Create a (Frugal) One-Page Financial Plan – EP 225

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When we look at the ends of the spectrum of financial planning, we either get a one-page financial plan with limited deviations to financial planners who will give you a three-ring binder of stuff. For the second part of our ‘Radical Middle’ series, we will guide you into making a one-page financial plan that is attainable and will give you enough room for flexibility and customization. 

To make budgeting a habit, that’s your first goal!


  • The Spending Symposium Audio Flash Sale. Prices are still rising and it’s becoming increasingly difficult to plan and stick to a budget. That’s why we held The Spending Symposium last month with 20 experts teaching your their tips for spending less and savings better. While the full All Access Pass is no longer available we wanted to give you one more opportunity to get the mp3 versions of all our expert interviews from this year’s summit AND we’re throwing in last year’s as well. That’s almost 40 interviews, I think it’s 39, that you’ve never heard on the show. So if you need more help controlling your spending check it out. We’re only offering them for a week so go to to see every session and start listening. 

Quick Review. What is a 1-Page Financial Plan?

Rather than settling for the extremes of financial planning, Jen & Jill share their one-page financial plan which they have been doing with the Frugal Friends Club Membership (and they are winging it!) This one-page financial plan will give you room for flexibility and customization.

How to Set Financial Goals for Your Future

Set financial goals by breaking it down to short-term, midterm, and long-term goals. Investopedia provides questions you can ask yourself if you’re not quite sure what your goals should look like and how to.

What Jen + Jill have to say:

Jen & Jill divided the financial plan into three parts: Goals, Foundation and Freedom. For goals, short-term includes setting a budget, reducing your debt, and starting an emergency plan. A budget helps you get closer to your goals–you can’t know where you’re going unless you know where you are right now. 

Midterm goals should include key insurance policies, while long term needs to be focused on retirement. For example, midterm goals are your term life insurance, disability income insurance, paying off your student loans, as for the long term goals, there’s estimating retirement needs and increasing retirement savings. Savings and Debt is the foundation of your financial goals and what makes it easier to move into freedom.

Save, Invest, or Pay off Debt? How to Find Balance Between Financial Priorities

When you’re on a balancing beam, trying to balance yourself can actually be stressful. This article from Ally provides helpful questions to ask in determining what’s best for us. It gives a clear illustration of how to approach saving, investing, and paying off debt without feeling overwhelmed and intimidated by it. 

What Jen + Jill have to say:

‘Not all debts are created equal,’ Jen & Jill think it’s neutral and want us to evaluate how we think of our debt. They also discussed significant questions on having an emergency fund, goals, meeting your employer’s retirement contribution match, trying micro saving, and managing financial stress.

Our One Year Financial Plan

Jill’s one-year financial goal is cash flow renovations to create an AirBnB as an additional income stream. Meanwhile, Jen’s is to finish renovations on the rental side of new home.

Bill of The Week

Thank you for sharing your bill about accidental insurance AND checking with the state about money that is just sitting there and finding $142 for your husband!

Thanks so Much for Listening!

Thanks so much for listening! Many of you know we have a private community where we do monthly money challenges and offer accountability groups. We want to congratulate one of our members for a big win:

Just completed my Graduate Certificate of Advanced Studies in Educational Technology and New Literacies!

It's 15 credit hours beyond my Masters. I was able to cash flow taking one class a semester for the past year and a half, and will use what I learned in my current job. It will also help me in my side hustle of online tutoring, and because I make a little more money for every 3 credit hours of classes I take, will increase my final average salary when I retire in 6 years. #stillgotit

Congrats Brenda! Thanks for listening and if you want to check out our monthly challenge community head to to see what challenge we have coming up next.

Keep leaving us reviews on iTunes or Stitcher, and sending the screenshot to And don’t forget to share your favorite quote from the episode by using the hashtag #FrugalFriendsNote. 😉

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