Join Date: Feb 2008 Location: Lansing, MI Posts: 244 Reputation: (28)	Frugal Doesn't Always Mean Cheapest I was reading some product reviews for ipod armbands today and it made me think about how all the research I do before purchases is frugal behavior in itself. Wading through reviews has become second nature to me, and I think it's one of the most awesome aspects of the internet. I love that people are so willing to share their experiences, good or bad. What I'm getting at is that frugal purchases are a combination of price and value. Price is a short term benefit, but value is long term. What good is something cheap if you have to replace it frequently? It may take longer to make a purchase decision, but for me I think it's well worth it. Heck, it could even help you decide if you really need to make the purchase in the first place! Happy weekend everyone!

05-19-2008, 10:31 AM	#7
engchik Junior Member Join Date: Feb 2008 Posts: 29 Reputation: (10)	this is something i was always trying to impress upon my roommate when i lived in NYC. sure, new york is pricey, but... she would buy the cheapest MP3 player, then it would break. the cheapest dishes that would crack, the pans that would blacken after 2 cans of soup. she seemed genuinely amazed when i suggested putting thought and research into finding decent products, and was surprised that's how i operated. __________________ When it rains it pours!

05-20-2008, 01:32 PM	#9
Julie Rains Wise Bread Blogger Join Date: May 2007 Location: North Carolina Posts: 208 Reputation: (51)	I think that many of us calculate multiple factors when making a purchase decision -- for me it's not the time to research that is a huge deal (maybe it should be though) but the time and inconvenience it takes to replace an item, esp. one that should have lasted longer. __________________ Wise Bread and Parenting Squad blogger

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05-16-2008, 11:18 AM	#2
mcnerd Member Join Date: Mar 2008 Location: Southern California Posts: 59 Reputation: (12)	You are absolutely correct. Many purchases and things that are done are not "cheap", but they are frugal in the long scheme of things. Being frugal is more of an attitude than an issue of pocketbook.

05-17-2008, 02:46 PM	#3
khorrell Senior Member Join Date: Jan 2008 Posts: 297 Reputation: (35)	Of course, that brings us back to the time vs. money discussion. I've also been researching MP3 players, and I swear I could make more than the darn thing costs in the amount of time I've been researching it!

05-18-2008, 11:56 AM	#4
mcnerd Member Join Date: Mar 2008 Location: Southern California Posts: 59 Reputation: (12)	It didn't seem like the discussion was time vs. money. I would think frugality does not necessarily involve either of them.

05-19-2008, 07:20 AM	#5
khorrell Senior Member Join Date: Jan 2008 Posts: 297 Reputation: (35)	That's an interesting perspective. The way I see it, if I spend three hours researching the best value for my money (say a recently purchased cast iron griddle), the opportunity cost of that three hours is a factor in the value. In this particular case, I ended up buying one of the more costly choices because it is the best value. However, I spent several hours reading reviews before making a choice. So basically, the cost of my three hours is factored into the value of the purchase. Or am I totally confused?

05-19-2008, 08:53 AM	#6
Glue Junior Member Join Date: Apr 2008 Location: Sweet Springs, MO Posts: 7 Reputation: (10)	I would think the cost could only be factored in if you were taking time away from work to do the research. Research in itself produces other immeasurable benefits.

05-21-2008, 05:52 AM	#10
saint tim Member Join Date: Apr 2008 Location: Lee's Summit, MO Posts: 33 Reputation: (12)	I'm frugal... very very frugal by definition. I'm not cheap, we pay more for everything we buy from groceries to appliances, we want what is going to last, we want what is best for us. We don't eat "filler" food, nothing processed has crossed our door for years. We don't shop at walmart, we support local business first and then move on if we can't find it.