Monday, December 9, 2013

There is a Difference Between Being Frugal and Being a Tightwad

There is a Difference Between Being Frugal and Being a Tightwad

By Keith Bunn Jr.
December 9, 2013

Which are you? Frugal or a Tightwad?

I know a bunch of people, that others have classified them as either frugal or a tightwad, but which are they really? 

Well, the Webster dictionary defines Frugal as: [a person who is] careful about spending money or using things when you do not need to : using money or supplies in a very careful way. 
It also defines Tightwad as: a person who does not like to spend or give money.

Now either one of these types of people can be very smart when it comes to their finances. They can know where every penny is going, what its doing, and how much they have, both in liquid and non-liquid funds. But if you look at those two definitions closely, you can really see the difference between the two. 

The Tightwad is a hoarder of money. They bring it all in, in various forms, but it rarely goes out. To them, they can't have enough. This is a Spiritual Disease. The only joy they get is by getting more money. They don't have many friends and rarely go out and do anything for fun. And they will never feel the joy of helping others who are in need.

The Frugal person, even though it looks like they don't spend money, do spend and give a percentage of their money, but not to the point where they harm themselves by either being the tightwad or by over spending. They do go out with friends, take trips, and give to their church and/or favorite charities. But they plan these things out. Again, this is a type of person who knows what every penny they have is doing, and where its going. They enjoy life and know that whatever they are doing, they still have enough to cover emergencies or for the next event on their calendar when it happens.

So, do you now know the difference between a frugal person and a tightwad? Have you called a frugal person a tightwad before or thought a tightwad was just being frugal? Chances are, you have at one time or another. 

If after reading this, you discover that you are a tightwad, you don't have to stay that way. We can all change for the better. You could talk to a family member, a friend, or even a local pastor about making these changes in your life. But be careful! If anyone of those people want you to do something that favors them more than you, get way from them. A good and trustworthy person will always want you to make changes in your life that betters you more than them.

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