The concept of living stingy is to focus on delaying instant gratification and stay on a tight budget in order to save for a future. The goal is that you can spend the money on something more rewarding and financially stable.
Frugal living entails doing the research before spending money on a specific item, who try to find the best quality for the lowest price, and who look for ways to save money without lowering their lifestyle too much.
People who are cheap are those who like to buy stuff because it’s on sale, always buy the lowest cost item, and are not concerned with factors like quality and will find ways to save even at the expense of others.
You may want to live stingy if you are saving for a large purchase and are willing to delay some instant gratification for something large in the future (such as financial independence). It’s also a useful strategy to get yourself out of debt and build some breathing room for the time being.