2
Number of kids
$0.00
Annual income
$0.00
Total debt
Pennsylvania
463 | Superpower of Frugality | Frugal Friends
Episode Details
In this episode: frugality, value based spending, honoring your season, identity, budgets, financial goals, and minimalism.
When you think of the word frugal what comes to mind? To some it can mean spending on what you absolutely need and leaving little wiggle room for anything else, but to others frugality is not just a restrictive budget but a superpower! This week we are joined by Jen and Jill of the Frugal Friends podcast to discuss the intersectionality of frugality and the FI journey, as well as finding the balance between budgeting to invest in the future you want without depriving yourself in the present. Mindfulness and paying attention to the things you spend money on is an important part of the FI journey, but it is just as important to be mindful of the things that bring value and joy into your life. While budgeting and reducing your spending can help you reach the FI finish line a bit quicker, it should never be at the expense of cutting out the things in your life that are fulfilling! Implementing frugal habits and finding a budget that works and changes with your life can be an incredible tool while on the path to FI, because not only does it open up opportunities to invest monetarily, but also invest in yourself and the life you want to live!
Frugal Friends:
- Website: www.frugalfriendspodcast.com
- Podcast: The Frugal Friends Podcast
- Newsletter: The Friend Letter
Timestamps:
- 1:11 - Introduction
- 3:24 - Balancing Frugality
- 12:38 - Frugality, FI, and How They Fit Together
- 17:21 - Budgeting and Value Based Spending
- 26:43 - Honoring Your Season
- 29:22 - Financial Goals and Identity
- 36:50 - Examining Budgets and Sinking Funds
- 42:53 - The Intersection of Frugality and Minimalism
- 49:37 - Prioritizing Value Based Spending
- 53:44 - Conclusion
Resources Mentioned In Today’s Episode:
- Why Everyone Needs Dave Ramsey and Why You Should Ignore Him | ChooseFI Ep. 5
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- Earn $1,050 or more with these 3 Cash Back Cards
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- Commission-free investing with M1 Finance
In this episode of Choose FI, the conversation focuses on personal financial habits, diving into the mindset around spending and saving, and how they align with individual values. There's a detailed discourse on examining one's tendency towards saving or spending, highlighting the importance of consistently questioning one's choices against their values, and how they bring joy and fulfillment. The hosts suggest reviewing the past 90 days of transactions to shed light on whether one’s expenditures truly reflect their core values. The principle here is not merely to cut spending across the board but to spend purposefully in a way that brings contentment without guilt. The episode goes deeper as one of the speakers, Jen, shares her personal journey. She recounts paying off a large sum of debt in a short period, which she achieved through intense frugality. While proud of this accomplishment, she experienced a “debt payoff hangover” and felt directionless post-debt. This led her to rethink her approach to finances, inspired by the values she discovered in podcasts and the FI community. Jen's story highlights a transition from mindless saving to intentional spending and saving based on evolving personal values, suggesting an approach to personal finance that pivots as life changes. The episode also deals with the idea of a budget as a tool that should serve individual needs rather than restrict them. It suggests that regularly revisiting financial goals and spending habits can be more beneficial than strictly adhering to a budget. The concept of 'honoring your season' is brought into the discussion, emphasizing the dynamic nature of financial planning that must adapt to life changes—whether they are personal preferences, family needs, or new opportunities. Overall, the episode is rich with personal insights, practical tips, and a theme that encourages an adaptable and reflective approach to financial independence based on self-awareness and personal values.