A new survey bySlickdealsfound that over 50% of respondents revealed that the pandemic finally taught them how to properly budget and spend more wisely. The survey also revealed that 67% think the pandemic has turned them into a frugal person. But don’t confuse being frugal with being cheap. Americans definitely think those terms have very different meanings.
Frugal, to the average person, means you are being smart with your finances and making sure you are getting the proper value for your money. Being cheap means you are driven to save a penny at any cost -- no matter the circumstances.
According to the survey, these behaviors are considered cheap:
- Only tipping the minimum 15%, no matter the quality of the service at a restaurant.
- Never buying rounds at the bar with your friends.
- Calculating your share of a group dinner down to the last cent.
- Re-using tea bags and coffee filters.
- Eating food past its expiration date.
- Diluting liquid soap bottles with water so they last longer.
- Keeping outdated or worn-out electronics, as long as they still barely work.
These behaviors, on the other hand, are considered frugal:
- Saving on your electric bill by turning lights and electronics off when they aren’t in use.
- Keeping the heat as low as possible and the A/C as warm as possible to save on seasonal expenses.
- Watching movies at home instead of in theaters.
- Shopping at second-hand stores.
- Buying off-brand food products.
- Buying no-name electronics and accessories.
- Not drinking at bars or restaurants and only having alcohol at home.
- Bargain hunting and seeking out the best prices and sales on a product you want to buy.
So …Are you frugal or cheap?