When I say the word frugal, what comes to mind?

Do you think of your penny-pitching sibling? Or your coupon-clipping aunt? Your co-worker that always brings their lunch? The reality is, frugal means something different to everyone.

Frugality is a spectrum, and I believe it can be extremely beneficial to live your 20s with a healthy amount of frugality. Split rent with roommates. Shop at value-based stores. Avoid overspending on luxuries like new cars or fancy clothes. Winning these battles early on can pay dividends, literally and metaphorically, down the road.

But frugality can go too far. Your 20s aren’t the time to deprive yourself of everything at the expense of saving money.

So how do we find that balance? What are some signals that we’ve gone too far? And what can we be doing now so we don’t have to worry about frugality so much in the future?

Joel Larsgaard, Co-Host of How to Money, will be answering those questions today. Joel is a recovering frugalite. After experiencing his parents going bankrupt when he was 12, he vowed not to let money impact him in the same way. In his 20s, he worked two jobs, used his bike as a primary source of transportation, and scoured the internet for the best deals. As Joel entered his 30s, he realized he might have taken frugality a little too far. At times, being frugal tested his relationship with his wife and had him make short-sided decisions that might be considered cheap versus frugal. Joel will admit that he doesn’t have it all figured out now but I can tell he’s found a much healthier balance today. He still loves riding his bike but works less and isn’t afraid to spend money on quality items he loves.

I enjoyed my conversation with Joel because I can see myself following in his footsteps. I can often get lost in the bigger picture of financial independence. FI is not a number but instead, the flexibility to reimagine what life could look like.

So if you’re ready to experience what life could look like, let’s get into it. I hope you enjoy my conversation with the craft beer lover and co-host of How to Money…Joel Larsgaard.

Key Takeaways:

• A case for frugality: frugality gives you options
• Defining frugal (and when frugal becomes cheap)
• Frugal strategies for saving lots of money in your 20s
• The diminishing returns of frugality
• Frugality isn’t the only tool to use in order to reach FI
• Finding balance by identifying your craft beer equivalent

Mentions:

HTM Money Mission Statement: https://drive.google.com/file/d/1IhrgSguUq7A3-5OoqF8-0XaX65M2ixyc/view

More of Joel:

Website: https://www.howtomoney.com/

More of The Struggle is Real:

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