I like to think of myself as frugal, or economical, but cheap has bad connotations.
I watch my money out of long habit, even when I don't strictly have to. I figure that money I don't spend now, I'll have later when I need it.
Having said that, some things it is best to buy quality - shoes, for me, are something I splurge on, but I haven't bought a brand new pair of jeans in probably three or four years. I buy secondhand, and people give me hand-me downs (surprisingly often in like-new condition). And a lot of time, quality secondhand clothing in good shape is cheaper than clothes from Wal-Mart that fall apart after a few washes.