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StitcherThis is not a joke. We are challenging you to transform the way you budget for the next 30 days! We love doing challenges to gamify our finances instead of the boring way of NOT doing it. It’s what we do to help you spend better and understand your spending more. So, in this episode, Jen and Jill look at how you approach spending and help you get better at it.
We have to practice the small things if we want a chance at succeeding in the big ones.
Sponsors:
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Check out some relevant episodes
30-Day Budget Challenge — The Frugal Friends Way
Jen and Jill crafted their very own challenge tailored just for you. Prepare a calendar and start with these simple and easy steps.
Week 1: Reset & Awareness
- Day 1: Throw away your old budget! Try something new, who knows what may work for you EVEN better.
- Days 2-3: Do a 90-Day Transaction Inventory. This reveals spending patterns and flags unnecessary expenses.
- Days 4-6: Track every transaction AS YOU MAKE IT! So it’s in real time and more accurate.
Week 2: Cutting Back & Smart Spending
- Days 7-12: Do a No-Spend Week! Time to cut back on unnecessary spending—but you can keep the essentials, like bills and fixed expenses!
- Days 13-18: Make a meal plan and stick to it! The secret is to make sure it’s something you would enjoy eating for a week.
- Day 19-20: Do a free activity. Maybe two. Reprogram seeking free activities than shopping or unnecessary grocery stops.
Week 3: Refining Your Expenses
- Days 21-23: Assess Subscriptions & Fixed Expenses. Identify what can be dropped and what should stay to reassess and rebuild your budget. See creative alternatives.
- Days 24-25: Negotiate Something. Choose from your wishlist and try negotiating a rate! So you know you can.
- Days 26-27: Declutter. A drawer, a closet—pick one! Freeing up physical space can do wonders for your mental space, leading to a more balanced and stress-free mindset.
Week 4: Amplify Money Wins
- Day 28-29: List a few items to sell. Post something on FB Marketplace and see if it finds a new home and additional cash for you.
- Day 30: Set up an automatic transfer to 401k or Roth IRA. Absolutely don’t skip this!
What's one habit that makes the biggest impact on your budget/spending plan?
Rather than a habit, it’s Jen’s kids who keep her from doing expensive things. While for Jill, not scrolling online shopping websites is her game changer.
Bill of The Week
Thank you Ellen for sharing your bill about paying off $14k of consumer debt.
Thanks so Much for Listening!
Thanks so much for listening. We love love love reading your kind reviews of our book Buy What You Love Without Going Broke and we especially loved this one from:
✰✰✰✰✰
This book ties a beautiful bow around the concept of only spending money on things that you value. It helps to define your “why” and ultimately what makes you happy. I’ve read countless finance books but have never really changed my attitude and mindset about money. However, after reading this book and listening to the podcast, I understand that I’ve been spending on things that will mean nothing to me by the time they arrive at my doorstep. This book has helped me understand myself and the psychology aspect of money while giving useful money tips. Reading this book is like reading a letter from a long lost friend. My millennial heart has been filled with reminiscent moments from the past as they’ve been sprinkled in this book with care. This book and this podcast has changed my view on life and money for the better. I’ve always considered myself cheap, constantly searching for the next good deal or spending as little as possible while still trying to buy good quality. However, I now know that some of this behavior is really frugality and I was able to stop the spending on silly things that don’t really add value to my life and define the things that do. Thank you, frugal friends. You are the friends I’ve never had and I have finally found a community of people who understand me.
If you want to check out our monthly challenge community head to frugalfriendspodcast.com/club to see what challenge we have coming up next.
Keep leaving us reviews on iTunes or Stitcher, and sending the screenshot to reviews@frugalfriendspodcast.com. And don’t forget to share your favorite quote from the episode by using the hashtag #FrugalFriendsNote. 😉
