Perfect story!! My turning point was in the 80's when I needed dress shoes. First pair ripped in a few weeks, second pair in a month. Went to a mall and saw an Allen Edmonds store. At that point I was going to buy the best quality shoes I could find. They had a sale and I bought a pair for $98. I bought a few more pairs over the next few years and I still have and wear them to this day. That was my cheap to frugal turning point and I've used that philosophy to this day. And it's served me very well.
I actually found a brand new pair of Allen Edmonds at salvation army for $10! I had never heard of Allen Edmonds but I could tell they were very nice, so I bought them and gave them to my boyfriend at the time. 15 years later, he's still wearing them.
I say buy nice or buy twice. I have to dress business for work, and I wasted $100's on cheap crap that looked fine at first. I regret buying cheap every single time. I save so much money and space keeping a small wardrobe of nice clothes and shoes that I maintain. It's not that hard to find specific designer stuff you want second hand or on sale either. Just push the need for instant gratification aside and be patient.
My sticking point was my purse. I got sick of fake leather purses that flaked out after a year or so. Since I have a firm idea of what I want in a purse, I find it frustrating to go from store to store looking for something acceptable. I finally bought a solid leather purse online a couple of years ago, and it still looks great. Lots of pockets, big enough to carry everything I want, and I plan to keep it for years to come.
Same for me with a belt, got tired of replacing my belt every year or less because it was peeling and falling apart and I’d go buy another $15-20 one. 10 years ago I got a real solid leather belt and it hasn’t let me down since
@@ElliottPiano Who said anything about "cool"? Leather is more durable than cloth. I'm looking for functionality. And since I have no problem with eating animals, I don't worry myself over wearing them either.
@@bethanyb4478 I've had a non leather belt for 7 years that still looks great . It all depends where you shop. No more excuses for financing animal exploitations! Good luck to you 😊
I like to pay people for their work. I went to a cobbler once to get my boot fixed. Charged me ten dollars. I argued with him that it was not enough, he needed to charge me more. I told him that I like his business and want him to be in business tomorrow.
Yes, I did that too when I work with new artists who charge too low. Some of them listen and charge more afterward, it turned out that them charging more actually bring in more clients in the long run.
I knew a man many years ago who used to come to the bank with his millions asking for special rates on cds. He was known in the nearby towns as this is how he spent his days. The wild thing was he had holes in a clothes and he smelled horribly. He also lacked skills in communication and treatment of others. I saw him out one time at a flea market and he refused to even pay for a hot dog or something to drink for himself. He was asking people to buy him things. He had no friends because of his behaviors. This would more than qualify as cheap. I would say he was very sick. Thanks for the examples in the video.
Thanks for the video, I’m glad you’re doing much better financially than in childhood. I grew up in Russia in 90s in poor family in the outskirts of the country. 30 years later and I still count every dollar I earn and spend even though I’m making an order of magnitude more what my family had. This “poor mentality” is very hard to get rid of.
I’m so grateful my parents instilled frugality in my mind growing up. They had such care for value but refused to overspend on what wasn’t important or meaningful for them. I’m not wealthy by any stretch, but I live below my means and truly value time, energy, and connecting with others above all else. This is a great video with a powerful message; thank you!
I love this! I wish more people would learn the difference between these two. Frugal isn't a bad quality like so many people think! I know I've been called cheap because I didn't want to spend money on things that didn't hold value for me, but other people found value in. But they were just projecting their thoughts onto me and assuming everyone values the same things they do. I also think thrifty is a positive descriptor that is a lot like frugal, but more on the DIY side. This would be like people who make homemade gifts, repair their own clothes, or maybe even forage for wild mushrooms. They don't do all these things JUST to save money. They do it because they enjoy doing it PLUS it saves them money.
Such a great observation, Bri. I was made fun of my sisters for preferring to stay at home reading a book over going to the mall or the movies. I just don't enjoy those activities and would much rather spend money on books, a good reading lamp, comfy armchair and couch- all the things I need to do things I love. Maybe it's because extroverts assume that they are the default human and that introverts are broken and must be fixed. I also enjoy mending, improving, and making stuff. When I see a room, my mind starts to build improvements in design, efficiency, comfort, and durability.
I have watched my fair share of financial advice videos on RU-vid. The advice on this channel have been by far the most mature, practical, and down to earth! Fantastic job!
Watching this video is gonna be my turning point from cheap to frugal. My money in the bank account was sitting there for many years, they started smelling like rotten eggs. Thank you for making such a good contents like this.
so eloquently put. As a frugal person I concur and thank you for a beautiful explanation. I never thought to break it down as it's something that has become baked into my thinking and how I spend. Every so called cheapskate should strive to become frugal.
Sometimes, a "cheap" person will pay the lowest prices, but at the same time buying more that said items for FOMO (i.e. buying before the sale ends). Some Costco wholesale goers come to mind. In the end, they are financially in the worse places, justifying for being "cheap". It's a vicious cycle.
I've been called cheap because I won't buy new clothes in mainstream stores. I buy second hand and will wear them until they have holes in which I then cut up to use for rags to wipe down surfaces. Woollen jumpers/sweaters with holes in I will either repair or unpick to make new items. I see it as being frugal, others see it as cheap. I enjoy recycling.
I felt like you were speaking directly to me in this video. I went from being an over spender to as cheap as possible for the last decade. Now that I’ve worked my way into a better financial position, I’ve been having trouble breaking the cheap habit. I feel guilty spending money on anything that isn’t essential. Thankfully I have moments of clarity and my wife and I booked our first vacation since our honeymoon 5 years ago and I plan on enjoying myself and not stressing over the cost. It’s a constant battle but nice to know others struggle with it as well.
I have always been concerned about money because I was raised in poverty and still am low income despite having a bachelors degree. In any case, my husband accuses me of being "cheap" or says I should stop trying to "save money," even at times when I am only trying to be frugal and look for the best deal on something. It's like he just assumes that I only want to get the lowest possible price even for something of lower quality, which is not the case. I think he is used to just picking anything without much concern for the price (if any) just to save time and avoid stress, but I am the type to do price comparison to try tijb get a lower price.
Yes, thank you alot! I find much value in ordering online and it has really helped out my life ALOT. I have tried recommend it for my friend who is a single mother with no car, but she always complaints and says it is "too expensive", because she only looks at the groceries them self. I have been able to save more, mor money, more time and just overall. For me it is worth it even if it is 30% higher priced food, but the service and time I get back in my life it is so worth it. I just wish she could see it as I do, but she is sadly more on the "cheap" side, maybe because she was raised so, but I kinda was too, all RU-vid videos and minimalism may have helped me alot ❤
'Buying back time' is so important'. I was fortunate to work for an organisation where I could do a alot of overtime, and rather than getting money for the overtime, I could take additional days off work. So if worked hard in school terms then I could take time off in school holidays.
Great video as always. I am frugal overall, carefully so but I do believe buy cheap buy twice, I always look for a quality option if you want something to last.
PS this is what I learned. After I had an accident in an older Car I bought a new one (Toyota) yes it was more expensive but I drive it properly for over 10 years now and the maintenance is very low. If your car lasts 10+ years its really a good investment. You have 0 uninsured / guaranteed problems. You are a lot less tired after driving and if you do the yearly maintenance you will never have problems. It can turn a 30k car into a 3k car a year + 0.5k average maintenance. Older cars have a lot more maintenance costs and are less safe.
I dished out for a set of really nice bluetooth, wireless headphones. Instead of spending 15-20 bucks every few months, I put down 80 and have had the same set for years! I use them daily so it was absolutely worth the expense.
my thoughts are mostly frugal, but I sometimes become paralyzed by not being able to confidently define what “prioritizing value” looks like which leads me to not make any choice (not bc I want to be cheap, but bc I’m afraid to make the wrong choice)
I used to be cheep but my wife helped me become frugle. Eg:I like my coffee but only baught cheep coffe for home so would buy it out a lot but only buy smal cups cos it's cheeper. Now I have a good coffee machine (€200 ish and had it years) and only get good beans for it so it's always really nice coffee, I buy it in bulk 2 - 3 times a year when they're on sale, so I tend to get 10 bags for the price of 8. So now I rarely buy coffee out, what I have at home is usually nicer, and it's cheeper in the long run.
I'm currently wearing a head to toe outfit all purchased from Walmart, so I know a thing or two about being cheap. Having said that, there's a time and place for spending extra on quality. Sometimes "buy once, cry once" is the best policy. I live cheap most of the time, so I could pay cash for my riding mower/plow. Not quite top of the line, but cub cadet makes a fine tractor!
I'm both thrifty and frugal. I remake items into other useful things or repair what I can to make them last longer. I don't believe in overspending unless it's on a necessity that lasts. I have a wonderful pair of custom leather boots that's lasted me for 10 yrs now. They were about 125$ but are well worth it. I'm going to do the same with my house. I'm saving and pursuing local listings for blank lots of land to build my own small space.
to be real though, I'd recommend value purchasing, but it's easy to use it as an excuse for buying wants but justifying it as the smart "better value" option.
I am cheap about some things and frugal about others. I don't care very much about clothes, branded household goods (for example, I make my own all purpose cleaner, which does take time and maybe doesn't clean as well as store-bought cleaners, but it's good enough for me), or high-end make-up. But I am frugal and value-minded about the things I care about, like furnishing my house, buying really, really high quality footwear (since I teach and am on my feet a lot), and service to my car (which I bought outright and want to keep in good condition for at least 10 years). I was also taught that part of being frugal is patience and delayed gratification: when I want to buy something for my house or get a new pair of shoes, I price watch and wait for sales. Then there as some things I do not compromise on financially because the value for me is in the experience, namely travel, experiences with family and friends including dining out, and gift-giving. I am cheap in some areas, and frugal more generally, so I can be lavish in the areas I value.
Great video. Back in the 1970's, I ran my first and only 20 kilometer race. While training for the race, I was running on cheap Rydell shoes and developed painful shinsplints. I went to a proper running store and they recommended New Balance running shoes. No more shinsplints and I have been running on them to this day.
I used to like to purchase things because I thought it was a good deal. I will have to reassess what I purchase as is it good value. For example price to performance.
Hahah my mom was poor so I have this disease as well! spending 1 hour to get something 10 bucks cheaper is really a bad investment. Penny wise Pound foolish! But I still struggle sometimes.
Good listening i buy 2 pair of very good sneakers and they last a long long time they cost but i get alot of use out of them sas brand made very well and very comfy
I really hate it when speakers force themselves to half-laugh at the beginning of every other sentence. I've never noticed you do this before, Tae, so I hope it doesn't become a habit. You seem much more natural/comfortable in every other video I've seen.
So often though, cheap prices ARE the best value. My friend buys hundred dollar sunglasses, i get mine from dollar general for 8 dollars. We both lose and break sunglasses more often than we'd like lol. I suspect lots of people do. But each time, the cost difference between us adds up and up and up. That quote near the end about mercilessly cutting costs on things that don't matter, is spot on.
Yeah, it drives me a bit crazy that most people don’t seem to know the difference between cheap and frugal. A cheap person pays as little as possible now, at the expense of later. A good example is between those two buying and maintaining vehicles - A cheap person buys the cheapest cars they can at the expense of reliability, practicality, fuel economy, performance, safety and long term cost of ownership, and of course, they don’t maintain their car well because they aren’t willing to spend now for long term benefit, the result being they often take a complete loss on a beater car every few years (or often less), they are at much higher risk to get into accidents because of lack of adequate maintenance, especially safety items like brakes, steering, suspension and running old, bald or cheap and seasonally-inappropriate tires, or driving a car with unsafe rust damage, and they don’t have enough insurance to cover a serious at-fault accident when it does happen. A cheap person might buy a rusted out, horribly inefficient old pickup truck to commute to work, or an overtly-tiny compact car to haul a family when they really need a minivan just because the upfront cost was low. A frugal person makes a well researched purchase of a car that balances their needs of safety, performance and practicality with as much reliability, fuel efficiency and lowest long term cost of ownership as possible, and sometimes that means they can spend quite a bit up front to drive a safe, reliable vehicle for the next 10, 15 or 20 years, but they have extremely few breakdowns over a long ownership period, because they picked a reliable car to start with, and maintain that car well and end up with a very low long term overall cost to own. They always run a quality set of tires and maintain the engine and safety items like brakes, and carry enough insurance if an accident did happen. A frugal person might buy an efficient compact to midsize car for commuting to work, or a safe and reliable minivan for the family or even a quality pickup truck for family and work.
Love that book 📕 by the way. I learned so much . I have a question? Since I’m in my mid forties and Just starting to save money . I’m really not where I want to be. However, I feel so bad because I feel at this time , I don’t want to purchase birthday gifts or anything. But I bye nice things from time to time for my kids and myself. Is this saying that I’m cheap? Please help. I’m a generous person. Just trying to save
To really master money, frugality should not just depend on what but also when. Money and time must be viewed relative to each other due to the Time Value of Money. I think it’s an important point the video could have focused on more. For example, a lot of young people hear “the rich eat healthy and exercise” and then go spend all their money on premium groceries and all their free time at the gym. Oh wow you are amazingly fit and healthy in your 20s, now all you need to do is the money part and you’ll be rich 🤦♂️. Eventually they realize this and go to attempt the money part only for everything to collapse because they have to play catch up to the person who learned/worked/saved/invested when they were young. Also, everything will be harder because they’ll have to downgrade their living standards in order to save/make any real money and they’ll be later on in life with more adult expenses. It’s okay to have “ramen years” where you eat cheap, “grind years” where you prioritize work over exercise, and “homeless years” where you dress cheap as you can. The goal is to put these years where you want them to maximize quality of life. You did not need the Nike running shoes before you became a runner and as your feet grew your mom saved a lot of money by buying those cheap shoes. Food and fitness become more important the older you get. So set a goal to buy a Peloton after making the down payment on your first home.
I literally had the same "value of shoes" revelation lolol. Super cheap Target shoes that ended up too uncomfortable to make myself wear, vs. Nikes that i can wear all day and last for years and years.
I realize I said enough my dad had an electric lawn mower ran over the wire we should I left out do mucho cycle riding I loved my three wheel busines cart before it or driving automobiles I use to bike ride mucho miles or walk how mucho volks realize as I learned from doings why volks donot do nicer always not done properly or fail it was not myself but how or what I changed after learning I was never afraid to do real work
If you can swallow your pride and dignity, being a skilled grifter is the best way save money. Simply spend someone else's and you won't need to worry about living above your means. Because you're living within someone else's means.
You did not value the Nike shoes high enough. 4 years running in cheap shoes damages the knees, ankles, hips and back. Good shoes will save you on those medical bills when you get older.
Instead of complaining try things again go easy does it I learn there are all kinds of volks in this loco mixed up world society of ours senoritas ask where are the nice senors out there but they get so mucho picky they chase them wayang not everyone but please do something or else forget it
I enjoy your channel but if you had a cartoon tortuous speaking your advice...well you would triple your views. No need to pay me for this most profitable tip
My sticking point was my purse. I got sick of fake leather purses that flaked out after a year or so. Since I have a firm idea of what I want in a purse, I find it frustrating to go from store to store looking for something acceptable. I finally bought a solid leather purse online a couple of years ago, and it still looks great. Lots of pockets, big enough to carry everything I want, and I plan to keep it for years to come.
