What Is Frugality Really? And Is It Right For you? – EP 168

It’s frugality 102 – we’re taking this think to the next level and exploring the differences between being ‘frugal’ and being ‘cheap’ while also talking about the foundational tenets of frugality. It’s a good one. The kind that gets Jen all amped up.

Sponsors: 

  • The Future of Frugal Summit! Over 4 days we’re bringing together 20 expert speakers for this FREE virtual event to help you make changes that promote choosing frugality enthusiastically not just as a means to an end. Frugality is a choice and when it becomes a habit you can save money without thinking but to make it a habit we want it to be enjoyable so get your free ticket and virtual goodie bag at frugallivingsummit.com and we’ll see you in the private Facebook group!
  • Definitions: Knowing the meaning of words can make all the difference; like the difference between frugal and cheap; raw and cooked; carnivore and herbivore; safe and unsafe. Definitions can be life-savers really!

Notable Notes:

What the Internet has to say:

This article from US News helps us define the difference between being frugal and being cheap

What Jen + Jill have to say:

1. Cheap and frugal people both love to save money, but frugal people will not do so at the expense of others

2. Frugality is about assessing the bigger picture and having the patience to cash in on the simple savings strategies

3. Cheapness uses price as a bottom line; frugality uses value as a bottom line

4. Cheap people are driven by saving money regardless of the cost; frugal people are driven by maximizing total value, including the value of their time

5. Being cheap is about spending less; being frugal is about prioritizing your spending so that you can have more of the things you really care about

More from the Internet:

This article from our very own Jen at Modern Frugality provides the foundational tenets of frugality

More from Jen + Jill

4 Tenets:

  • Minimalism
  • Simplicity
  • Environmentalism
  • Values based spending

This lifestyle comes with benefits!

  • Free up income
  • Handle (aka respond vs. react) to emergencies
  • Save for retirement
  • Create community
  • PEACE!

BILL OF THE WEEK – 

  • Thank you Brooke from Texas for sharing your bill about an app that helps you track your baby’s sleep and eating patterns which creates wellbeing for you!
  • Thank you Sophie from Germany for sharing your bill about finding old German currency and buying chocolates with the money

If you want to submit your bill of the week visit frugalfriendspodcast.com/bill to leave us a bill

  • The Future of Frugal Summit! Over 4 days we’re bringing together 20 expert speakers for this FREE virtual event to help you make changes that promote choosing frugality enthusiastically not just as a means to an end. Frugality is a choice and when it becomes a habit you can save money without thinking but to make it a habit we want it to be enjoyable so get your free ticket and virtual goodie bag at frugallivingsummit.com and we’ll see you in the private Facebook group!

Lightning Round 

 What does frugality mean to you?

  • Jen- less budgeting, more freedom, less guilt and shame about money
  • Jill- freedom! Minimalism! Doing it myself and problem solving! ability to be generous

Wrap-Up:

Thanks so much for listening! Keep leaving us reviews on iTunes or Stitcher, and sending the screenshot to frugalfriendspodcast@gmail.com. AND share our most recent episode on social for a chance to win a copy of the Frugal Friends Workbook!

Thanks for listening! See you next week!

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