Define Cheapskate

How do you define cheapskate? While there are a number of ways to answer this question, understanding the difference between smart money management and embarrassingly bad behavior is the key to frugal living.

According to yourDictionary, a cheapskate is "a person unwilling to give or spend money; stingy person." In comparison, the site defines frugal as "not wasteful; not spending freely or unnecessarily; thrifty; economical."

So, while both terms are used to describe how a person manages his or her money, a cheapskate is someone who takes frugality to the extreme. Instead of trying to make the most of his or her resources, the cheapskate refuses to spend money at all. Therefore, it should come as no surprise that calling someone a cheapskate is usually taken as an insult.

If you want to save money without being labeled a cheapskate, what should you do? To start, it's a good idea to keep in mind the basic rules of frugal behavior.

• Be ethical. It's fine to want to save money, but it's still important to have good morals. Be honest and don't take advantage of a situation. For example, using a coupon to save money at your favorite buffet restaurant is being thrifty. Stuffing your purse full of leftovers to take home, however, is definitely cheapskate behavior.
• Don't buy something just because it's a bargain. Once you get in the habit of looking for sales and coupons, it's easy to become tempted by things that seem like a great deal. However, an item that won't be used or enjoyed is never a bargain – especially when you're shopping for gifts. Buying a sweater in a color you know your sister hates just because it seemed like too great of a deal to pass up is a good way to define cheapskate behavior.
• Prioritize. A cheapskate is someone who will go to any length to save money, regardless of whether or not the extra effort is rational or practical. For example, spending your Saturday driving to every grocery store in a 30-mile radius to find the best deals on canned goods is not the most productive choice when you consider the cost of gas and the missed opportunity to spend time with your children.
• Be considerate. Remember that not everyone shares the same financial priorities. If you want to spend time with a friend that isn't committed to your philosophy of frugal living, inviting him or her over for a home-cooked meal instead of meeting at a trendy new restaurant is a good idea. On the other hand, making your friend go to 20 garage sales while you look for new living room furniture will probably earn you the reputation of being a bit of a cheapskate.
• Know when to have fun. Part of frugal living is knowing how to save money so you have extra cash available when it's time to splurge on something your family will really love and appreciate. Going out to dinner once a month instead of once a week so you can save money to take the kids on a special family vacation in the summer is a wonderful idea. Staying home all year long, however, isn't fun for anyone.

While there definitely is a difference between frugal living and how to define cheapskate behavior, you'll still probably encounter your fair share of people who want to poke fun at your efforts to save money regardless of what you choose to do.

In some cases, educating them about the savings involved in clipping coupons or comparison shopping may be useful. However, people who feel insecure about their own poor money management skills are likely to see your behavior as an indirect criticism of their own lifestyle. In this case, the best course of action is to simply ignore the negativity and focus on the personal satisfaction your frugality will eventually bring.

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