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StitcherPersonal finance tips are everywhere, and let’s be honest—it can feel overwhelming. How are you supposed to keep up, let alone know what actually works for you? But what if money management didn’t have to be so complicated? What if it could actually be simple? In this episode, Jen and Jill reveal what they call ‘The Money Management Holy Trinity.’ With these three, you’ll see just how manageable your money can be!
Make money. Manage money. Multiply money
Sponsors:
- Frugal friends fans. That’s right, this one is brought to you by YOU! We’re talking straight to all the super fans, the real ones, the true gems. You’ve written your podcast review, you’ve called in a bill of the week (maybe multiple), you’re singing about ‘livin your life’ in your sleep cuz the tune is so dang catchy. We both NEED and WANT you!! As you know, we’re launching our book (buy what you love without going broke) and we need amazing people like you to start spreading the word. We’re formulating a street team of people who believe in the frugal friends message to help tell others about the book. So if you’re out there binging this show and responding to every friendletter poll, this ones for you! Join The Street Team!
Making the Money
This article by Gamaliel Oluwasina will give you the three basics of money management.
What Jen + Jill have to say:
Jen and Jill break down money management through a simplified lens, starting with: earning. Jen points out that earning is just as important as how you spend and save. Jill expands on this that it’s not just enough to make enough, you need to make more than you spend. Therefore, making sure that you are bringing home the right amount is a good starting point for figuring out if there’s room to earn more.
But what does “enough” really mean? It’s about defining what you truly need to feel comfortable—not just what you see online. If you don’t figure out what enough looks like for you, you’ll never feel fully satisfied. Once you know your baseline, it’s also helpful to make sure you’re taking home the right amount and checking in on your progress.
Spending the Money
The second key is spending—how we manage our money. We all spend in different ways, so it’s essential to regularly look at where our money is going, how we’re spending it, and what’s working well or what needs improvement.
Jill also points out that focusing on what truly matters for us to make better spending choices is essential. Spend money on things that align with our values and priorities without guilt. Be mindful of cutting back on areas like housing, transportation, and food, where it’s easy to overspend, and only give causes that resonate with us.
Saving the Money
The one that completes the trinity is saving. Jen defines this as anywhere you would put money away for anything. This includes an emergency fund and short-term goals such as vacations and retirement. Therefore, your savings goals should start very small and grow over time.
Truth be told, it’s impossible to know exactly how much you will need in the future. The secret is to aim for a hundred thousand in investments, then, you can do anything with it, the compound interest will do the work for you. This approach emphasizes taking things step by step, allowing you to feel confident in your spending without feeling deprived.
Which one of the three do you find the most challenging?
Both Jen and Jill find earning challenging!
Bill of The Week
Thank you Jana for sharing your bill about past: and owing $8 for eating too much food
Future: celebrating her 21st bday and paying for food and drinks
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:
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Motivating & fun
Jen and Jill for keep me motivated while I tackle endless DIY projects around the house. Listening to your episodes helps me remember why I’m putting in the sweat equity to fix up our home. Thanks to Frugal Friends I’ve saved money, I’ve avoided excessive spending, and I’m earning more interest on my savings. I love that the episodes come out frequently and they are all interesting and fun to listen to, even if the topic isn’t directly relevant to my life. Highly recommended!
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