We tend to use these words interchangeably to refer to people who are tight with their money, but there is a big difference between being frugal and being cheap.
These are my definitions of what it means to be frugal or cheap:
Being frugal is all about spending money wisely. You make informed and thoughtful decisions regarding your purchases taking into consideration not just the price, but as well as the value and quality. You may end up spending more money, but it’s only on a wise purchase that is a better deal.
Being cheap is all about spending as absolutely little money as possible. A cheap mentality looks only at the price as the bottom line. It is the only factor used when deciding when to spend money.
I would consider myself to be a frugal person, but not a cheap one by any means. While I have an appreciation for higher quality products, whether it be food, clothing, etc., I try to get more value for my money.
photo credit: Shrinky-DON’Ts: Love In The Cosmos via photopin (license)