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StitcherWe are not saying you shouldn’t be aware of or manage your money well, we are saying you don’t need a budget to thrive financially. Yes, there is a difference! One is just not right, while the other suggests more flexible and freeing ways to spend. In this episode, Jen and Jill discuss money management and how a hundred budgeting templates may not always work for you.
There's no right or wrong approach, but being aware of what matters can guide necessary mindset shifts and lead to more freedom in your spending.
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- The Friendletter. It’s our three times weekly newsletter where we are giving you additional things outside of what you get on the podcast. On Mondays, we are giving you all about food freebies and other freebies that companies, cities, websites are giving away. On Wednesdays, we offer our little saving hacks or buying guides on how to get the best quality products over cheap quantity. On Fridays, we have insight into values-based spending. That’s a lot of wisdom you’re gonna take with you if you want to move away from budgeting. And then every last Friday of every month, we have our budget planning guide! So if you budget, this is for you. So sign up for The Friendletter, it’s free!
Check out some relevant episodes
What Not Budgeting is Not
This article by Dana Miranda laid out her open secret as to why budgets don’t work and how to manage money without budgeting!
What Jen + Jill have to say:
Jill talks about what money management is and the five things that matter: debt, commitments, saving, spending, and income. She emphasizes that not budgeting isn’t about ignoring how you manage your money but rather creating flexibility in your spending. As for Jen, once you have these five categories under control, you might not need to budget anymore—unless you enjoy it!
Why Budgeting Don’t Work
Budget culture often demands perfection, but Jen doesn’t think it’s always effective because budgeting can lead to restriction and deprivation, which are unsustainable. It also demonizes spending—the very purpose of money—and creates labels for “good” and “bad” financial moves, when in reality there is no right or wrong if what you’re doing works for you.
Jill also highlights that distinguishing between wants and needs can be challenging, but it doesn’t change the fact that we can spend on both as long as we do it intentionally, like how Jen does it.
Tips to manage money without budgeting
Jen and Jill explored ways to manage money without traditional budgeting. They both emphasize that it’s not about deprivation or restriction, but rather about being intentional and flexible.
This includes money mapping, using a “yes fund” with no limits, reducing decision fatigue by automating payments for credit cards and other bills, keeping a temporary diary to track your spending in real time, understanding your money mindset and priorities, paying yourself first, and being willing to experiment with different methods to find what works for you.
In the last 5 years, what has changed about the way you manage money?
Jen, with two children, has shifted from hoarding money to focusing on strong retirement savings in her IRA, which allows her more freedom to spend. Jill, now debt-free for five years, has redirected her focus to investing more while continuing to manage her money bi-weekly.
Bill of The Week
Thank you Penny for sharing your bill about shopping malls – attending a free wreath making event!
Thanks so Much for Listening!
Thanks so much for listening. We love love love reading your kind reviews and we especially loved this one from:
✰✰✰✰✰
The best of the best
“I have been a listener of Frugal Friends for a while now and will continue to come back. Jen and Jill are honest, informative, and nonjudgmental. I have felt fear and shame with *the guy that everyone begins this journey with*. But here, I feel empowered and like I actually am making progress, even if that progress is sometimes small. Finance topics can be big and scary, but Jen and Jill make it all make so much sense. Thank you!”
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