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Why Being Cheap is Not a Bad Thing?

Monalisa Lal
Why Being Cheap is Not a Bad Thing?

Quite often, people tend to term someone cheap when they are monitoring their budget closely, trying to be too miserly about spending. On the surface, frugality or cheapness might look similar. There is nothing wrong with figuring out ways to cut expenses and save money. However, there is a fine line between being economical and being stingy. 


Something inexpensive or comparatively low in price is defined as cheap. Low-costing or cheap products often get a negative rap, as they usually wear off and are of poor quality. On the other hand, frugality doesn't necessarily mean buying things at a discount or sale. You can still be economical when you buy a high-end product that you know will last longer and save you money over time. 


So, why is being cheap not always a bad thing?

Being aware of our spending habits and going that extra step of being mindful can drastically improve our financial well-being. 


Here are some ways you can save your hard-earned money:

  • Monthly Expenses: 

Based on your monthly income, create a budget for all the known expenses for that month, leaving room for savings. Once sorted, monitor your spending keeping your budget in mind. 

  • Transportation costs

Use public transport or carpool whenever you can. Research well and buy a car that will give you good market value in the long run. Used cars might be cheaper comparatively, but new cars come with the latest safety features that are likely more reliable.

  • Buy a validity recharge

Prepaid phone plans often come with a specific fixed validity. The pack exhausts once the plan validity ends. But with a validity recharge, the existing pack validity gets extended to enjoy uninterrupted services. Buy the cheapest validity plan and save up on monthly recharge costs. 

  • Entertainment expenses

Entertainment does not always need to be expensive. Be creative and find free or cheaper alternatives. Go to a park with friends and family instead of an extravagant dinner and save up for special occasions. 

It could make sense to buy cheap supplies when you are not sure you want to try/use something for long. In general, however, it is best to set out a budget and spend within that budget.

Monalisa Lal
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