Frugal Friends Podcast

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Latest Episodes:

Smart + Frugal Banking | Best Online Banks + How to Choose One May 15, 2020

Show notes

We all have to put our money somewhere, but how do we decide the best banking solutions? On this episode we explore whether an online bank is right for you, if credit unions live up to all the hype, and if you do choose multiple accounts how you should organize your money in them. We'll also go through our recommendations for the best banks with no or low fees!

Sponsors:

is a mobile bank with an awesome user interface, no overdraft fees and no minimum balance requirements. Its app has a free built in budgeting tool, that gives you purchase notifications, and insight to your spending. Premium users can even break up their savings account into different pods which is super helpful if you’re saving for multiple things at once. And when you set up direct deposit you can get paid up to two days early! So, if you’re looking for another bank account to hold your emergency fund or something big you’re saving for then you’re definitely gonna want to try Current because we’re giving $10 to the first 10 people who sign up using our promo code "FRUGALFRIENDS” for each episode. That’s FRUGALFRIENDS, all one word.Current:
that feeling of slight awkwardness and uncertainty about what’s happening next. Sort of how talking about things I am not an expert on makes me feel! Eleanor Roosevelt is quoted to have said ‘do something everyday that scares you’ well - for some of us that’s talking about and/or learning about intricate financial details so you can check that box for the day. Being uncomfortable: it’s less scary when you have your friends with you!Being Uncomfortable:

Notable Notes:

What the Internet has to say:

This article comes from Credit Karma and outlines what you need to look for when choosing a bank

What Jen + Jill have to say:

Consider the following:

What is your current financial situation?

What are your current banking habits?

What do you anticipate your future needs to be?

Put your money in one of the following:

Traditional, brick and mortar bank: great for getting lots of financial products, interact with tellers, great for depositing cash, access to ATM's

Online Bank: many of the same products as traditional banks, not as easy to deposit cash, free ATM use (sometimes internationally), often offer high yield savings/checking accounts

Credit Union: non-profit, member-owned organizations, lots of financial products

Pay attention to:

Make sure the bank is either FDIC or NCUA insured! If it's not insured you are at risk of losing that money.
Insurance rates; check out the APY rates
Minimum balances, services fees, overdraft fees, etc.
ATM fees
ATM location

More from Jen + Jill:

What makes for a good checking account:

minimal fees
deposit insurance
easy access to cash
mobile deposit
online bill pay

Recommended Banks:

Ally - high yield savings and checking, don't need high balance to get good APY
Discover - can earn cash back rewards with debit card
Radius - also provides rewards for debit card use
Simple - has a great (free!) app for budgeting and money management
Schwabb - unlimited rebates on ATM fees, high yield investor checking account (great for traveling internationally)

See omnystudio.com/listener for privacy information.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Paying off Debt in Your Forties w/ Bobbi Olson May 08, 2020

Show notes

Paying off debt is a daunting task no matter what stage of life, however the older we get the more insurmountable it can feel! For this reason we are thrilled to have Bobbi Olsen on the show to share her story of beginning her debt-payoff journey in her 40's and all that she learned along the way! It's never too late (or too early!) to pay off debt!

Sponsors:

is a mobile bank with an awesome user interface, no overdraft fees and no minimum balance requirements. Its app has a free built in budgeting tool, that gives you purchase notifications, and insight to your spending. Premium users can even break up their savings account into different pods which is super helpful if you’re saving for multiple things at once. And when you set up direct deposit you can get paid up to two days early! So, if you’re looking for another bank account to hold your emergency fund or something big you’re saving for then you’re definitely gonna want to try Current because we’re giving $10 to the first 10 people who sign up using our promo code "FRUGALFRIENDS” for each episode. That’s FRUGALFRIENDS, all one word.Current:
Not just a multi level marketing company or the name of a carnival themed horror movie. It’s the age I’m turning tomorrow! And the age Jill will be turning in just a few months! In 31 years we’ve experienced Brittany spears and Justin Timberlake wearing matching denim outfits, that door in the titanic movie that was definitely big enough for two people, and a global pandemic. 31. Too old for tik tok, not old enough to watch the Hallmark Movie channel.31:

Notable Notes:

We asked Bobbi all about her debt pay off journey!

What motivated you to start your debt payoff journey and were you discouraged at all by your age?
What kind of debt payoff difficulties did you encounter that were unique to being in your forties and how did you tackle them?
What did you do to pay off your debt?
What are you doing now that could've never been possible while living in debt?

- Thank you Bobbi for sharing your bill with us!BILL OF THE WEEK

If you want to submit your bill of the week visit frugalfriendspodcast.com/bill to leave us a bill

Lightning Round:

Our favorite budgeting apps/ methods

Bobbi- YNAB (You Need A Budget)
Jill- Google spreadsheets - you know I'm old school!!
Jen- Everydollar

Get more from Bobbi at Centsable Chat podcast and blog

Wrap-Up:

Thanks so much for listening! Keep leaving us reviews on iTunes or Stitcher, and sending the screenshot to frugalfriendspodcast@gmail.com. AND share our most recent episode on social for a chance to win a $10 Amazon gift card!

Thanks for listening! See you next week!

See omnystudio.com/listener for privacy information.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Frugality 101 May 01, 2020

Show notes

It's our most popular episode and we're digging it up out of the archives! Check it out to see where we started 2 years and get back to the basics!

Sponsors:

A mobile bank with an awesome user interface, no overdraft fees and no minimum balance requirements. If you’re looking for another bank account to hold your emergency fund or something big you’re saving for, try Current because we’re giving $10 to the first 10 people who sign up using our promo code FRUGALFRIENDS for each episode. Current:

here to remind us of the days when we couldn’t actually choose what we watched. Before the days of netflix and hulu there was “basic cable” - come come, gather round the fire while I tell you about ancient days when a television (these were like phones, tablets, and laptops only with large protrusions off the back filled with stuff that can never be thrown away)...a television... had access to approximately 3 ‘channels’ with 1 show playing non-stop. The likelihood of seeing the same episode of the same show more than once was 2,000%. Oh it was fun and it was awful all at once, but we didn’t know any different - we called them reruns - and we ate our hot dogs and mac and cheese in blissful ignorance while the 5th airing of Family Matters ‘good cop, bad cop’ episode played. Reruns - it’s what’s about to happen to you, so grab a hot dog and settle in.Reruns:

Notable Notes:

1: 4 Pillars - Categories to anticipate with Frugal Friends podcast episodes

Clothing/Shopping
Bills/Utilities
Transportation
Housing
What the internet has to say

2: Frugalwoods Article

Mrs. Frugalwoods (a.k.a. Liz Thames) identifies 19 reasons why frugality is the best - and the frugal friends agree!

What Jen and Jill have to say:

Frugality helps you identify your true priorities
Frugality builds community
Frugality means you'll never be bored
Frugality leads to gratitude and joy

3: Millennial Money Article

Grant went from a frugal guy who amassed $1M to flippantly spending over $200K in one year. In short; the spending didn’t make him feel better.

What Jen and Jill have to say:

Frugality is about spending wisely
Frugality is about the journey, not the destination
It is never too late to 'course correct'

4: BILL OF THE WEEK

Introduction of the most anticipated, interactive segment!
Leave us a voicemail with your BILL OF THE WEEK at: 570-995-1540

5: Tenets of Frugality

The Law of Diminishing Returns (i.e. at some point you're wasting your time)
Frugality allows you to discover what you truly value ( i.e. if frugality keeps you from what you love it’s cheapness)
Frugality is good for the environment (i.e. you can’t buy your way to green)
Frugality refines your taste and style (i.e. you can have better things when you buy used and you’ll eventually stop buying those souvenir t-shirts you’ll never wear)
Frugality allows you more time to increase your income (i.e. the best way to not spend money is to spend time making it!)
Frugality will not make you rich (i.e. sorry, not sorry)

Wrap-Up:

Thanks for listening! See you next week!

See omnystudio.com/listener for privacy information.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How To Make Ends Meet Without Getting a Side Hustle Apr 24, 2020

Show notes

During difficult financial times it can be tough to make ends meet, and while finding ways to earn extra income is great, this is not always feasible! On today's episode we tackle how to cover our expenses without pushing ourselves to get another side hustle!

Sponsors:

Current:A mobile bank with an awesome user interface, no overdraft fees and no minimum balance requirements. If you’re looking for another bank account to hold your emergency fund or something big you’re saving for then you’re definitely gonna want to try Current because we’re giving $10 to the first 10 people who sign up using our promo code: for each episode.FRUGALFRIENDS
Y’all ever gone to a blog, downloaded a free template and find out the creator has a course? But it’s like, $400, no thank you. Or you find one that’s $30 and you buy it and you already knew all that info? Online courses that don’t cost a lot and actually help people are here to solve that problem. Ya know how we know they're affordable? Because I’d actually pay it and I don’t buy stuff. Ya know how we know they help people? People tried it and said so. Online courses that don’t cost a lot and actually help people, because some stuff you can find for free on the internet, and some stuff you can’t.Online courses that don’t cost a lot and actually help people:

Notable Notes -

What the Internet has to say:

Check out this article from Don't Waste Your Money to get 5 tips for getting back on your feet after a financial disaster

What Jen + Jill have to say:

Know what you OWN and what you OWE - sometimes making ends meet is as simple as moving some things around in your budget.
Drain the emotion from your decisions- stop impulsive and treat yo self type spending, stop saying “i deserve this” to things that cost money and start saying it to financial security and prosperity.
Take clear eyed and bold action- don’t sit and wallow, don’t play the victim - this may require more intentionality than ever before and we may be talking about doing more than cutting out your AM latte!
Build a support team- you can’t do this on your own.

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