Are You A Tightwad????
Over the next few weeks, I want to do a series of posts regarding “The Complete Tightwad Gazette”. I’m hoping that we can generate some discussion surrounding some of the theories expressed in this book and hopefully learn from one another.
To start off, I have a confession to make. I was originally put off this book by the title. I HATE the word “tightwad”. In my mind it conjures up images like someone who is unnecessarily “stingy”. To the point that it could be harmful to either the person involved or someone they love.
I wondered if my understanding of the term “tightwad” was unnecessarily negative, so I decided to do a search for the word “tightwad” on Wikipedia. I was diverted to a page that says this:
A skinflint is a person considered so miserly that he would even “skin a flint” to save something of it. A flint is a small piece of flintstone used to strike a spark in the tinderbox. The flints in modern day lighters aren’t made of flintstone, but rather of Ferrocerium. A ’skinflint’ dislikes spending money and is also sometimes referred to as a ‘tightwad’, a ‘miser’, a ‘niggard’, a ‘piker’, and a ‘penny pincher’.
I don’t know about you, but this doesn’t exactly inspire me towards greater lengths of becoming a “Tightwad”. 
For me, the word “frugal” seems to be a more acceptable descriptive term.
So what does Wikepedia have to say about the word Frugal?
Frugality (also known as thrift or thriftiness ) is the practice of acquiring goods and services at minimum cost, achieved via economical restraints or creative measures. Frugality can be related to the idea of being conservative or conserving money.
That sounds a little bit better doesn’t it?
However, simply copying someone else’s definition of a word doesn’t necessarily help ME to define what frugality is to ME.
My Definition Of Frugality
1. Making informed CHOICES about where our money will be spent based on our own set of values and needs.
2. Managing our money so that we get good value for $$ spent.
3. Understanding the difference between NEEDS and WANTS.
4. Cultivating an attitude of contentment so that we don’t get TOO caught up in the “more, more” mentality.
5. Making the best use of what we have in order to minimise WASTE.
So my questions for you today are:
1. What term do you prefer to describe someone who is careful with how they spend money?
2. What is your definition of the term “frugal” (or whatever term you prefer to use)?
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- Spoilt
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- Second Hand Shoes
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Funny. I do ‘Skinflint Sunday’ on the blog, so obviously I have no trouble with the term. (Or maybe it’s just that I’M the one calling myself that… if someone else did I might get all in a huff. Who knows?)
I love the Gazette. I got it a year or so ago when the Simple Savings people were raving about it.
Hi Lightening. I’ve just started reading your blog and am really enjoying it. Great work.
As for “tightwad” - I hate the word too. I get visions of one of those dastardly villians with pointy features and a moustache from the kid’s cartoons, trying to squeeze every last penny out of everything and everyone. I been put of “The Tightwad Gazette” for that reason.
I much prefer “frugal”. I agree largely with your definition. To me, it means having an awareness of how to best utilise your money. I think it is a frame of mind.
What about resourceful? Good steward? Creative?
What term do I prefer to describe someone who is careful with how they spend money? SMART!
I could write out my definition of frugal but it is SO close to yours that I’ll just say ditto. Particularly about informed choices. As an example, I subscribe to green power. Purely cheap people would say it’s a waste of money since it’s not something that directly benefits me but it’s something I believe is important and worth the extra money. To compensate, I switch things off if I don’t need them on so I use less power so I’m not actually paying more. I save enough per quarter doing this to pay for a year of green power so I still end up ahead in the long run.
Q1 = Frugal
Q2 = For me frugal is about budgeting my money and spending it wisely so that I not only don’t ever have to worry about if there’s money in the bank to cover the neccessities but also so that I can invest in areas that I think are important: travel and holidays, wealth creation (ie my super, shares, saving for a house) and giving money to worthy causes and charities. [And yes, my family and friends count as a worthy cause :)]
Also, I meant to say thanks for the hugs but I got so caught up in your post I forgot!
I think ‘tightwad” sounds awful too and I’m not too happy with “frugal” either. I much prefer “thrifty” and I agree with Lauren that careful (thrifty) with money = smart.
1. Frugal sounds better than tightwad.
2. Frugal must mean different things to different people. For example, I suspect my mum would get a good laugh out of the idea of me being frugal, but I do try to make the best of what we have. Your nice definition seems to be about mindful consumption rather than using money sparingly.
Hm. Tightwad has never bugged me. We always refer to it as “Scotch” though.
My definition? Hm. Being particular about what I spend my money on. Spending the most I can afford on things that I will use for a long time, rather than spending a little bit on something I mostly hate and will replace.
I like frugal but how about “canny consumer” ?
You should embrace it rather than reject it - it is like Nerd or Geek. Some people might find it offensive, but the stereotype applies so I’m happy to call myself the biggest nerd/geek in the room. The person who wrote the tightwad book embraced the label (they would have sold less copies if it had been titled “the careful and frugal person’s approach to getting the best value for each dollar”).
I don’t have much problem with the term. Although I call myself Tight Fisted Miser I think frugal or thrifty would be a more accurate description.
Love, love, love that book — and I’m still only about a quarter of the way through. And yet, it has already helped inspired me to create a frugal wiki, FruWiki.com, since the major complaint I have read about the book was that it wasn’t well organized (I don’t know how else I would have organized that book, and I sort of like it as is, but yet I also somewhat agree, which is why I love the idea of organizing frugal tips into a wiki).
Because of the book, I don’t mind being called a tight wad, though I don’t know that anyone has called me that. I would not want to be called “cheap”, though. That has way too many negative connotations for me, and my frugal habits don’t necessarily always revolve around the cheapest option.
Mostly, I call myself frugal. For me, that means carefully considering how I spend each penny. I carefully research purchases, keep my eye open for good deals on things that I normally buy, try to cut back on gas and utilities, make things last, carefully decide when it’s worth it to pay more or less for something, and just don’t buy certain things. Sure, I splurge on some stuff, but I make sure that I spend money carefully according to needs, priorities, and even stuff that I receive a great amount of pleasure from (for me, that’s name brand shoes at bargain prices). Even though my husband and I will likely have a good bit more money in the future, I don’t really see those habits changing since I find the challenges of being frugal to be rather entertaining as I take great satisfaction out of being clever and exercising my research skills. Plus, I find that I appreciate things more when more effort goes into getting them.