How Living Stingy Helps You Achieve Your Financial Goals Faster

If you’re like most people, your first question is probably not “Can living stingy help me reach my financial goals?” No, you’re more likely to be thinking, how can I achieve my goals without giving up anything or changing anything about how I spend my money.

Unfortunately, unless you win the lottery or earn big bucks, you have to do something different with your money if you want to achieve more than you currently are.

“If you always do what you’ve always done, you’ll always get what you’ve always got.”

~Henry Ford

The truth is the more you save, the sooner you can accomplish your financial goals. And being stingy with money can be a way to save much more money.

Now, I’m not telling you to be a miser or keep your money in the bank, but just think about it.

When money matters are consuming our minds and emotions, it’s easy to get caught up in what we don’t have instead of focusing on what we do have.

The key to success is discipline. If you’re disciplined enough to live frugally now, then the money that you save will compound over time and help get your goal accomplished much quicker.

what does living stingy mean?

According to stingy means meager, scant, not generous and reluctant to give or spend. Almost all these are negative so right away you can see one of the disadvantages of being stingy. How others view you.
But, reluctant to spend is not a negative, ask any frugal person who consciously chooses not to spend on some things.

stingy person meaning

The word “stingy” is often used to describe someone who is seen to keep hold of their money and make financial decisions that others think are wrong. Decisions like not going overboard on presents at Christmas or saying no to an expensive meal out.

A person can be described as stingy when they have a tendency or habit of being tight with their money and not spending it on unnecessary items.

Being called stingy is often used as an insult against frugal people because it implies that they are tight with their money and not generous.

Being called a stingy person because you choose to prioritize your future plans or keeping out of debt can be frustrating and downright annoying. But those who choose to live stingy know to rise above the insults.

Because later in life they will be have enough money to do what they want and not be forever chained to a job.

Joy of missing out on a light box to signify how to be a stingy person.

Pros and Cons of living stingy

You can already see there are pros and cons of living stingy. The fact is, you have to choose whether keeping a tighter rein on your money is something you want to do. Or would you rather continue to live paycheck to paycheck and have debt?

Pros of living stingy

Build strong money habits

When you learn how to be a stingy person you also build powerful money habits. Habits that enable you to set financial goals, budget effectively and save more money than you have previously. Becuase you are completely focused on your money and how you use it.

plan and Value what you buy

Buying much less means you truly appreciate something when you do buy. People who overspend, think nothing of impulse purchases. Yet these purchases don’t get to be enjoyed much before they have moved on and bought yet more stuff.

I made do with second hand sofas for many years, because it suited me to save my money. When I did finally purchase new sofas, I chose exactly the ones I wanted and I still enjoy looking at them now, 2 years on. Because I value them having waited for so long to buy them.

Financial freedom

Being financially free means free of debt and free of the need to have to earn X amount of money to pay your bills. When you learn how to be stingy and save money, financial freedom is something you can achieve.

save more of your money

When you spend less, you have more left over. More money that you can then save, invest and make it work for you. Sure you might have a second hand sofa, but money invested for your future is more powerful and more permanent.

learn to live on less

Learning how to be stingy and save money means you are also learning to live on less. You learn to live way below your means. Long term this means you don’t need as much money each month because your needs are reduced.

Which then means you can achieve financial freedom that much faster. Spend less, need less, be free quicker.

bank statements and credit cards fanned out to show how to be stingy with money.

Cons of living stingy

people judging you harshly

As mentioned earlier, people like to judge other people, especially if you are making financial decisions that make them feel bad or unsure of what they are doing with their money.

People like everyone around them to be like them. If your friends have loads of debt yet are still spendy and buying unnecessary things they don’t need then they want you to be like them.

When you choose to be frugal and save your money you are likely to be called stingy, tight or even selfish!

Sticks and stones may break my bones but words cannot hurt me

Don’t try to keep up with the Jones’ just because of feeling judged. Better to be financially free and judged (wrongly) than have debt and struggling to make ends meet.

risk of becoming a cheapskate

Going all out to save as much money as you can, will sometimes lead you too far. Extreme cheapskates are not frugal or stingy. They’re cheapskates or do it because they can and don’t actually have an end goal.

Being a cheap person means you will save money at the expense of others. So you’ll have a drink when a friend is paying but won’t return the favor. You’ll order the more expensive menu items then insist on splitting the bill.

Frugal folk, and stingy people, don’t save money off the backs of others. Being stingy with money is choosing not to go to the bar for a drink, or only choosing a main from the menu and paying for it.

fine balance

Saving money and being stingy can be highly addictive. You turn it into a game and you are constantly looking for new ways to save a bit more money To get the same for less. A great game but it’s a fine balance. You have to keep control and ensure you don’t become cheap instead.


How to be a stingy person is about not spending more often than actually spending. And that can make you feel like you are sacrificing things. If you feel like not spending all your money or buying everything you want is a sacrifice then it will help to work on your money mindset.

Because saving money, living below your means and not struggling every month is not sacrificing. It’s plain old sensible, being smart with money.

hand full of coins against a sky with arrow moving upwards to show how living stingy helps you save money.

how to be a stingy person (without being a cheapskate)

Being a stingy person, without tipping over into outright cheapskateness is all about balance and understanding. Understanding why you are choosing not to spend money and balancing your need to save money with the need to not negatively impact other people or even yourself.

Choose not to do things to save money, but don’t say no to everything.

Weigh up spending money with your financial goals. Being a stingy person is about choosing to save money instead of spending it 9 times out of 10, or even 99 times out of 100.

Being stingy, you would look to find an alternative way to get somethng instead of spending money. Finding free entertainment is a classic frugal/stingy thing to do.

Why pay to go to the movies when you can watch a movie at home for free? Sure it won’t be the same movie. But as a stingy person you will enjoy the fact you haven’t spent any money to do so.

Related post: 99+ Productive Things To Do With No Money (& Have Fun)

How can you tell if a person is stingy?

You can usually tell when a person is stingy because they will pack their lunch for work every day without fail. If (a big if) they go for after work drinks with their co-workers they will get their own drink and it’s likely to be a glass of water (free!).

You can also tell because a stingy person actively dislikes spending money on themselves. They’re not cheap, so they will spend (a little) money on others like a birthday present. But they rarely buy themselves anything.

What is the difference between stingy and frugal?

A frugal person is someone who spends their money responsibly and carefully. They save money and don’t spend unnecessarily.

While a stingy person is someone who would rather not spend money at all. Their financial goals are always front and foremost in their minds and that is what they are completely focused on.

A stingy person is not likely to call themselves stingy or cheap. They are more likely to be called it by someone being rude about their spending habits.

Living with a stingy husband or wife?

When only half a couple chooses to be stingy it can cause problems. If you’re the stingy person then you will view every decision you make as being right for you. If you are living with a stingy husband, wife or partner then you are likely to disagree. Possibly quite strongly!

The key to harmony is talking. Talk about your finances, your expenses and goals. I was the stingy person long before my husband even became frugal! But we made it work.

I didn’t judge him and he didn’t judge me. We each had our own cash (fun money) to spend on what we liked. He spent, I saved.

calculating finances with red calculator, notebook and spreadsheets to signify living with a stingy person.

is it good to be stingy?

Yes! As someone who has most definitely been stingy with money I say yes it is good to be stingy. Being stingy has enabled me to retire early, to achieve financial freedom years faster than originally expected.

Of course, if you are stingy to the point of being tight, miserly or a cheapskate then no it isn’t good to be stingy. Being stingy with money should be about you and your money only. It shouldn’t impact unduly on others.

is it bad to be stingy with money?

No, in my book it is not bad to be stingy with money. As long as you are very clear about what you are doing and you are not being cheap at the expense of other people and their money.

Sacrifice having things for yourself but don’t get others to pay for you instead. That’s cheap!

What are the disadvantages of being stingy?

While saving money is a great strategy, it can become an issue if it’s taken to extremes. Spending wisely and enjoying life are essential aspects of living your best life.

There are many things you can enjoy that are free but living stingy requires sacrifices. It’s not just about packing your own lunch or never buying coffee out.

It’s about choosing to go without, to not have gadgets, never mind the latest ones. Not to have exotic holidays or even holidays sometimes.

There are definite disadvantages of being stingy that you have to accept and embrace. Still want to learn how to be stingy and save money? Check out these 7 ways to be stingy.

overhead shot of a pair of bright red sneakers with white laces with a money note poking out from underneath them

how to be stingy and save money – 7 tips for successful stinginess

Remember, the focus of stinginess to maximize saving money but not tipping over into being a cheapskate!

1. DIY everything

Frugal and thrifty folk learn how to DIY in order to save money. The more you DIY the more you save. Things you can DIY:

  • House maintenance & improvements
  • Personal grooming (cut your own hair, don’t bother doing your nails)
  • Repairing gadgets and broken electronics
  • Repairing clothes, bags and anything textile
  • Repurposing items so you don’t need to buy replacements
  • Vehicle maintenance

Related post: 12 Frugal Living Tips With A Big Impact To Supercharge Savings

2. stop eating out

Frugal folk limit how often they will eat out. When you are going all out to save as much money as possible, eating out is something you just do not. Not even once a month or once a year.

Because you know you can make a decent meal at home for far less money. so why would you spend extra just to get someone to cook it for you?

Related posts:

The Magic of Cooking From Scratch For Beginners

7 Meal Planning Strategies All Beginners Should Know

Meal Planning On A Budget: 9 Tips For Success

3. redefine what your needs and wants are

I’ve mentioned sacrifices before. If you have a long list of things you need and things you want then you’re going to have to sacrifice a lot. What we humans need is shelter, fire, food. Anything after that could be defined as a want. (Although that really is miserly!)

The more you want or think you need, the more more you will either spend or have to sacrifice. I don’t need make up, my nails doing or a warm house. I can make do without and save that money instead.

I wear extra layers at home, cut my own nails and go make up free. I’ll also wear clothes until they wear out, wear them more than once before washing and ignore the recommended dosage for my washing machine. My husbands is most definitely living with a stingy person!

Budgeting accessories on yellow background.

4. create a budget, track and review your spending

Most money saving blogs and financial advisers will say you must have a budget and track your spending each week. Tracking what you spend and reviewing this to see where you can make more savings is sound and sensible advice.

The more information you have about your money, what you spend it on, how often you spend it, the more you can make changes to suit your financial goals.

Related posts:

How To Budget Your Money When You Don’t Know How

How To Be Good With Money: 10 Top Tips

5. Follow the 3Rs – Reduce, Reuse and Recycle

Being eco-friendly is all about reduce, reuse and recycle. As is being frugal. As is living a stingy life. Because the 3Rs are about not buying more stuff to simply replace what you already have. Make do and mend.

Use it up, wear it out, make it do or do without!

Is a fantastic saying from the WW2 era where everything was either in short supply or having to be used for something else. Live by this mantra and you’ll be saving money every day.

Related posts:

50 Frugal Green Habits To Support Sustainable Living

Easy Ways To Go Green When You Live A Thrifty Lifestyle

6. pay yourself first

This is a way of saying paying your future self first, or rather, putting money away into retirement accounts for when you are no longer working.

Paying yourself first is more important than having a new gadget or a meal out. If you don’t put money away today for your tomorrow how will you ever afford to retire?

7. set financial goals

When you make the decision to be a stingy person you are making a strong lifestyle choice. It’s not for the faint-hearted and should always be accompanied by goals.

Why are you choosing to be stingy? You need to know your why in order to stick with this lifestyle. Especially if you have some friends who like to judge you.

Related posts:

9 Short Term Financial Goals To Set For Success

6 Medium Term Financial Goals You Should Have

11 Long Term Financial Goals You Should Have

young woman lounging on a sofa reading a book with a cup of coffee in her hand

Living stingy – the choice is yours

Some people would say that being stingy with your money is a good thing because it can save money for the future. However, some people would say that being stingy with your money is bad because it prevents you from enjoying life more.

Getting your finances in order and living stingy are ways to achieve so much more with the money you have. Who needs debt when you can choose financial freedom instead?

Who needs the latest gadget or a regular meal out when you can be mortgage free faster? Learning how to be stingy and save money is a lifestyle change that not many people choose.

The key to achieving stinginess is the happiness question. Can you be happy with living as a stingy person? Or even living with a stingy person?

That decision is of course yours, and yours alone. Hopefully you now understand that being stingy with money is not always a bad thing. Done right it can be the best thing for you!

Come and follow me on Pinterest for more money saving hints and frugal tips!

Pinterest image for living stingy with money.
Pinterest image for how to be stingy with money.

Last Updated on 14th February 2022 by Emma

About Emma

I'm here to help you become confident in making the best money decisions for you and your family. Frugal living has changed my life, let me help you change yours.

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