Embracing living frugally could be the right budgeting strategy for you. Frugal Friends podcast co-hosts Jill Sirianni and Jen Smith join Wealth with Brad Smith to outline what the frugal living philosophy is.
"Frugality often gets a bad rep as being cheap or miserly. Definitely not fun. But for us, being frugal is being a good steward of your resources, all of your resources," Smith says.
Sirianni outlines 3 tips for living frugally, starting off by "doing a 90-day transaction inventory, which is gathering your bank statements, your credit card statements all in one place" to observe current spending habits to inform budget changes." Sirianni says to consider how to optimize these four values in your lifestyle and budget.
"Finally, incorporating the habits and behaviors that are going to align our money with those things we said we want more of, and finding alternatives to the impulse spending that we're typically doing," Sirianni also states.
Watch the video above to learn more about living frugally from the two co-authors of Buy What You Love Without Going Broke: Transform Your Spending and Get More of What Money Can't Buy.
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This post was written by Naomi Buchanan.