cheapskate

6 Kinds of Critics Every Frugal Person Meets

Paul Michael — Tue, 02 May 2017 08:00:11 +0000

As someone who enjoys living a frugal lifestyle, you will meet a myriad of people on your quest to save a buck. Some are great. Others, well, not so much. But they can all be identified by their common traits. Here are six types of frugal critics you are guaranteed to come across on your money-saving adventures.

1. The cheapskate

There is a big difference between someone who is frugal, and someone who is cheap. Frugal people are generous. They spend money. They just like to get a lot of bang for their buck, and they don't like to pay full price if they can avoid it. Cheapskates, on the other hand, are real scrooges. They don't spend money. They don't like to share. They nickel-and-dime you on everything. And they think you're both the same.

2. The favor hound

You're frugal. You're good at it. And the favor hound knows it. That's why they're always bugging you to help them get deals. Morning, noon, and night, they have no qualms about texting you to find an online coupon for a new pair of sunglasses. They want you there when they're buying a car. They insist on speaking to you before buying, well, anything. At first, it can be flattering. But after a while, it wears you down, until you stop answering their calls and duck behind the cheese display when you see them in the grocery store.

3. The bill splitter

They have money, they like to spend it, and they really don't care what you think. This is all well and good when they're spending their own money, but when you're doing anything together, it becomes a nightmare. Go on vacation with them, and they want the best hotel room, in the fanciest part of town, with all the bells and whistles. Eating out, they'll order the steak and lobster when you order soup and a salad, and yet they want to split the bill right down the middle. They ask you to go halves on a birthday gift for a coworker, and then buy an iWatch that costs $300. You have to set strict limits with a bill splitter, or they'll go crazy with your cash. (See also: 10 Money-Saving Habits You Should Never Apologize For)

4. The one-upper

You may be good at saving money, but the one-upper will beat you every time — and they'll make sure you know about it.

"Oh, you got that watch for 70 percent off, huh? Well guess what, I got two of those last week for a buck. In fact, the store paid me to take the watches off their hands."

If you save money, they save more. If you get something for nothing, they get twice as much for even less. For some reason, the one-upper seems to think that you actually care about all of this. But you don't. You're saving money, and you're doing just fine. If they really are saving more (and it often feels like a bunch of exaggerations) then good for them.

5. The shamer

Maybe it's a little envy, or maybe you make this person feel uncomfortable, or even guilty. But whatever the reason, "the Shamer" is quite vocal about your frugal ways, especially around friends and gatherings.

"Oh, don't ask this one to get the drinks, they'll probably come from the dumpster out back!"

"Word of warning, Scrooge over here won't want to split the check."

This is, of course, not accurate. Frugal people are careful with their money, but not misers. It won't stop the shamer from making you feel like you'd sell your grandma for a buck, though.

6. The tempter

If you're on a diet, there will always be someone egging you on to slip and have a bite of chocolate cake. If you're quitting alcohol for the month, someone will encourage you to have "just one." The same applies to the frugal shopper. You will have that friend who wants you to splash out, because it makes them feel better about their own purchases.

"Come on, let's go out to eat at lunchtime, leave your packed lunch in the fridge."

It can be very easy to accept their offers, but it's a slippery slope. Stay strong, and stick to your frugal guns.

This article is from Paul Michael of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

6 Signs You're Not Frugal — You're Cheap!

Sarah Winfrey — Thu, 23 Feb 2017 10:30:32 +0000

We here at Wise Bread are big fans of the frugal life. When it comes to cooking our own food, getting the best mobile plan, or waiting for a sale to buy a big-ticket item, we're your people.

But frugality can go too far. How far is that, exactly? Here are some ideas that you can use to measure whether your frugality has been taken to an extreme and you've turned into a total cheapskate. (See also: 13 Ways to Save Money That Go Too Far)

1. You Are Miserable

Being frugal is about being wise, and it almost always comes with specific goals. Maybe you want to be frugal to save money, or to help the environment, or to live in a countercultural way. Whatever your reasons, they should be powerful enough for you that they make the effort you put into frugal living worthwhile. (See also: 25 Products You Think You Need But Really Don't)

But frugal living is not about feeling deprived and miserable. If you're feeling down about what you can and cannot spend money on, try to figure out what, exactly, is making you feel that way. If the item is something you can afford and it will truly add to your happiness, figure out how to add it into your budget.

2. Not Spending Is Making You Lonely

It can be healthy to give up social activities that cost a lot of money. Going out to happy hour several times a week, going on shopping sprees with your friends, or taking expensive vacations are all things that frugal people often cut out of their lives and their budgets when they want to stop spending. (See also: 10 Types of Friends Who Are Costing You Money)

The thing is, you have to replace those activities with something else social, or your frugality can cause you to end up feeling lonely and isolated. Sure, there are often less expensive ways to spend time with your friends but, very often, spending time with people means spending at least a little bit of money.

If you're finding yourself lonely and you think frugality might be the culprit, try setting up an inexpensive coffee date with a friend, or suggest an afternoon at a local park instead of an afternoon at the mall. And if all else fails, just spend some money. It is better to be less frugal but also less lonely than it is to save all your money but only spend time with yourself.

3. You Are Unhealthy

You know you're taking your frugal habits too far when you engage in unhealthy practices just to save money. This can include everything from regularly eating food that is past its expiration date to skipping doctors appointments and checkups because you don't want to spend. When you're putting your health and your future at risk in the name of saving a buck, you need to loosen those purse strings.

4. Saving a Little Takes a Lot of Your Time

Sure, you might be able to save a bit more if you get a quote from another insurance agent or clip all those coupons, but all of that also takes time. Since you probably have more that you want to do than just live frugally, you have to take your time into consideration when you're deciding whether a frugal choice is right for you or if it just turns you into a cheapskate.

Things like couponing can save you quite a bit of money, but organizing them and determining when to use them and how to combine them can also take a huge chunk of time. Unless you really like that work or you have some pressing need to save, your energy might be better spent elsewhere.

If you're not sure, calculate the value of your time. For instance, if you spend eight hours clipping coupons and you save only $40, your time was worth $5 an hour. If that's not enough for you, spend your time doing something else, instead.

5. Your Home Is Filled With Clutter

Sometimes, frugality can lead to feeling a lot of guilt about getting rid of anything, even things that don't work or should just be tossed. It can also lead to buying a lot of items that are on sale. Sometimes, these things are reasonable. But if you find that you never throw things away or your old things are taking over your space, it's probably time to dial back those behaviors before you become a pack rat.

6. You Never Spend Your Fun Money

Most of us have what my husband and I call "fun money." That's the money that we allocate each month toward our own personal spending. We do this so that we can buy the things that keep those feelings of deprivation far away. But if you're never spending your fun money, you might have taken frugality too far.

We all need some fun in our lives and, in our culture, that often requires spending money. If you're not spending your fun money, examine how happy you are and how much fun you're having. Have you cut that out of your life simply because you don't want to spend? Remind yourself that being frugal doesn't mean you don't take care of yourself, and let yourself spend some of the money you've set aside for that purpose.

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This article is from Sarah Winfrey of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

13 Ways to Save Money That Go Too Far

Dr Penny Pincher — Thu, 25 Feb 2016 11:30:06 +0000

There are some real advantages to reducing your expenses. You can focus your spending on only the things you value most, helping you direct more money into building assets that will allow you to achieve financial independence.

But there are times when efforts to reduce spending and save money go too far — and are actually harmful to your financial goals.

Are you guilty of any of these ways of being too cheap when trying to save money?

1. Driving an Unsafe Vehicle

Driving an old car is a good way to save money, but driving an unsafe car is not. Your car is unsafe if the brakes do not work reliably, or if the car has serious mechanical problems. For example, severely worn ball joints can cause a wheel to fall off while you are driving down the road! Driving with bald or visibly damaged tires is also unsafe.

Driving an unsafe vehicle puts yourself and others at risk of injury, not to mention the potential cost of lost earnings, medical bills, and property damage if you are involved in a car accident.

2. Skipping Dental and Medical Appointments

It may seem like skipping dental appointments and avoiding the doctor’s office is a good way to avoid an immediate expense. But cutting corners on your health will catch up with you eventually, and cost much more in the long term. Untreated cavities get worse over time and eventually require larger — and more expensive — fillings, or even tooth extractions to treat. Minor health issues can develop into more serious conditions that require expensive treatment and lost time from work.

3. Downloading Bootleg Movies, Books, Games, Etc.

There are dark corners of the Internet where you can find stolen content offered for free. Many of these sites are loaded with viruses and malware. Once you get to the stolen content, you may need to fight through pop-up ads to view it and endure painfully slow streaming and unreliable servers to access the files. Even if you eventually get the content you are seeking for free, you’ll waste a lot of time in the process. Not to mention that stealing copyrighted material is illegal. Worst case, you could end up in serious trouble.

4. Eating an Unhealthy Diet

When I was in college, I survived mostly on grilled cheese sandwiches, baked potatoes, and instant iced tea. This diet was great for my food budget, but not so great for my health. Poor diet can lead to all kinds of health issues such as obesity, diabetes, and heart disease. Surviving on the cheapest available food is too cheap.

5. Buying Extreme Fixer-Uppers

You can find some really cheap stuff that needs a lot of work — such as houses, cars, bikes, and other projects. These can be a good investment if you are capable of fixing up the cheap project to make it functional, but buying something in poor condition and not spending the time and money to repair it is a bad financial move. Your fixer-upper will likely deteriorate and lose what little value it has while taking up space. (See also: 23 Hidden Costs of Buying an Old House)

6. Extreme Couponing

I use coupons all the time, but I don’t spend much time or effort on it. I feel like the small effort that I put forth into finding and keeping track of coupons is more than offset by the amount of money that I save. But it would be easy to go too far. If you spend half a day sorting through and organizing coupons before each grocery shopping trip, you may be going past the point of diminishing returns. Your time is worth something in terms of opportunity cost. If you could get more value doing something else with your time, then extreme couponing is too cheap!

7. Reusing Disposable Products

Disposable products such as paper towels and Ziploc baggies are meant to be used once. You can easily expend way too much time, effort, and soap trying to wash and dry these disposable items. Reusing things is great, but use a cloth rag instead of a paper towel, or a glass/plastic container instead of a baggie.

8. Wearing Embarrassing Clothes

My kids tell me that I look like a homeless person when I wear my weekend clothes. My wife once refused to go into a store with me because my shoes repaired with duct tape were too embarrassing. It wouldn’t cost anything for me to repurpose my most worn, out of style, embarrassing clothes into rags and wear my slightly newer, less worn out clothes. Goodwill wouldn’t even accept most of the clothes I wear as donations, which means my embarrassing clothes are too cheap.

9. Setting Extreme Indoor Temperatures

Setting the thermostat down a bit in winter and up a bit in summer is a great way to save some money on your utility bill. Using less energy is good for the environment as well. But there is such a thing as going too far with thermostat settings. I have awakened on a cold winter morning to find frost on my bedroom wall. I had the wastewater drain to my washer freeze, and I have had my kitchen sink drain pipe freeze. One summer, we did not use the air conditioner at all even when it was over 100 degrees and humid. At some point, the discomfort and damage from extreme indoor temperatures outweighs the savings.

10. Cutting Back on Personal Hygiene

Hot water and soap costs money, but there is such a thing as cutting back too much trying to save. Some people recommend taking shorter showers, which seems reasonable to me, although the savings would only amount to a few cents per shower. Some people have stopped buying soap and shampoo at the store, and make their own soap at home instead. At some point, cutting back on personal hygiene to save a few cents becomes too cheap!

11. Ruining Clothes to Save on Laundry

Back when I was still allowed to do laundry, I would pack whatever clothes needed washing into the largest loads possible, without consideration for color or material types. I operated the clothes dryer using the same principles. My goal was to save time and money doing laundry, but the only result was lots of ruined clothes and an angry wife.

12. Not Throwing Away Spoiled Food

Trying not to waste food is a good thing, but taking risks with food safety can have serious consequences that can far exceed the savings. A few years ago, I ate some questionable sliced meat that I got on clearance and ended up violently sick in bed for several days with food poisoning. Last night, I got caught cutting the moldy end off a loaf of bread and serving the rest. My family helped remind me that serving ruined food is being too cheap.

13. Using Broken Things

When I chipped a dinner plate, I decided to to keep right on using it. But the chipped dinner plate looked horrible and had a sharp edge. Plus the rough ceramic under the chip provided an uneven surface where germs could easily grow. I eventually decided not to keep using the broken plate after all because the consequences could be worse than the small amount of money I could save by not replacing it.

Have you ever gone too far trying to save money and ended up doing something that was too cheap?

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This article is from Dr Penny Pincher of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Best Money Tips: Ways to Kickstart Your Inner Cheapskate

Ashley Jacobs — Tue, 21 Jan 2014 11:00:14 +0000

Welcome to Wise Bread's Best Money Tips Roundup! Today we found some stellar articles on kickstarting your inner cheapskate, maximizing charity donations, and why you didn't get a promotion.

Gift Ideas for Practical People

Carrie Kirby — Tue, 20 Dec 2011 11:00:11 +0000

What do you buy for people who hate to spend money? You would think the answer is to get that designer scarf that they would never buy for themselves, but extravagance is not usually the route to a frugal heart. As a cheapskate myself, I can tell you there is nothing I love better than receiving a gift that will help me save money throughout the year. (See also: 25 Gifts That Save Money)

DIY Machines

I like machines such as the Yogourmet Yogurt Maker, the AeroPress espresso maker, and the Sodastream seltzer maker. I am trying out all of these myself and expect them each to save me several dollars each time I make yogurt, espresso, or seltzer at home instead of buying it at the grocery store or cafe. Other ideas in this vein include a bread machine or a food processor, or for the very lucky giftee, a KitchenAid mixer.

The nice thing about these gifts is that the user doesn't have to worry about whether the gift pays for itself. They get the thrill of saving money without thinking about the initial investment. (See also: 20 Great Gifts for Home Cooks)

Warm Clothing and Wraps

We frugalites are always wondering if we could stand to turn down the thermostat one more degree. That's why I like Jockey thermals. I also like Snuggies, down comforters, and those rice sacks that you can heat up in the microwave and stick in your bed.

For the truly practical frugalista on your list, how about a roll of insulation? Just kidding. Sort of.

Gift Cards and Subscriptions

Inside my hard, frugal exterior is someone who loves a treat as much as the next girl. I feel a lot better about stopping at the coffee or ice cream shop if I can whip out a gift card to pay. Does your cheapskate friend accumulate Walgreens Register Rewards or CVS ExtraBucks? A gift card for one of those stores is always cherished, because it means your friend will not even have to pay tax out of pocket!

Personally, I am kind of hoping for a subscription to a monthly music service such as $9.99/month Mog Primo plan. Audible subscriptions are also great (and right now you can get $100 off a device if you sign up for a year), and Netflix is a cheapskate's dream.

As with any gift, you should be sure that you don't leave your giftee with an ongoing obligation.

Edibles

Not a Harry & David basket — that kind of thing makes my cheapness muscles clench up because I know how much they cost. But most frugal people enjoy a basket of delicious items, either handmade or store bought. Most people, really. (See also: 15 Gifts You Can Bake)

Groupons and Other Daily Deals

I won't be giving any daily deal certificates this year because I've found that a lot of recipients don't redeem them, and that stresses me out. But if you have someone really frugal on your list, they'll be sure to redeem the deal. Just make sure it's a certificate for a whole service or item — not $50 toward a $400 product, for example.

Over on my blog Frugalistic Mom, I recently shared these ideas and more money-saving gift items I have reviewed. I received a Yogourmet Yogurt Maker, an AeroPress espresso maker, and a Sodastream from their makers in order to review them.

This article is from Carrie Kirby of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

How I Got Over My Haggling Hatred

Andrea Karim — Mon, 05 Mar 2007 20:38:36 +0000

I used to really hate haggling. That vain, self-conscious part of me that doesn't want to appear cheap, or worse, stingy, has always had an aversion to haggling. As I've gotten older, though, I've come to realize that it's a necessary evil, and who doesn't love a little bit of evil?

A few years ago, I briefly dated a young man from Kenya. Because he looked like a bit of a beach bum with his dreadlocks and baggy pants and silver earrings, he got away with bargaining in places that I wouldn't THINK of bargaining. Like electronics shops, or bakeries. The guy had no shame! He would never hesitate to ask for an additional 20% off of anything - and he almost always got at least 10% off. He was like a discount savvy pirate, and I HATED shopping with him because of it.

But I eventually saw the light. After living in China, where you bargain for EVERYTHING, from crisps to coats, I've found that bargaining has lost some of its stigma. First of all, I had to get over my shame of appearing cheap, which meant that I had to GET OVER MYSELF. Hard to do, when you're vain and thin-skinned, but it helps. Second, I learned that no one was going to lose money on me, the customer. Salespeople, no matter what they say, are not going to pay out of their pocket to give you a good deal (and if they do, it's time they found a new job). Lastly, I learned to be really nice. This is hard for me, because I'm naturally kind of... well, not snobby, exactly, but I'm just not the smiley type. But a smile and some kindness really go a long way in life, and if you're like me and you have to ration your friendliness, you might as well use it when you can save a buck or two.

Go ahead, call me a cynic.

Asking for additional discounts isn't easy at first, because no one wants to be the subject of a craigslist rant, but really, it never hurts to ask. I'm not suggesting you really dig in your heels with your babysitter or the kid that mows your lawn, but businesses that care to cultivate good customer relationships will be willing to make a deal. It's cheaper for a business to turn you into a repeat customer than it is for them to gain new customers, so remember that your patronage is highly sought-after.

I recently had to put my bargaining skills to the test when purchasing Pergo floors for my basement - and it worked! I saved $200 by simply being firm in my price range and very friendly. There's always a little wiggle room, so give it a shot! The worst that can happen is the salesperson saying "No", right?

Tips for Haggling

The basic rundown goes like this: Be polite, but firm. Don't be ashamed. Don't flash any bling.

Howtohaggle.com gives you a simple breakdown of why you can and should haggle, and simple mistakes to avoid.

New York Magazine gives you the most basic list of bargaining "Do's".

Lifehacker recently linked to a good article through Reader's Digest.

Bankrate.com has an oddly mixed haggling article for both buyers and sellers, mostly pertaining to houses. I've often used the "Invoke a Higher Power" tactic when bargaining, and I dig that salespeople are encouraged to "flinch" whenever you make an offer.

Get Rich Slowly has some good haggling tips, as well, and ones that I employ include being polite, shopping at the end of the month, and not being afraid to walk away.

AskMen.com points out that you can ALWAYS get an article of clothing cheaper if there is something slightly wrong with it. Defective details mean an automatic 10-20% off of an article of clothing at my local Target.

Real Simple reminds you that there's nothing wrong with bargaining at a tag sale (garage/yard sale).

If you really want to go hardcore, there's always something to be learned from Haggle Gran.

This article is from Andrea Karim of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

cheapskate

6 Kinds of Critics Every Frugal Person Meets

1. The cheapskate

2. The favor hound

3. The bill splitter

4. The one-upper

5. The shamer

6. The tempter

6 Signs You're Not Frugal — You're Cheap!

1. You Are Miserable

2. Not Spending Is Making You Lonely

3. You Are Unhealthy

4. Saving a Little Takes a Lot of Your Time

5. Your Home Is Filled With Clutter

6. You Never Spend Your Fun Money

Like this article? Pin it!

13 Ways to Save Money That Go Too Far

1. Driving an Unsafe Vehicle

2. Skipping Dental and Medical Appointments

3. Downloading Bootleg Movies, Books, Games, Etc.

4. Eating an Unhealthy Diet

5. Buying Extreme Fixer-Uppers

6. Extreme Couponing

7. Reusing Disposable Products

8. Wearing Embarrassing Clothes

9. Setting Extreme Indoor Temperatures

10. Cutting Back on Personal Hygiene

11. Ruining Clothes to Save on Laundry

12. Not Throwing Away Spoiled Food

13. Using Broken Things

Like this article? Pin it!

Best Money Tips: Ways to Kickstart Your Inner Cheapskate

Top 5 Articles

Other Essential Reading

Gift Ideas for Practical People

DIY Machines

Warm Clothing and Wraps

Gift Cards and Subscriptions

Edibles

Groupons and Other Daily Deals

How I Got Over My Haggling Hatred

Tips for Haggling