I was reading a post recently debating about the differences of being cheap and frugal and it does strikes a resembility between the two. (Let’s skip “spendthrift” for a moment because it is a huge gap that we all can easily identify).

Assuming you are buying over a pair of shoes which cost one at $100 and another at $40. Being “cheap” means that you will definitely choose the one with the lower cost. But what about being frugal? To me, the differences of being cheap and frugal are multiples, but are pretty simple at times. Just think about it like this. Frugal people are willing to spend money on quality products at a reasonable price. They are smart people because they know that the products they are buying will last them for at least some time, which minimizes the cost over the long run. Cheap people, on the other …