Frugal People vs. Tightwads

I thought this article about a recent study was interesting. It is entitled "Are You a Tightwad or a Spendthrift." It was the final paragraphs that I enjoyed most. It discussed the difference between being a tightwad and being frugal:

Frugal People vs. Tightwads

The existing research in this area includes a number of scales, although none that distinguish tightwads from spendthrifts, Rick says. "The concept our scale is most closely related to is frugality, but it is also distinct from it: If you are a tightwad, you don't spend because you find the prospect of spending painful. But if you are frugal, you don't spend because you enjoy saving. Frugal people really love to save."

The researchers also found that happiness is positively related to frugality, although this observation is not included in the paper. "The more frugal you are, the happier you are. With the tightwad scale, tightwads and spendthrifts are equally happy. But the ones in the middle -- who are neither tightwads nor spendthrifts -- are the happiest. Why? Tightwads are frustrated because they aren't spending enough on things that would make them happy. Spendthrifts are spending too much, more than they want to, so that makes them unhappy. If you are in the middle, you don't have this strong inner conflict."

I guess that explains why I love getting that trophy receipt!