Korean Job Discussion Forums

[adventureman]

I caught this off of this the iwillteachyoutoberich.com personal finance blog site, kind of interesting...

So which one are you closest to?




Everybody knows a cheap person, and probably hates them. But I think we often mislabel frugal people cheap. These are just my opinions, but here's what I think differentiates the two:

Cheap people care about the cost of something.

Frugal people care about the value of something.

Cheap people try to get the lowest price on everything.

Frugal people try to get the lowest price on most things, but spend a lot on items they really care about.

Cheap people are inconsiderate. For example, when getting a meal with other people, if their food costs $7.95, they'll put in $8.00, knowing very well that tax and tip mean it's closer to $11.

Frugal people won't order a Coke if they're on a budget, so that when the bill comes, they don't look cheap.

Yes, being cheap and/or frugal can be a cultural quality. I won't spend much more time on this one.

Cheap people keep a running tally with their friends, family, and co-workers. Some frugal people do this, too, but certainly not all.

Because of the fear of even one person suggesting they spent too much on something, cheap people are not always honest about what they spent on something. Neither are frugal people.

Cheap people are unreasonable and cannot understand why they can't get something for free. Sometimes this is an act, but sometimes it's not.

Frugal people will try as hard as cheap people to get a deal, but they understand that it's a dance and, in the end, they don't intrinsically deserve a special deal.

Cheap people's cheapness affects those around them. Frugal people's frugality affects themselves.

Both cheap and frugal people will be more assertive than most people when trying to get a deal. Over the long term, they'll both save more money. But one has a cost, while the other pays dividends.

Cheap people think short term. Frugal people think long term.

[jlb]

Hey...great article. I am definitely more frugal than cheap and this article proves it! I won't spend money on crap such as junk food or going out to movies all the time or eating at Outback Steakhouse. But I will lay down the big money for a nice vacation or some outdoor gear that will last for years or a nice quality sweater that will last.

I try to be generous with people in my life...inviting them over to my house for dinner, treating them on their birthday, etc.

I also think long-term. If I save a certain amount this year, I can take an entire year off later, etc. Saving with a purpose and not just for the sake of saving.

I will spend money on fruits and veggies and nice running shoes because I like to look after my body. Eating ramen just doesn't do it for me to live a happy life.

I call myself the Queen of Thrift.

[eamo]

I'm so jaded that there isn't much that I'm interested in enough to buy. Great way to save money.

[ajgeddes]

I am pretty frugal too. I don't really buy much, I always look at prices and think "wow, expensive". I don't go out that often, I will take the bus if it is possible, so I don't have to take a cab. I only buy new things when I really need them.

Then I go on vacation and stay in 4-5 star hotels, and go luxury and blow my money.

My dad always told me to spend money on things I will remember and things that I may regret. In one year will you remember not buying that expensive jacket or pair of shoes? Probably not. Will you remember the crap hotel you stayed in when you went somewhere? Probably.

[VanIslander]

I am frugal about accommodation in Korea, going three years of travelling around without ever spending more than 45,000 won a night, on principle (until I decided to splurge on Jeju).

But sky's the limit when it comes to food prices. In fact, I'm the opposite of cheap here: I'm more likely to order the expensive things on the menu just because they are more expensive (assuming quality, or unusualness or just something different).

In my life I save for specific purposes and otherwise spend at will (minus a float). With few exceptions, I don't budget what I spend (gawd that sounds like one has a mother or jail guard allocating sums), I budget what I need to save! and spend the difference. I decide not how much I need to live on, but how much I need to save this year, break that down to a monthly figure and put it aside. It's the opposite of how many people think and talk about money. I have no guilt about spending, and with "bad" spending decisions it's just water under the bridge. After all, it's just paper isn't it?

I don't get why people get so huffed up about pricing. If it's more than you wanna pay then don't. If you gotta because you need the thing now then pay the amount whatever it is and be done with it. I cannot imagine clipping coupons. Nor driving fifteen minutes out of one's way to save a buck on oranges.

Worrying about money? Feeling bad about spending money? Stressing over money? Noooo, thank you.

I have a good relationship with money. I always have hundreds handy for any whim, a thousand or more as a general reserve plus whatever amount I just happened not to spend due to lower cost hobbies or activities in any given month. I don't stress at all over money. Maybe if I had greater material ambitions than buying an older model Galloper (I don't like the newer ones, too much plastic, not enough steel), finishing my grad degree and travelling (could have more ambitious savings targets for round-the-world type excursions).

Yeah I could have tens or hundreds of thousands to buy a house or something if I had been consistently frugal and/or cheap. but then I wouldn't be me, and the numbers of money would rule my decisions.

I'm adaptable and patient and have adopted my dad's attitude: "If you don't have, do without." and its corollary: "If you really want something, then plan for it."

But to each their own.

[gang ah jee]

"yeah I'm cheap, but I'm the good kind of cheap"

[jajdude]

I enjoyed a past thread or two about stingy people, the ones who never pay their share or try to get out of it in groups at restaurants, bars, wherever. One of the greatest posts about this mentioned a guy who left his fridge unplugged to save cash. How can such a cheapo have or keep friends?

"I dunno know man, I think you owe me 500 won from 2 months ago, when I paid for that kimbap and gave you some."

[stumptown]

Have there been any threads about being frugal in Korea? I'd be interested in hearing how some people do it. But not the kind that's like "I eat only one bowl of ramen and one roll of kimbap everyday." More like, if you go to Carrefour 30 minutes before they close you can get some great discounts on fruit and vegetables, but you need to eat them within 1-2 days.

[Julius]

I'm generous with money and I can't stand people who are nitpicky.
I splash out a lot because convenience and enjoying my cash is whats important.

I've lost $1000's before now in a couple of failed investments. Which made me realise money can be here today and gone tomorrow, and its better to just enjoy it while you have it.

Anything less than 10.000W is no big issue to me, keep the change.

[indytrucks]

Life's too short to be constantly obsessed about money. There can be nice little balance struck between saving and spending whilst enjoying yourself at the same time. Personally, I find it feels good to have a nice disposable income here and to spend money whenever and wherever you feel like it.

[endofthewor1d]

i think just about all of us english teachers here can be living a pretty good life and still be putting a bit away every month. even the worst of us, if not paying for hookers every night, can drink ourselves blue in the face, and still be on the right side of zero at the end of the month.

yeah yeah yeah, here today gone tomorrow...

yeah yeah yeah, you can't take it with you...

yeah yeah yeah, money isn't everything...

but some of us have plans. and more often than not, big plans require money. my plan requires money, and so i'm frugal.

cheers to vanislander (good advice all around) and ajgeddes's dad (for me, i know my bar will be both something i remember and may regret)

[SOOHWA101]

Cheap: buying the least expensive toilet paper

Frugal: waiting for the aloe and lotion toilet paper to go on sale