People use the term cheap as a derogatory term, and they often use the terms frugal and cheap as if they were synonyms. A frugal person is restrained in their acquisition of goods and services. They are not afraid to spend money when necessary, but they do so responsibly, and restrain their impulse buying. You want to be frugal. You do not want to be cheap, although if you are, you can certainly benefit from our thoughts as well. A cheap person avoids spending money at all costs, and does not consider the value of an item, only its monetary More…