The Difference Between Being Frugal and Being Miserly

The truth about managing your money

The truth about managing your money

We usually don’t notice it when we become ‘money mongers’, so desperate to see funds in our accounts that we deny ourselves the basic pleasures in life (in the name of saving money). We do so until we realise after that one setback that we have played no one but ourselves.

There’s a difference between being frugal and being miserly. We preach austerity- same thing as being frugal and a frugal person simply cuts down frivolous expenses, sticks to a budget and saves money while at it. A frugal person has a plan. A frugal person buys quality over quantity.

On the other hand, a miserly person is a cheap person. One who wouldn’t pay premium price, irrespective of the quality of the product or service, even to his own detriment, least of all another human being.

A colleague told me the story of Diran. Diran’s life philosophy was “Why pay more?” At first, it sounded to me like he was doing a good job handling money, after all, it was his money. My colleague went on to say that he didn’t want to be like him because he was “the annoying type” of frugal. Diran was a miser- a cheapskate.

What was he storing his money up for? Tomorrow? We are powerless over anything that isn’t in the now. We can neither change the past nor see the future. But the one difference between us and people like Diran is that we can make plans: We set goals, we save, we invest and we live our best lives. We don’t preach money hoarding and pass it off as truth. We move with purpose and direction.

We believe that money is a tool. But just like any other tool, there is a right and a wrong way to use money.

Money uses misers but frugal people use money.

What if we reclaimed our power over money? What if we told you that you, as you are today, could still find the silver lining between your needs and your resources? The REACH app can help you plan your money. Get started today.

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