We can only go so far with being frugal, before we venture into the realm of cheap. Now don’t get us wrong- frugality is a great tool in your personal finance swiss army knife. We’re frugal fellas ourselves, and we love seeing what money saving steps our friends and listeners are implementing into their lives, but frugality alone doesn’t cut it. There are times when you need to make larger cuts and prioritize the other tools in your personal finance swiss army knife to help you achieve your money goals. Today we’re going to discuss the role frugality should play in our financial lives and how to use the other tools at your disposal when adding more frugal hacks to your life just won’t do the trick.
Additional resources:
- If you’re calculating every cent that you’re flushing down the toilet when you #2, you’re likely cheap, not frugal! Nonetheless this is an interesting and funny read.
- Don’t get sucked into the sunk cost fallacy, when instead we need to cut our losses.
- Our interview with Elizabeth Thames was an enlightening one on frugality, and we were surprised to hear she was able to live a more frugal lifestyle in a big city vs the country.
- If you’re looking for some ideas for your new side hustle, check out Taylor’s article on freelance gigs that are in high demand.
- Instead of small cuts to your expenses in an attempt to become more frugal, maybe what you need is a dramatic increase to your income. Listen back to our interview with Ramit Sethi as he doled out a great plan to negotiating your salary.
During this episode we enjoyed a Hibernation Ale by Great Divide- thanks to our friends there at the brewery for donating this one! And if you enjoyed this episode, be sure to subscribe and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to spread the word to get more people doing smart things with their money!
Best friends out!