What is wrong with being thrifty?
Answers (22)
Brian F.
Senior Software Engineer at Avaya
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Nothing's wrong with being thrifty, but if everyone did it, your economy would be smaller, and you'd all be poorer. So your question becomes: What's wrong with being poorer?
Marvin B.
Commercial Agent at Merlinsky Insurance Agency
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Who said anything was wrong with being thrifty?
Barbara S.
Writer
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I'll bite. "Thrifty" seems to me to be a focus on the wrong goal. The way I try to approach life is to think first of values and priorities. Sometimes the thing that saves the most money requires sacrificing something else that's more important - even my own time. Sometimes, the thrifty choice even costs more in the long run.
Example: Cook a dinner rather than eat out or enjoy a dinner at the local cafe while tooling around in an online course, reviewing a grant application for an organization I volunteer with, and/or doing a side project that earns me a couple hundred bucks?
Charlene N.
Senior Finance & Operations Leader -- Passionate about Profitability
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Normally nothing. However, don't let the focus on being cheap cheap cheap stop you from splurging every once in a while. Be thrifty yes, but enjoy too.
Mary L.
Relocation Services | Moving Links 4 You | ReloMary | USA
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Who said that?
I know I'm more mindful of how I spend my money these days but still believe that it's a good thing to spread it around a bit and keep it stimulating the economy as best I can. Is that being thrifty or smart?
If we keep spending money locally, that money is circulated and re-circulated over and over again. We all do better for it.
Tirumalai K.
Principal Scientist at Sanofi Pasteur - VaxDesign Campus
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Hi Valerie,
I don't think there is anything wrong with being thrifty. When Gandhi said, "Earth provides enough to satisfy every man's need, but not every man's greed.", I think he put his finger on an important piece of the puzzle that is the human being. If one agrees with this opinion, it then follows that greed is more powerful than thrift. Hence thrift needs to be carefully cultivated at all times to shift the balance towards prudence and sustainability.
Kamala
Bob M.
Senior software developer
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Nothing at all!
In modern Western countries, most of us are far more than adequately fed, clothed, housed, and have ample opportunity to work, socialize, and be entertained. But there are powerful social forces that try very hard to make us feel discontented, deprived, and generally unhappy with our lot in life, primarily to get us to spend money on things we don't actually need.
I think if people were to shift their focus away from making and spending money, and toward pursuing happiness and recognizing the good things that are already in their lives, the world would be a much better place.
Brian C.
Independent Writing and Editing Professional
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In the sense of "maximizing value received for money paid", nothing at all.
In the sense of "lowest price regardless", everything.
The latter mistakes low price for value, and is always wrong.
Daniel K.
Executive Vice President / Controller at Shuter Industry Co., Ltd
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It is wrong if you can afford it. If you spend you are helping to circulate the money in a healthy economy. And also you will deprive someone you love for not giving what they deserved. Thrifty on precious commodities, YES, it is wrong not to be...
Carl W.
Co-owner & full time abstract sculptor at WSG Gallery.com - carl@wsggallery.com
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Thrifty is fine as long as it is not pointed at you or your business. I have had clients who had bought several pieces from me before say they went to Mexico and bought 4 artworks for what one of mine cost. That was depressing since I was one of the more value conscious artists in the area. Same clients told me to keep them on my mailing list - not.
Those clients were helpful though, they caused me to dump that medium and go on to something better. Thrifty is good in perishable pull date related items and also commodities. Would you like to be seen as a commodity?
Wallace J.
Multimedia Producer, i3D Programmer, Acrobat 3D PDF, Android App, Virtual World & iTV Design, Kindle, Nook & Sony eBooks
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Nothing, unless you are wealthy. At that point you are holding money out of circulation.
"Thrift" according to The American Heritage® Dictionary of the English Language, Fourth Edition
"Wise economy in the management of money and other resources; frugality."
It looks like people have the impression that "thrift" and "cheap" are the same thing. Cheap is not spending money or always spending the least amount of money possible. Thrift is getting the best "value" out of something.
There is an old saying that applies to thrift "Use it up, wear it out, make it do, do with out." Sometimes the best value is "disposable", sometimes the best value is "top of the line" I do not think that thrift is bad for the ecomony, on the contrary, it is the best thing for it. It stabilizes the economy.
Christine H.
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Nothing, if it makes you happy.
Matt W.
Personal Finance Blogger, Podcaster & Coach
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I think some folks are confusing thrifty with cheap. Thrifty to me means getting the most for your dollar and making the wisest decisions you can. Thrifty is smart. Using credit cards, loans, and other debt vehicles is not smart, regardless of the interest rate.
I believe being thrifty means making a plan for every dollar before the month begins, then sticking to that plan so you can make your money work for you, rather than the other way around.
I also believe in enjoying life as long as you use your money wisely to do so and don't borrow money in the process. That's thrifty. We won't all get poorer we make better decisions with our money, but businesses will have to work harder to provide better products and services that don't take advantage of customers. In short, we'd be better off because business owners would have to make sure their biz models are more sound before going into business. I can't see how that would be a bad thing.
Links:
Susan S.
Oppenheimer & Co. Inc., financial marketing writer.
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There is nothing wrong with being thrifty. It's a virtue.
What are -not- virtues are being self-righteous about it, taking it to extremes, and nagging/blaming other people for not having that virtue to the same extent as the nagger/blamer/nudge professes.
Frankly, I think they protest too much.
Jeff C.
CEO at Truth Rally
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There is nothing wrong with being thrifty. Webster's New World Dictionary dispels any perceived negative connotations of the word "thrifty" as follows: "[it] implies industry and clever management of one's money or resources, usually so as to result in some savings." Furthermore, thrift has been identified in study after study as one of the key traits of people who accumulate considerable wealth. If you haven't read "The Millionaire Next Door," I recommend it (see link below for a reprint of the first chapter). The section on "Thrifty Scots" demonstrates that they have earned the stereotype—and their millions.
It would be an interesting thought experiment as to what would happen if everyone were thrifty. Would we really be worse off? Well, I lack the time and expertise to properly address it, so I'll have to defer to the economists among us to speculate on the outcome. Barring a government edict, however, it will never happen; hence, the proposition is moot. So, go forth and be thrifty! By being self-sufficient, you will help ease the burden on our nation's struggling social programs. And who can argue with that?
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Ruth S.
Multi-Skilled Technician at Lakewood Ranch Medical Center
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Hi, Valerie.
There is nothing wrong with being thrifty.
I am thrifty. Being thrifty enables me to go to school, send my son to private school and take care of my household, pay all the bills and be debt free. I've been thrifty my entire life and so were my parents. My father was a microbiologist and a university professor. My mother was a business woman and a housewife.
I am a single mother and I take care of myself and my family with no government help.
If all of us were financially responsible, we would not spend as much $$$ on welfare, medicaid and other programs. These programs are very good but some abuse the system.
Meanwhile, the $$$ we would not spend on social services could be spent somewhere else perhaps creating more jobs and stimulating the economy...
Take care, Ruth
Judy B. M.
Business WRITER | Editor | Blogger | Strategic MARKETING COMMUNICATIONS | B2B | Web Content Creator | BusDev
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Nothing, provided you aren't confusing being thrifty with being cheap. The latter has little to recommend it in my view.
Jeff M.
CERTIFIED FINANCIAL PLANNER® Practioner & Insurance Broker
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Thrifty?...nothing.
Cheap?...lots.
