463 | Superpower of Frugality | Frugal Friends

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 Leave Us A Review Subscribe to The FI Weekly!
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[@janeknight3597]

This demonstrates what I call the frugality cycle. 3 years in you and your finances are different. You then speak to a different audience. Always good to revisit though!!

[@simplify-invest-befree]

I have come to adopt a game changing perspective on wants and needs that makes frugality an obvious choice as opposed to a sacrifice. What is this perspective? 1. Needs are not things. Needs are conditions (states of being) that can be met via actions or things. 2. Many of our needs cannot be satisfied by the things that money can buy. 3. While all of our needs are the same and some of our needs have very specific requirements, many needs can be addressed in a variety of ways -which can change over time. 4. The concept of wants is an artificial and unnecessary construct. The things that we often refer to as wants are really just ill-conceived attempts to meet our needs. 5. When we say, "I want to do/have something", what we are really saying is, "I think that doing/having this something will meet one or more of my needs". With the above in mind, we should not ask ourselves, "Is this a want or a need?", we should ask ourselves the following two questions instead- 1. What need am I trying to address with this action/item? 2. Is this action/item an authentic and thoughtful way to go about addressing this need? These two questions will lead to a far more free and fulfilling life. The work of Manfred Max-Neef (in particular, the notion of separating needs from satisfiers) has played an invaluable role in the development of the perspective above. I highly recommend reviewing his ideas on fundamental human needs.

[@teacherdavid--eatplaylearn5013]

3rd Useful sharing. Thank you all.🥰