One thing that I find particularly important to remember is the fact that too much of a good thing can have disastrous consequences. It's possible to exercise too much (and develop knee and other joint problems), it's possible to drink too much water (you can flood your kidney or cause electrolyte imbalances), and yes, it's possible to be too frugal. Of course, one thing that is usually in the eye of the beholder, and draws a lot of interest on personal finance blogs, is the difference between being cheap and being frugal. My best advice on determining the difference would be to use this rule of thumb. If whatever action you're considering would appear in the following day's newspaper, ask yourself, 'Would I be proud of my thriftiness or would I be ashamed to see my actions plastered across the front page?' By honestly answering this question, you can go a long way towards determining the ethical validity of your action. Shortchanging a waitress at a restaurant by declining to leave a tip is cheap. Buying a new-looking Brooks Brothers suit at Goodwill for $7.50 is frugal. So to answer my hypothetical question, I would add that it is always good to be frugal (properly understood), and it is always desirable to avoid being cheap.
If you're in the mood for reading a great article on when it's okay to say goodbye to frugality for a night of importance such as an anniversary, be sure to check out Frugal Dad's article here: http://frugaldad.com/2011/07/07/a-frugal-marriage/
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