463 | Superpower of Frugality | Frugal Friends

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Nov 13, 2023

Frugal Friends podcast guests discuss the intersectionality of frugality and the FI journey, finding balance between budgeting and depriving oneself, tracking expenses, saving and investing with sinking funds, and the benefits of frugality and minimalism. The hosts also express gratitude to listeners and promote engagement with the ChooseFI community.

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Introduction

00:00 • 3min

The Evolution of Frugality

03:02 • 27min

The Baby Steps and Financial Identity

29:35 • 9min

Tracking Expenses, Saving and Investing with Sinking Funds

38:12 • 4min

Frugality and Minimalism

42:18 • 13min

Engaging with the ChooseFI Community

55:33 • 2min

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: