Runway to Real Life: Secrets From the Frugal Model

New York model Ashley Stetts shares her tips on living large for less.

New York model Ashley Stetts shares her tips on living large for less.
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What would you say is the difference between being cheap and being frugal?

Being cheap really affects other people, like when you can afford to buy a friend a birthday gift but you don't because you're cheap, or a guy who has the money to pay for dinner but makes the girl pay. Being frugal is just being mindful of your money and understanding its value. It's still being generous, and you're not being inconsiderate.

[See: 10 Things You Need to Stock a Frugal Kitchen.]

Do you think the word frugal has a negative connotation? Or has the recession made frugality a virtue?

More people understand the difference between being conscious with your money and being cheap. The new American Dream is keeping afloat because people are out there spending their money to show what they have, but they aren't making good decisions. Millionaires don't have second homes. Millionaires don't drive luxury cars. I think people are starting to understand now that people who have money don't need to show it and don't need to flaunt it. People are starting to see the value of that.