Lending Club Blog

The difference between cheap and frugal, revisited

In a very recent article, I talked about the difference between being cheap vs. being frugal. I defined the difference between the two as follows.

    • Being cheap – You are unwilling to spend money on anything. Even stuff you need. You go out of your way to save money, even when it might not be a great idea.
    • Being frugal – You don’t waste money. You spend it on things you need, and save it on things you don’t.

Well, Trent over at The Simple Dollar wrote a great article about the major differences. He takes the same standpoint that I did–being cheap is inherently bad, while being frugal is not. He writes:

    “In a nutshell,
    a frugal person seeks to find the best deal on an item that meets the desired level of quality… On the other hand, a cheap person will always take the route of least financial cost in the here and now.”

But, as I said before, being cheap is often more expensive that being frugal. Trent agrees. If you are cheap, you buy lower quality items much of the time. When they break, the cheapskate has to spend extra money fixing or replacing them. Fortunately if this happens to you, you can get a good P2P loan on Lending Club for all of your household needs.

Are you cheap or frugal? At Lending Club, we want to make sure you aren’t wasting the money you worked hard to earn.

Wednesday, November 28th, 2007 at 10:13 am

Comments (0)

  • Archives z

Recent Posts

We went public today!

Ringing the bell this morning at the New York… Read More »
December 11, 2014

New and Improved Statistics Page

We recently redesigned our Loan Statistics page to make… Read More »
November 13, 2014

Lending Club Honored with Economist Innovation Award

This month I was honored… Read More »
October 15, 2014

Finding the right company culture for you

How important is company culture to you? At Lending… Read More »
September 30, 2014

Welcome Vermont Investors!

Today, we’re thrilled to welcome residents of the state… Read More »
September 4, 2014

We filed to go public today

We filed a registration statement with the SEC today… Read More »
August 27, 2014

Our Billion Dollar Quarter

We’re excited to announce  that we’ve facilitated over $5… Read More »
July 8, 2014

Is Lending Club Available in My State?

Is Lending Club available in my state? That is… Read More »
July 7, 2014

5 Things Everyone Should Do Before a First Interview

After spending hours drafting your… Read More »
June 24, 2014

Lending Club Joins Senator Cory Booker to Discuss Improving Access to Capital for Small Businesses

Read More »
June 20, 2014