Before upsetting anyone let’s define cheap:
CHEAP — Buying inexpensive or low quality despite being able to pay for the higher quality item.
Cheapness can be good or evil. The latter can damage reputations, friendships, the economy, and/or personal health. Good cheapness can lead to financial freedom.
Examples of evil cheapness:
- Postponing preventative medical care
- Eating low quality food
- Wearing poor-fitting clothes
- Bailing on social situations
- Foregoing international travel
Examples of good cheapness:
- Fixing things that break
- Bringing bag lunches
- Biking/walking instead of driving
- Drinking water (instead of sugar drinks)
- Using the library
You’ll notice that all the good cheapness examples have secondary benefits related mostly to health and/or personal satisfaction. Now that we’ve defined cheapness let’s call it frugality. But why bother with it?