Make The Transition From Spender to Saver – EP 204

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Sometimes spending money is a whole lot easier than saving money! Spending money often gives us what we want in the moment, but it can derail us from our financial goals or debt payoff plans. Today we’re talking about strategies to move from spending to saving so that we can get the most out of budgets!

Find out the why in why you're doing it.

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  • February 2020. The final frontier, the last hurrah, today’s episode came out on February 28th, 2020 and while many things published in that month have not aged well, this one has! Something else that has aged well, our Modern Frugal Living eBook. We published this eBook with over 200 ways to save money in February of 2022 and I think it’s going to hold up as well as this replay.  If you want to grab your free copy head to frugalfriendspodcast.com/ebook. Again that’s frugalfriendspodcast.com/ebook.
  • Glow-up. The phenomenon that has swept the globe is sponsoring this very show. We all know those kids we went to school with that appeared very normal, blending in, just getting their homework done, and then BAM! they’re in their twenties and unattainably attractive. It’s the glow-up. Here to say if it’s happened to you, congrats. If not, try it on your finances. The glow-up: going from good to great since 2008.

Making the move from spender to saver

This article from Get Rich Slowly gives us some tangible tips on how to move from being a spender to being a saver.

What Jen + Jill have to say:

Jen loves the idea of opening a high yield savings account and saving your windfalls. She also loves to consider alternatives to buying new stuff.

On the other hand, Jill agrees on setting a medium term saving goals. Saving for goals 18 months to 5 years in the future has been a great way for Jill to get excited about saving. One should also avoid situations that lead to spending and just remove yourself from temptation.

Lastly, don’t spend your time looking for ways to spend your money – spend it looking for ways to save/invest (i.e. saving does not mean sitting at home twiddling your thumbs).

How To Use a No-Spend Month to Improve Your Finances

This article from our very own, Modern Frugality (Jen’s blog!) breaks down for us how to do a no spend challenge and the ways this helps to detox our spending habits.

What Jen + Jill have to say:

What is a no-spend challenge? A no-spend challenge is a commitment to not spend money on certain things for a predetermined length of time.

What CAN you spend on? You decide what you don’t spend on. You’ll obviously pay your bills and the necessary expenses to live and get to work. There’s no need to cancel subscriptions or gym memberships if you use and enjoy them. The true lessons in an NSC come from everyday spending situations. Saying no to the “I want it now” mentality and the lie of “it’s such a good deal.”

How do you do a no-spend challenge? First, you need to prepare. Second, you should determine a time frame (i.e. day, weekend, week, month, year). Third, decide what you need to spend on. Lastly, find ways to fill your time. Some examples would be hanging out with friends, pantry parties, exercise, reading, or movie night.

Our Spending Fails and Saving Wins, 2020 Edition

Jen’s latest spending flub was on a planner she didn’t need (but it looked cute!). Her latest saving win was opening a 529 for Kai! Jen + Jill talked about 529 plans in episode 56. Visit Backer for a $10 credit!

Jill’s spending fail was January. Her savings win is investing in vanguard Roth IRA (also because she got $20 amazon gift card for linking account to personal capital). Try Personal Capital’s free tools here and get a $20.

Thanks so Much for Listening!

Thanks so much for listening and leaving kind reviews like this one!

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Jen and Jill want you to succeed!
Not only for Jen and Jill provide meaningful content in their podcast, they have many free resources for their listeners be successful with personal finances. There is also a Facebook community so that listeners help each other with frugal tips and home finances. Delivered in a light hearted manner, the podcast is entertaining and educational. Highly recommend!

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Thanks Leslie for sharing with us your last debt payment for your cat’s vet bill! So glad to hear your cat is doing better!

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