Cheap vs Frugal

Its always interesting to me how people consider cheap and frugal the same. It's not.

Someone who is cheap will deny themselves of something because they do not want to spend the money. Even if they have the money, they may try to get someone else to buy it for them.

A frugal person will not deny themselves but will find the best deal. They will use information and knowledge to become a better consumer or negotiate a better deal.

In business this is crucial. You must invest in your business, so it can grow. Being a frugal person helps you become a smarter purchaser of good and services. You will be able to get a higher return on your investment because your are using your cash flow more effectively.

For example, I still see businesses with a separate fax phone number from their local phone company and a fax machine. The cost of this, even with under an annual plan, could be $30 - $50 per month. The frugal thing to do is get an efax service from an internet provider. The monthly cost will be $5.00 to $15.00 per month and the faxes will go to your email. This will save you toner and paper because you can view the fax on your PC (or Smart Phone) first and only print the faxes you need. You can store or delete the rest. To send a fax, use your all-in-one printer to scan documents into your PC or send .doc, .pdf & other files directly from your PC to a fax machine using your efax service.

You get the same or better service at 70% to 85% off and reduced office supplies.

That's being frugal.

Being cheap, is to not having fax capabilities.

The more successfull small business owners are frugal.