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Putting the Fun Back in Frugality
2 Frugal Dudes
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Episode 158: Learn how to make frugal living fun with tips for mindful spending and striving to increase your income rather than living a life of deprivation with Diana Merriam, founder of the EconoMe Conference. Tune in for a discount code and a chance to win tickets!
Overcoming Mindless Consumption with Mindful Spending
Mindless consumption is when you let impulse take over and don’t take time to consider the options. To get out of the debt cycle, you need to think twice about your purchases and overcome feelings of FOMO to spend on experiences and high-value items.
When you have to buy something, ask yourself these questions:
- Is this really a need or is it a want?
- Am I able to repurpose something I have or borrow this?
- If I have to buy something, can I buy it used?
Working through this process will help you make mindful purchases.
The Difference Between Cheap and Frugal
The word frugal has a negative connotation as many people link it with feelings of deprivation. A more accurate differentiation between being cheap and frugal is to refer to frugality as resourcefulness. You aren’t depriving yourself, you’re being more resourceful in sourcing costs and events.
A great comparison of being frugal versus being cheap is packing your own nutritious lunch rather than eating a $1 slice of pizza every day. By bringing your own lunch, you’re ensuring your hunger and nutrition needs are met by spending more than you could for valueless food, but less than you would by heading to a restaurant.
The difference between being frugal and cheap is being intentional in your spending and putting money toward things that have value.
Resourcefulness applies not only to money but also to time and energy. If you start to feel deprived, you’ve cut back too far.
The Three Keys of Financial Independence
The three keys of achieving financial independence are:
- Increasing your income
- Cutting your expenses
- Investing your savings
Increasing your income is an area where many people have room to grow by starting a side-hustle.
When reducing your expenses, there three main areas include food, housing, and transportation. Using skills like house-hacking and meal planning can help you cut back without feeling deprived.
With investing, you learn how to take the money from that gap between income and expenses and invest it wisely to pay your future self.
The EconoMe Conference
The EconoMe Conference is the Ted Talk event of the FIRE movement. This interactive and inspiring conference focuses on shifting your mindset to help you change your financial situation.
During the midday break, you’ll be able to see the Playing with FIRE documentary. You’ll also be able to meet up with other people and learn about topics like investing, healthcare costs after retirement, etc.
In the evening, there’s an afterparty with music and mingling. The next day has free meetups, including an urban hike, a brewery tour, and a dog meetup. Diana is even coordinating free accommodation options for those looking to save.
Sign up for the EconoMe Conference here. Use discount code FRUGALDUDES for a 10% discount on general admission.
Want to win tickets? Sign up for our list by texting “2fd” to 33777 to be entered.
Show Links & Related Episodes
Music: https://www.bensound.com/royalty-free-music
Disclaimer: Kevin and Sean are not professional financial advisors. Do not take any advice they give without first speaking with a professional and performing your own due diligence. This post may include affiliate links.
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