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What is going on this week?
Saving money for the savings-challenged
The Ultimate Guide to Frugal Living [book]
Content Hub
Recipes to nourish the soul
20 Quick & Easy ways to not get poorer in 2024
Memes
Editor's summary
Frugal Skills
I'll admit that I am savings-challenged. I can be real good at saving money with a purchase, but to leave my savings account alone to grow its wealth is a whole other challenge. As I approach retirement or focus on my plans to step down in my career to live life more fruitfully, requires me to save 1-3 years of expenses in a high-yield savings account to fend off my "inner bag lady" persona.
She personifies the fear of losing everything, being unable to take care of oneself, and ending up abandoned on the streets. - Connie Zweig
The 1-3 years of expenses is also a common focus on the path towards retirement.
So what are some steps I can take to help come ahead of this challenge? Do you find yourself challenged to save money, too?
I scoured the subreddits for some answers and here are some of the tips I found:
Make sure your savings is separate from your bill money and your spending money.
Direct deposit or transfer money to savings when you get paid.
Don’t spend it except in emergencies - which Legos are not.
Go to therapy - Your brain is looking for a dopamine hit which that purchase fulfills for like 10 seconds. You'll need to get to the bottom of that, it could be undiagnosed depression or ADHD.
Set a budget
Track your expenses
Embrace a frugal lifestyle
Don't buy things to try to impress your friend
Avoid lifestyle creep
Pay your savings first
Keep it in a high yield account so it grows, but do NOT treat it as a rainy day fund.
Add the 'savings' category as an expense or a bill, that way it feels like a necessity (Christine says, "smart"!)
It takes time and practice to save. Take the time. Practice. Don’t beat yourself up if you aren’t good at it at first or you make mistakes.
They are all solid steps we learn to take in building wealth. No magic pill to keep - people like me - from draining the high-yield savings account (HYSA) when it is not an emergency.
If I were to get creative with a resolve, I might add: buying physical assets (like art) that I could sell for a premium in a few years or giving my cash to a friend to hold in their personal HYSA until I am ready for it. Okay, neither of those are probably good ideas. 😂
In the meantime, I will just keep practicing building my cash stash and leaving it alone!
The Ultimate Guide
📚These days, more and more people are struggling to survive as their expenses go up, but their incomes do not. Making ends meet and achieving big goals like being debt-free, traveling, or putting your kids through college without loans is even more challenging.
Whether you need to get your finances under control, or you want to achieve some big goals, the strategies to reach them are the same. In The Ultimate Guide to Frugal Living, you will find hundreds of fresh ideas for living a life full of joy without spending a lot of money
This book will change the way you look at money—not having it, spending it, and saving it—to show you how frugality can make your life fulfilling and stress-free.
CONTENT HUB
Simplify that Portfolio
Many people would actually benefit to simplify their portfolio or to hold a simple portfolio for their investments. Tried and true, "set it and forget it". Well, and take a peek at it annually to see if you need to rebalance it. 💰
It's the Small Things
See, frugality does play a significant part in building wealth. Here are 6 things frugal self-made millionaires never spend money on. Do you agree with the list?
Millionaire Woman
I know the high-paying, high-tech job with a high net worth may only resonates with a small group in this crowd. But a Millionaire Net Worth story can still be inspiring to read, especially when it's an interview with a woman. Go her! ✅
Frugal Skills FTW
Embrace frugal living to stretch your dollars further and create lasting financial stability. These two women share their Five Frugal Things, showing that there is joy in the little wins like getting a steal on peaches or finding a win while thrifting.
This day in 1987
Dirty Dancing with Jennifer Grey and Patrick Swayze premiered in the movie theaters. Interesting fact: Jennifer Grey and Patrick Swayze were in previous movie, Red Dawn, in which they didn’t get along with each other. This nearly led Grey to turn down the role of Baby. However, Swayze managed to convince her to stay on.
You can check out these stories and more on Frugal to FI's RSS FIRE Feed
Recipe discovery
Air Fryer Zucchini Chips
A crunchy coating of panko breadcrumbs and parmesan cheese makes these healthier fried zucchini chips poppable and irresistible.
Crispy Rice & Salmon Bowl
This Crispy Rice Salmon Bowl is the most magnificent lunch! It is so easy to make & even easier to enjoy!
20 Quick & Easy ways to not get poorer in 2024
A quickfire guide on frugality tips for 2024 from The Frugal Queen in France. Which tip is your favorite? My favorite, as I love my vegetables: shop seasonally at the grocery store and eat more veggies!
Memes
Wow, September is almost here. Already! Is your zero-based budget ready for the new month? Make it a priority to "pay yourself first", with a high-yield savings (HYSA) account. I will do the same.
Check out Vanguard's Cash Plus Account with a 4.50% APR. That is a great annual percentage rate if you leave the money in the account to grow. I enjoy this HYSA because it's not easy access to the funds as it's not linked with my everyday bank account.
Also, don't forget to leave a buffer amount in your budget; make it a category. There is no need to stress that bills and expenses need to be the exact amount you budgeted. Give your budget space, even if it's $10 to start.
What are some challenges you face on your journey towards financial independence or retirement. Hit reply and let me know.
Welcome to Frugal to FI, where we talk about money saving tips, budgeting, semi-homemade cooking, and more. You’ll will also find valuable content on overcoming the unique challenges of building wealth later in your life.
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