On this episode of 2 Frugal Dudes, we’re talking about the four keys to abundant frugal living with Steve & Annette Economides, frugal living experts, and NY Times Bestselling Authors. CHA-CHING!
About Steve & Annette
Steve and Annette started their marriage at the poverty level. Their initial attempts at entrepreneurship were absolute disasters. Back then, Steve was a print artist at a paystub company. This was back in the 1980s.
Steve and Annette set up a cash envelope budgeting system which allowed them to save up a few thousand dollars within a couple of months. In three years, they had enough to put a down payment on a house and paid that same house off within nine years. From there, future investments went into another house and starting a writing business.
A few smart investments and side hustles, and Steve and Annette have managed to accomplish their goal of financial independence without sacrificing the activities they enjoy.
The Four Keys to Abundant Frugal Living
Money flows to those who have a better plan.
Planning is super important. Budgeting, time management, tracking activities, saving– spontaneity is sexy and fun, but it’s not practical for daily life. Planning for the holidays, for example, is setting aside money ahead of time and picking up bits and pieces month in advance.
Don’t think of looking at large chunks of time. Instead, set time aside for a meeting once a week to cover what’s happening and to plan for upcoming expenses. Short-range planning helps reach long-range goals.
I will persist until I succeed.
One of the most important things you can do to live a frugal life is to be persistent. If you give up the moment you hit a roadblock, you’ll never reach your goals.
Things are hard once you’re in them, but once they’re done, they’re done. Whether it’s your nine years at college or your journey to financial independence.
Knowledge is power. Knowledge is safety. Knowledge is happiness.
Research is the accumulation of knowledge. Taking the time to research what kind of vehicle you want versus how much they cost versus their consumer reports is well worth the investment of time. Taking time to research scholarships can save you thousands on education.
When you’re starting out, don’t worry about not having enough. A “lack” is fertile ground for creativity.
To be successful at frugal living, you need to have a positive attitude and to be creative. There’s always a way to accomplish something. You just have to be patient and attentive.
Where Our Money Went
Kevin earned some money last week… from his young son. His son wanted to purchase a movie on Amazon Prime. Kevin told him that if his son had $20, he could purchase it for himself (which he did). The cash went toward a babysitter rather than being applied to the movie.
Sean had a great July. In previous episodes, Sean has discussed how easy it was to overspend on entertainment. In July, Sean was able to cut his entertainment budget in half.