Episode 134

full
Published on:

14th Feb 2024

This is the REAL Meaning of Being Frugal (and It’s Not Depriving Yourself) l E134 Joel Larsgaard How to Money

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:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/

Next Episode All Episodes Previous Episode

Listen for free

Show artwork for FI Minded - Financial Independence, Early Retirement & Lifestyle Design

About the Podcast

FI Minded - Financial Independence, Early Retirement & Lifestyle Design
Achieve Financial Independence & Have Fun Doing It
Pursuing financial independence, financial freedom, or early retirement often leads to the same questions: How do I become financially independent? How much should I save? What happens after I reach FI?

FI Minded helps you use money to create more freedom, without turning your entire life into a financial optimization project.

Host Justin Peters explores the decisions behind building a flexible, work-optional life, from reaching financial independence and navigating Coast FI and Slow FI to spending your money, changing careers, stepping away from work, and figuring out what comes after FI.

Each episode combines practical personal finance with conversations about early retirement, lifestyle design, work, spending, healthcare, self-employment, and life after financial independence. The goal isn't simply to reach FI as quickly as possible. It's to make progress toward financial freedom while actually enjoying your life along the way.

On FI Minded, you'll learn how to:
- Reach financial independence without burning out
- Build a flexible, work-optional lifestyle
- Navigate Coast FI, Slow FI, and other paths to FI
- Make smarter decisions about spending and saving
- Prepare financially and emotionally for early retirement
- Figure out what life can look like after financial independence
- Think through the tradeoffs behind major money and lifestyle decisions
- Make progress toward financial independence while actually living your life.

Some of our past guests include Carl Jensen (1500 Days), Jeremy Schneider (Personal Finance Club), Nick Loper (Side Hustle Show), Andrew Giancola (The Personal Finance Podcast), Jordan Grumet (Earn & Invest), Rachael Camp (Work Optional), Jillian Johnsrud (Retire Often), Sean Mullaney (FI Tax Guy), Jill Sirianni (Frugal Friends), Jackie Cummings-Koski (Catching Up to FI), Joel Larsgaard (How to Money), Cody Garrett (Measure Twice), Jesse Cramer (Personal Finance for Long-Term Investors), Jess (The Fioneers), Chris Hutchins (All The Hacks), Diania Merriam (EconoMe), Andy Hill (Marriage Kids Money), Fritz Gilbert (Retirement Manifesto), Maggie Tucker (Inside Out Money), Cody Berman (The Financial Independence Show), Joe Saul-Sehy (Stacking Benjamins), Doug Cunnington (Mile High FI), and and others helping you rethink how to approach financial independence.
Support This Show