Huge difference between being sensible/thrify/cheap
Sensible is buying something on sale, or waiting a while to buy it when you know it will be reduced (i.e. if you want it in december, wait til January sales). Sensible is also not wasting money - justifying purchases rather than just post-rationalising them.
Thrify in my mind means re-using things. Not throwing something away until it is used up. Getting what you paid for. If you paid for a service you didn't get, complain. If you paid for a product that was inferior, complain. Keeping things and re-using them is perfectly acceptable IMO, as long as it's not ridiculous where you refuse to throw out something ancient because "it works fine."
Cheap is more of an attitude thing IMO. It usually involves being a dick - squabbling over a few Â£Â£ on a meal, getting out the calculator at the end of a meal and putting down exact change, refusing to take a taxi, not wanting to go somewhere all your friends do because it's too expensive.
Being sensible and thrifty is sensible. You can have enough money to enjoy life, buy nicer things, go to nicer places etc.. but it's pointless to literally throw it away or waste it. But being cheap is just being a dick unless you really ARE trying hard to save money.
But usually the cheap people are the biggest hypocrites - they won't divide the meal price equally because their meal is Â£2 less, but they smoke which costs Â£5 per day.