012 | Living Frugal is a Powerful FI Tool Liz from Frugalwoods coaches us through the ultimate guide to frugal living The benefits of minimalism and living frugal Frugalwoods family saving 70%+ of their income Their conscious decision in March 2014 to pursue financial independence Entirely possible to pursue living frugal anywhere including large metro cities. In fact these cities may have built in advantages like transportation What is the difference between someone who saves 70%+ and everyone else? First ask ‘where you want to be’ Not a sacrifice but a reorientation of how you spend and your priorities The benefits of living frugal: happiness & joy How they actually moved forward in March 2014 with their newly ultra-frugal lifestyle How the Frugalwoods family saves on food & groceries Does it make sense to pay off your mortgage? How they spend nearly $0 on entertainment Bring your own food to work every day and save $20+ per day No car payments & buying used cars Buying nearly everything used No impulse buying – wait 72 hours after you want to make a purchase Embracing imperfection: why & how they cut each other’s hair living frugal can simplify and streamline life The Frugalwoods homestead in Vermont Educating yourself when making a major purchase You don’t need to spend money to be happy: frugal substitutions Hot Seat Questions Favorite Life Hack Hacking the soda stream