Member-only story
MONEY
Why Are Some People So Cheap?
It has surprisingly little to do with how much money they have
When I was quite young, I heard my mother tell my father that one of her friends was cheap, and I could not wait to report this compliment to her friend.
As far as I was concerned, being careful with money was something to be proud of. Mom’s friend would no doubt be thrilled to know my mom had noticed her great financial virtue, so I happily told her what my mom had said.
My mom panic-lied and denied it. Puzzled as to why she didn’t want her friend to know she’d said something so nice about her, I doubled down.
And that is when I learned that there is a difference between thrifty and cheap.
I am thrifty but not cheap. I associate thrift with using your money carefully and cheapness with trying to get away with something at someone else’s expense.
It’s thrifty to pack a lunch. It’s cheap to stiff your server.
It’s thrifty to look for the best deal. It’s cheap to exploit the seller.
Being unwilling to spend isn’t necessarily a sign of cheapness. Cheapness is making other people pay for your unwillingness to spend.
