Comments on: When Being Frugal Doesn’t Pay

By: Lulu

Lulu — Tue, 23 Feb 2010 15:25:14 +0000

I think too many people confuse frugal with being cheap or they think that you cannot buy a high priced item if you are truly frugal. I have sensitive skin but care enough about my face to wear sunscreen. I can only use Oil of Olay on my face because it is the ONLY sunscreen lotion that does not make me break out. Frugal to me is buying the good quality, high priced lotion that does not give me a rash and then using coupons to get toothpaste and toilet paper at a lower price. I stay within my budget even with buying the expensive facial lotion.

By: The Rat

The Rat — Mon, 22 Feb 2010 03:52:58 +0000

Nice post. I remember having a BBQ party, and one of my friends was always a bit ‘too frugal’. He bought a ‘fast fry’ steak that was more than a few days outdated and he ended up puking up in front of everyone at my party.

Like you said, sometimes it doesn’t pay to have a frugal lifestyle to the extreme. Balance and ‘within reason’ are important words to keep in mind. Sometimes, I would rather pay extra for a fresh steak than one that has passed its ‘best before date’.

Cheers

By: Kyle

Kyle — Sat, 20 Feb 2010 14:59:37 +0000

Well that depends on how much extra money you make

By: Monroe on a Budget

Monroe on a Budget — Sat, 20 Feb 2010 14:46:03 +0000

I hear you on the time vs. money dilemna. But this recession is not an economy where money-making opportunities can make up for a non-frugal lifestyle.

I see a lot of nodding heads when I do public appearances and say, “Yes, these money-saving tricks take some time. But a lot of people in Michigan and Ohio have more time than money these days.”

By: Daddy Paul

Daddy Paul — Sat, 20 Feb 2010 00:46:22 +0000

“Saving money by purchasing inferior quality products is often penny-wise and pound-foolish”
One example of this is cheap shoes. A good pair of shoes can last 5-10 years and protect your feet, knees and back. A cheap pair can cost 1/4 that of a great pair but last 3 months and ruin your body.

By: Early Retirement Extreme

Early Retirement Extreme — Fri, 19 Feb 2010 18:45:16 +0000

Thanks for the link. However, I think I may be a bad example for what you’re trying to say with that paragraph. I don’t clip coupons. I cook from staples (10 lbs bags) and coupons are usually associated with preprocessed food. We buy loss leaders (meat, vegetables, fruit) and eat according to that, so no need to shop around. Not working for money means I have anywhere from 40-100 hours more than those who work for a living. In many cases the hourly wage being thrifty is quite a bit higher than the wage post tax, post commute expense, post business attire expense, etc. one would otherwise earn. For instance, I can make laundry detergent at a rate of about $60/hour (spend 5 minutes to save $5). I never earned even close to that much when I used to work for a living and that’s before all the working expenses of tax, etc. are included.

In terms of quality, frugality is not the same as being cheap. Many frugalites think more like a business owner than a consumer when it comes to purchasing stuff. How long will it last, what kind of service will it get me, what are maintenance costs, are there any liabilities? You can buy one pair of $200 shoes that will last you 10 years. Or you can buy 10 pairs of $40 shoes that will each last a year. The frugal choice is the former choice. The moderate choice is the latter, because forking over $200 for a pair of shoes… that’s not easy for most people.