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 of 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
