cheap or frugal?

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SandiSAHM
Posts: 1465
Joined: Fri Aug 28, 2015 11:46 am
Location: Oklahoma

Re: cheap or frugal?

Post by SandiSAHM »

littlemiss63 wrote:
Mon Jun 25, 2018 3:04 pm
I use my credit cards to my advantage. I pay them off at the end of the month and never carry a balance. They pay me for using the card and to me that is another stream of income. I use the credit card that gives me the highest % off on groceries or gas. Right now my Citibank card gives me 2% on everything so it gets the most usage except when I am buying groceries and gas. I have a BankAmericard that gives me 3% on gas and American Express gives me 3% on Groceries. They will stop this some day and when they do I will stop using credit cards and go to all cash. But until they do, if I can earn cash back on everything I have to spend for essentials I will use them. Frugal yes, cheap no.

I have a site that I buy gift cards from as well. If I can save 6-10% on a gift card, then use my charge card to earn another 2-3% that can be a very nice discount. If I can find a Lowes or Home Depot gift card that is better than 5% I will buy them as I am always needing things for the business. I get 5% on my charge cards from those two places so it's not worth my while if it's 5% or less.

I just believe in getting the most value for our money.
LOL, we play that game - on sale, with a gift card, with the balance on a %-back card, through ebates for more $ back (or MyPoints for points toward a gift card). These days everything is so stupidlly expensive that if you're not playing the game... I'm just not into paying too much for anything. So much is too expensive. Some of it to the point where we just won't buy it on principle rather than ability.

Clearly SOMEone is buying at that price, though, or the price wouldn't have gotten so high. Ah, well, better them than me.

littlemiss63
Posts: 2516
Joined: Thu Aug 27, 2015 10:11 pm
Location: Middle Tennessee

Re: cheap or frugal?

Post by littlemiss63 »

SandiSAHM wrote:
Tue Jun 26, 2018 2:22 pm
littlemiss63 wrote:
Mon Jun 25, 2018 3:04 pm
I use my credit cards to my advantage. I pay them off at the end of the month and never carry a balance. They pay me for using the card and to me that is another stream of income. I use the credit card that gives me the highest % off on groceries or gas. Right now my Citibank card gives me 2% on everything so it gets the most usage except when I am buying groceries and gas. I have a BankAmericard that gives me 3% on gas and American Express gives me 3% on Groceries. They will stop this some day and when they do I will stop using credit cards and go to all cash. But until they do, if I can earn cash back on everything I have to spend for essentials I will use them. Frugal yes, cheap no.

I have a site that I buy gift cards from as well. If I can save 6-10% on a gift card, then use my charge card to earn another 2-3% that can be a very nice discount. If I can find a Lowes or Home Depot gift card that is better than 5% I will buy them as I am always needing things for the business. I get 5% on my charge cards from those two places so it's not worth my while if it's 5% or less.

I just believe in getting the most value for our money.
LOL, we play that game - on sale, with a gift card, with the balance on a %-back card, through ebates for more $ back (or MyPoints for points toward a gift card). These days everything is so stupidlly expensive that if you're not playing the game... I'm just not into paying too much for anything. So much is too expensive. Some of it to the point where we just won't buy it on principle rather than ability.

Clearly SOMEone is buying at that price, though, or the price wouldn't have gotten so high. Ah, well, better them than me.
Sandi, I so agree with you. Someone is buying at that price. I have a friend that thinks I am as nutty as a fruit cake for "playing the game". She says she could never remember which credit card to use for a certain period to save the most. Duh Write it down, how hard is that to do if you can't remember? For some reason I can remember the difference between 1%-5%.

I am going to check into the E-bates. I haven't used that in combination with my other stuff and I am open to all suggestions. I was at the bank yesterday and saw where they are offering a 24 month CD, minimum $10,000 deposit through the 3rd of July for 2.67%. In today's climate that is a good rate,
however it only earns about $548.00 for 2 years, I make as much as having a CD in one year on 10,000 just by utilizing the cash back on items that I would be spending money on anyway. It's free money as far as I am concerned.

Like I said in my earlier post, if everyone else stops using the credit cards so will I. If not using the credit cards would lower the price on the goods that we all have to buy I would be happy to do that, but we all know that isn't going to happen. We as consumers pay for everything. Some of us are only taking advantage of having the credit card companies pay us instead of us paying them. It's there for the taking an if you are disciplined enough to not carry a balance this is a good little source of income. I like it also, because it's not taxable. Want be long before someone will realize that and start taxing us for it.

SandiSAHM
Posts: 1465
Joined: Fri Aug 28, 2015 11:46 am
Location: Oklahoma

Re: cheap or frugal?

Post by SandiSAHM »

There probably aren't that many people making $600 or more a year from any single % reward source, $600 being the point at which paying someone has to be reported for taxation.

I wish I was making $600 on ebates or my Citi or Chase cards, LOL. Wait, no I don't, there's nothing I need THAT much.

Ebates, I average $10 a month (they send a check once a quarter), I usually weigh their % against MyPoints if both are working with whichever store I'm shopping, whichever represents the most $ wins.

The credit card companies make $ every time the card is used... I doubt they're going to give up the incentive aspect. Unless some stupid legislation comes along and forces their hand. Can you imagine if the cc companies had to report the value of rewards $ for tax purposes? That's a lot to put on them. At that point they'd have to weigh the cost vs the business and decide if they still want those of us who can just write a check instead of using a cc for purchases to use their card.

Which, at that point... they might dangle a 'if you charge $x per quarter/year...' scenario, then I'd have to decide if I want to do that. Right now it's easy, the least reward is that 2% with citi, so they're the default setting.

I do have to write down Chase's categories, but it's another 3% so, yeah, post-it note for the win!

2dogs+someCats
Posts: 845
Joined: Mon Jan 02, 2017 7:46 pm

Re: cheap or frugal?

Post by 2dogs+someCats »

icfrugal1 wrote:
Mon Jun 25, 2018 12:56 pm
https://www.usatoday.com/story/money/pe ... 725583002/

I used to tend toward cheap, now I am financially conservative. :lol:

IC
I am both - I know I am positively cheap regarding some things...can't help it!

RecoveringDreamer
Posts: 346
Joined: Thu Aug 27, 2015 10:00 pm

Re: cheap or frugal?

Post by RecoveringDreamer »

colonialgirl wrote:
Tue Jun 26, 2018 9:35 am
After reading the article - I disagree with some and agree with others.

The difference between cheap and frugal has always been simple for me. You are cheap when you do things that harm other people or save money at other people's expense. If you don't tip because "no one ever tipped you at your job" you are cheap because tipping is standard and expected and depended upon by wait staff. If you go home and cook because it is too expensive to eat out and tip, then you are frugal.

Others may disagree of course - but for me it is easily defined.
That's how I feel too. I also include future people/animals in this. I used to sign up for lots of free samples, but now I don't (at least, unless I'm genuinely interested in trying the product, not just trying to get 1000 free shampoo samples) because of the waste involved in packaging and shipping. We even spend a little more or refuse some discounts/freebies if it is going to be an inappropriate use of resources.
A Life Beyond Money
Self Sufficiency. Simple Living. Frugality.

www.alifebeyondmoney.blogspot.com

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