Catching Up with Mrs Frugalwoods
We are now in April, and I only have seven more months left of new episodes for Martinis and Your Money. As sad as I am to say goodbye to this podcast, I'm equally excited about the final season of episodes I'm delivering to you every Friday. Each month of this final year is broken down by subjects that are important for anyone's financial health journey, and I'm bringing to you the best guests around each of these subject matters but also sharing with you the best tips and practices I've learned in the last 15+ years.
April is a short month as far as Fridays are concerned, and it's also my birthday month, so I decided to talk about a subject that I personally used to hate but now I love, and that's budgeting and frugality. Joining me today is who I consider to be my OG Queen of Frugality, and that is long-time Martinis and Your Money friend, guest, and Happy Hour Co-Host, Liz Thames, aka Mrs. Frugalwoods. Liz joins me today to talk about why we both love the frugal approach and the crazy expensive purchase she recently made, and she shares her best tips and suggestions for someone new to a frugal journey.
What are we drinking?
Liz - Gin and Tonic
Shannon – Gin and Tonic
Podcast Notes
Is Frugality a Bad Word?
Liz and her husband are both naturally frugal people who enjoy gamifying their money mindsets. They enjoy the process of finding the best deal. Liz has shaped Shannon's views of frugality in such a positive way since the beginning of their friendship in the early blogging days.
Frugality is not about depriving yourself or not enjoying life, but rather about finding what you love and embracing your choices. Liz and Nate always had their goal but truly enjoyed the journey there.
Frugality can be adopted at many levels. Some choose to set time-specific goals or challenges, while others prefer more long-term frugal lifestyles. It's about making it fit in your own life.
Some people have weird feelings about the word frugality, or it's mistakenly synonymous with the word cheap. This negative connotation is what makes some people resistant to the idea of frugality at all. Being frugal allows you to spend money on things you truly value.
It's important to know what you're spending your money on. People often guess and truly don't understand where their money is going. Take the time to review your expenses and add everything up.
This process can feel scary but can be illuminating. When you see where you spend your money, you can reflect and decide if it aligns with your values. Think about what is important to you and how you can change your spending to align with that.
Small Changes Lead to Greater Impact
If you feel stress or anxiety about your financial situation, creating a plan will help. A budget is taking control and creating financial empowerment. Think about how your money can serve your goals.
The variables are how much you earn and how much you spend. You can change both, but changing your spending is much easier, so it's a great place to start.
Get comfortable with frugality. You don't have to deprive yourself, but when making decisions, slow down and think, 'Can we do this for less?' 'Is there a way we can save money here?' Don't come from a place of fear of things being taken away, but rather how to make positive changes.
One big key to success is picking your non-negotiables. These areas of your budget are safe from changes or cuts. You can choose 1-2 things you can always spend on and get frugal and creative with everything else.
Focusing on the small things at the bottom of the budget can be tempting, but the greatest impact can be made at the top. If something isn't non-negotiable, really consider whether you can make a change in each area of your budget.
Food is one of the biggest spending areas for many people, especially with inflation in the last few years. For most, there is room to be mindful of the food budget and spend less. Cooking is a skill that you can learn and will improve over time.
You don't have to make anything fancy; your meals just have to work for you and your family. Even freezer meals can be less expensive than ordering takeout. You can start small, try a few new things, and you'll be surprised how delicious an affordable meal can be. Investing in an air fryer can be very helpful!
Tips for Long Term Financial Health
It's never too late to start a financial health journey. While starting earlier has benefits, you can decide to improve your financial health at any age. Start by reflecting on your money narratives and making 1-2 small changes.
You do not have to change your life overnight if that feels overwhelming. Making improvements in a few areas can have ripple effects in other areas of your life. Start saving a little bit where you can and build the muscle from there.
Becoming financially healthy takes time, so make sure the plan is sustainable. While focusing on your goals, build little rewards into the budget for when you reach certain milestones. Celebrating wins is a great way to stay motivated on the journey.
You do not have to do this work alone. If you're not sure where to get started, people like Liz and The Financial Gym can help you with this process. It can be hard to do this work alone, so you can reach out for help.
Everything we do financially is fixable; it's just a matter of how much fixing needs to be done. Seventy percent of Americans live paycheck to paycheck, so if you feel stressed about your finances, know that you are not alone.
Success takes time, but it is work worth doing. If you feel like 2-7 years is too long, consider that the time will pass anyway. You have the choice to stay the same or try something different.
Takeaway: My biggest takeaway is that frugality is your ultimate money spending hack. Before any and every purchase you make, take a quick pause and ask yourself if you can do it for less. That small question can lead to HUGE savings.
Random Three Questions
What is the next big financial goal you and Nate have?
What do you hope to teach your kids through your frugal lifestyle?
What is your next big ‘splurge’?
Connect with Liz Frugalwoods
Website: http://frugalwoods.com/
Work with Liz: https://www.frugalwoods.com/consulting/
Instagram: https://www.instagram.com/frugalwoods/
X (Formerly Twitter): https://twitter.com/FrugalWoods
Facebook: https://www.facebook.com/frugalwoods/
Book: Meet the Frugalwoods: Achieving Financial Independence Through Simple Living
If you have any topics you would like me to cover on this podcast, or if you’d like to get in the financially naked hot seat, I encourage you to email me at shannon@fingyms.com or join the private Martinis and Your Money Facebook Page, and let me know what you want to hear.
As many of you know, other than running this podcast, I’m the founder and CEO of The Financial Gym, and we are celebrating 10 years of this journey. Now more than ever, I see the importance of the work we do every single day. Rising inflation, the return on student loan debt, high-interest rates on loans and mortgages, and volatile stock markets make it a time where, now more than ever, you need a best financial friend to help you make the best choices along the way.
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