one refers to an items price te other to a persons habits

I'd say that being cheap is buying low quality products at a low price, that you know arent going to last very long but you buy them anyway. Even if buying gifts for others. Cheap and nasty. Being thrifty is making your money stretch as far as it can withOUT forgoing product quality. Buying carefully, budgeting well and being able to spot a bargain. Forward planning essential. Economical!

I had written a great answer to this question when someone else asked it, and the blasted search thing won't let me find the question! Grrrrr...

"Cheap" is more of an insult.

1) both those words have various meanings. Cheap has more to do with sales, thrifty with management. 2) "cheap (comparative cheaper, superlative cheapest) 1. Low and/or reduced in price. 2. Of poor quality. 3. Of little worth. (slang, of an action or tactic in a game of skill) unfairly powerful." Source and further information: http://en.wiktionary.org/wiki/cheap 3) "Adjective thrifty (comparative thriftier, superlative thriftiest) 1. Given to, or evincing, thrift; characterized by economy and good management of property; sparing; frugal. 2. Thriving by industry and frugality; prosperous in the acquisition of worldly goods; increasing in wealth; as, a thrifty farmer or mechanic. 3. Growing rapidly or vigorously; thriving; as, a thrifty plant or colt. 4. Secured by thrift; well husbanded. 5. Well appearing; looking or being in good condition; becoming." Source and further information: http://en.wiktionary.org/wiki/thrifty 4) "Noun thrift (countable and uncountable; plural thrifts) 1. (uncountable) The characteristic of using a minimum of something (especially money). His thrift can be seen in how little the trash man takes from his house. 2. (countable, US) A savings bank. Usually home mortgages are obtained from thrifts. 3. (countable) Any of various plants of the genus Armeria, particularly Armeria maritima." Source and further information: http://en.wiktionary.org/wiki/thrift