[Summer Playlist] Lessons Learned From Frugality | HDM 181

Her Dinero Matters

Are you always “saving” on little things here and there? You may not be the type of person who consistently saves 10% of their income for retirement, but anyone who knows you can tell you’re the queen of frugality. Between avoiding brand names at the grocery store (in favor of the Store Brand) and being a die-hard fan of a zero-waste lifestyle (did anyone say reused Mason jars?), you are the living embodiment of the frugal person. But, do you know how much money you are actually saving through your frugal lifestyle? Or, are these imaginary savings just that —a pretty illusion?

As a self-declared frugal person, a close friend of mine is always looking for new ways to save a couple hundred extra dollars a month. For the past six months, saving on fuel has become one of her biggest goals. On a regular recharging day, she travels to the other side of her city to refuel at a tiny gas station that charges 30% less than her regular Shell station. That sounds like a sweet deal…until you consider her regular station is just one block away from her apartment, but the cheaper place is 45 minutes away #gasp.

My friend’s example comes to my mind whenever I say that, sometimes, being the most frugal person doesn’t always help your bottom line. Our brains are so complex that, sometimes, being ultra-focused on saving a few dollars doesn't allow us to see the forest for the trees. And you know what’s the most perplexing part? This mistake is more common than you think.

This is why in this week’s episode, I want to talk about frugality and the traps usually associated with our reflex of trying to cut down on expenses when finances are tight.

In this episode you will learn:

• Why frugality, by itself, is not enough to improve your financial situation.
• The 3 things you have to do to leverage a frugal lifestyle.
• One question you NEED to ask yourself before going frugal.

For a quick recap of this episode go to https://www.jenhemphill.com/181

The post, [Summer Playlist] Lessons Learned From Frugality | 181 appeared first on the Her Dinero Matters Podcast.