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Loh Tat Tian
16 Nov 2018
Founder at PolicyWoke (We Buy Insurance Policies)
Being cheap is looking at price without any justification. It could also mean just buying something purely for its price and not looking at its quality, its uses for yourself, and how long the item can last, whether it suits your needs.
Being frugal is only buying what is needed (like toilet paper offers, dettol with 3 for price of 2, other consumables with long expiry date) and looking for the best deal available in the market to match what you need.
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Frugal is making the most out of things with reason. Cheap is obsession with buying things that are ...
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The fundamental difference for me is the ability to recognise value/quality.
Consider how a frugal vs cheap person looks to buy food with $10:
Likewise, for clothes: