A HighEndCheapskate is someone that recognizes the fluidity of the economy and has learned how to define and meet their needs and wants under a wide variety of financial circumstances. A lot of people consider themselves to be thrifty, money conscious, and deal savvy by nature. But there are also a lot of people who have never really thought much about it. They spend as they please, seldom looking for cheaper alternatives until for whatever reason they have to. Then, with no tools at their disposal, they are left wondering how to fill their needs and wants on perhaps a drastically reduced budget.
Despite the good advice that while you may starve as your are working your way through College, you are working to secure your financial future. Life does not necessarily heed that advise, and throws financial curveballs at you from time to time. These curveballs that create negative income change may be planned or unplanned, such as a termination of employment, a maternity leave, retirement, or just a desire to work less without rendering your standard of living unrecognizable.
Here is an example of the difference between a tightwad, Average Joe and a HighEndcheapskate. These are all people that have different concepts as to what constitutes saving money. Suppose you take a vacation. Its time for dinner. The tightwad may not even be there. He may be too cheap to take the trip at all, so he is at home. If he is there, is there and he and his party hit up a fast food burger joint.
Average Joe is the guy at the beach front patio restaurant paying full price for his meal. The HighEndCheapskate is the guy at the table next to Average Joe. He is enjoying the same ambience and maybe even the same meal, but at half the cost because he remembered to purchase his groupon for the restaurant before he departed for his trip. Average Joes Bill is $100.00, HighEndCheapskates bill is $50.00.
HighEndCheapskate is about having the mindset and tools to get the best bang for the buck. It is about creating a lifestyle that combines financial thrift with savvy in order to get what you need or want in good or challenging financial circumstances. Its a mindset of achieving wants and needs and the means of obtaining them by utilizing tools such as prioritizing, resisting impulse buying, researching options, and sometimes making compromise. It is about refining your spending habits to get you through good times and bad. It is the ability to deal with anticipation of income reduction and creating and navigating these situations in order to not just survive financially, but to meet the challenges and to thrive is a financial crisis and thereafter.
Bang for the buck, creating new expections and a new mindset in order to fulfill your needs and wants is what being a HighEndCheapskate is all about. It is a combination of being thrifty, frugal and debt free, (0r working toward it), and having and doing as much as you can while working with what you have to work with. Being cheap for the sake of being cheap is like having a method without any madness at the end of it. There are reasons to be frugal, such as:
1.Survival Mode: Survival mode is about meeting immediate needs and moving forward after income loss or reduction. People that have suffered income loss that are trying just to get by and meet basic needs and dealing with the fact that it is difficult to meet these needs. There are wants too. Just because you are flat broke doesn’t mean that you don’t have wants. It requires creating and adhering to a basic and tight budget, a budget of Austerity.
2.Ongoing Cheapskate: People that are a step past Survival Mode. There is enough income coming in to get by, but there is an ongoing need to acquire needs and wants creatively. There is more flexibility in the budget. Example: Date night of dinner and a movie on Cheap Tuesdays.
3.Cheapskate Splurge: The Budget of Austerity can be relaxed a bit in order to accommodate the desired purchase. Example: not booking a flight with points and paying cash because you found a great deal on flight that does not involve a 9 hour layover.
The idea behind HighEndCheapskate is to become competent to handle your finances by recognizing the fluidity of the economy and being able to transition from one mode to another in order to survive and thrive through the tough times and the good times.