Agreed, but there's also a fine line between frugality and being cheap. You should optimize what you get for the money, not lower your quality of life in an unsustainable way.
Of course, all things in healthy moderation. In the end it will come to what one is willing to do personally. But we shouldn't confuse "spending money like my coworkers or peers do" with "maintaining a good quality of life", even if there can be some correlation. I think most people will not have a problem becoming "cheap" (to me this word means: a person who expresses their frugality in a dickish manner)