463 | Superpower of Frugality | Frugal Friends

ChooseFI

Brad Barrett | Choose FI Media

Financialindependence, Investing, Firemovement, Passiveincome, Frugalliving, Personalfinancepodcast, Daveramsey, Careers, Business, Earlyretirement, Habits

4.8 • 5K Ratings

🗓️ 13 November 2023

⏱️ 57 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

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:

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:

More Helpful Links and FI Resources:

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Commission-free investing with M1 Finance

Transcript

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0:00.0	Hello and welcome to Choose a FI today on the show we're talking about frugality as a superpower.
0:06.2	I think for a long time frugality has been maligned in the personal finance community and even in the financial independence community
0:14.5	and we all like to think that we can out earn or there's some way to negotiate our salary or get a new job or up skill as the only path to Fai.
0:25.8	And I think obviously that is a significant part of it, but we're kidding ourselves
0:29.9	if we don't think that frugality and saving money and being smart with our expenses plays a critical
0:36.1	role and certainly in my estimation the beginning role in your path to fly. So today I'm bringing on two of my good friends. We have Jen and
0:45.9	Jill from the Frugal Friends Podcast and I was on their show a couple months ago and it was just a
0:51.1	rocking good time. I had a ball chatting with them and I knew that I had to have them on
0:56.4	really to talk about this superpower of frugality. I think you're really going to enjoy this.
1:01.2	So with that, welcome to Choose How Thai.
1:03.4	All right, I wanted to start with our review of the week. So I'd really appreciate if you could send a podcast review in.
1:16.4	Just go to choose a vie.com slash review.
1:19.4	We're on Apple Podcast or Spotify. Just hit review.
1:23.0	Would love it if you could give us five stars
1:25.0	and a written review.
1:26.1	And then just send it into me.
1:27.6	The easiest way is to get on my newsletter.
1:29.6	So choose a Vai.com such subscribe.
1:31.8	And when you hit reply to that email every single time it comes to me directly, and I read every
1:36.6	single one of these.
1:37.6	So I really would appreciate it.
1:39.0	And Garish wrote in and the title was long overdue review.
	...

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