There can be a fine line between frugal and cheap, but taking the time to define your own spending philosophy can help to sharpen that line. We tackle our own frugal versus cheap identity crises and define what it truly means to spend intentionally. We share specific examples of what we have trouble spending on and explore how fear and scarcity can turn a healthy money habit into pathological cheapness. By defining your own spending rules and evaluating your daily habits, you can confidently spend on what brings you joy while gracefully letting go of the rest.
Ginger joins this week’s podcast as we talk about:
– It’s her third show now, but we again welcome Ginger as an official new co-host on the podcast
– Exploring the actual definition of frugality and cheap
– Discussing the definitions vs. negative connotations both words can have
– How to draft your own personal spending philosophy to align with your long-term goals
– The difference between making intentional sacrifices and letting financial fear dictate your life
– If not being able to let things go stems from a scarcity mindset
– The importance of not letting your frugality negatively impact the people around you
– Actionable homework to help you audit your spending habits and define your financial boundaries
Show References:
- Inside Out Money episode #169 – The Weird, Irrational Psychology of How We Spend
- Supp co – free app – Supplement tracking and ranking application
- CampFI – Financial independence community events and retreats
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