Does frugality equal deprivation?

When you hear the word “frugal” do you actually hear the word “cheap”? According to Liz Thames, frugality gets a bad rap in our culture. Listen to Kathleen’s interview with Liz Thames, aka “Mrs. Frugalwoods” about how being frugal can actually bring you joy and many positive benefits. And, how she practices what she preaches.

Key Take Aways:

1. Frugality is not deprivation. Frugality gives you an opportunity to save where you might not have been able to save before. You can start it today by choosing to spend less and see how empowering it can be.
2. Practice joyful frugality. Spend money on what matters most to you. You don’t need to eliminate every single expense and live a deprived, miserly existence. Instead, frugality means challenging yourself to think about every dollar you spend by pondering questions such as “Is this something that brings me lasting happiness?” “Am I getting a really good return on this investment?” and “Does this expense bring meaning to my life or is it essentially wasted money?”
3. Money can be a natural part of your kids’ upbringing. Talk to your kids as much as possible about money. Educate them about what things cost, why you buying or not buying something, and how to tap into needs versus wants.

Special Announcement: The Uber Frugal Month Group Challenge starts July 1, 2018. This is a free, 31-day group challenge to revamp your finances. For more information, click here.

Elizabeth Willard Thames is the personal finance blogger behind the award-winning Frugalwoods.com. She is the author of the book, Meet the Frugalwoods: Achieving Financial Independence Through Simple Living published in 2017 that tells the story of how at thirty-two years of age, she abandoned a successful career in the city and embraced extreme frugality to create a more meaningful, purpose-driven life and retire to a sixty-six-acre homestead in the woods of Vermont with her husband and young daughter.

Show Notes:

• Learn more about Elizabeth Willard Thames