I hate umbrellas.
Umbrellas are wielded by selfish people desperate to carve themselves three feet of space on a busy pavement with no regard for the eyesight of others. Do NOT get me started on people using those five foot golf umbrellas in towns...
Even excluding their antisocial properties, I put it to you that umbrellas are the opposite of frugal. If you live in the UK you're used to being pelted with rain. But think; when was the last time it was raining but NOT windy? Watching people wrestling with inside-out umbrellas is one of the best parts of a rainy day! However, turn an umbrella inside out a few times and it's ruined.
Alternatives? Invest in a quality raincoat (and even waterproof trousers if you want to keep extra dry). It will you save money in the long run and you can't look any worse than the brolly-tamers.
You're also far less likely to blind me.