The 'frugal' word gets used alot these days, especially in the blogworld. I prefer the old-fashioned word - cheap. I am cheap; a real tightwad. My husband will attest to this fact. Although he is the money manager of our home, the cash he gives me bi-weekly for groceries is made to go a long way. The 'left-over' grocery money is deposited into a savings account as my special fund.
But to be cheap without standards is foolish. I am sure that all of us have lived through a bad buy. The times when we go cheap on an item only to have the phrase "you get what you pay for" bite us in the end. Just because an item is the lowest in price does not mean it is the best return on investment (R.O.I). My standards for R.O.I. are pretty clear, but recently I had an epiphany about it.
In my grocery shopping, I do consistently look at unit pricing. It has occurred to me that unit pricing does not always give me the best R.O.I. - this is my epiphany. If a chocolate bar is $0.65, but a bulk bag of 4 chocolate bars is $1.99, I would get more for my money buying the bulk bag. However, when it comes to junk food the R.O.I. of the bulk bag of chocolate will also include the fact that I will eat all 4 bars rather than just one. Not a good plan!
So, frugal is good; cheap is better; but R.O.I. is the only way to avoid frugal failures. How's that for wisdom of the ages?
See more Frugal Friday ideas by following the Biblical Womanhood link at side bar.