Living Fabulously Frugal with 7 Simple Steps

Yes, you can live fabulously frugal and maintain your fabulousness

If you think fabulous and frugal are mutually exclusive, you think wrong. You can start living fabulously frugal and here are 7 ways to do it.

This episode of Queer Money®is being brought to you by the Budget Buster Bundle. Budget like a bada$$ with the Budget Buster Bundle.

Getting queer on living fabulously frugal:

Living fabulously frugal is about doing more but better

Frugality isn’t about eliminating fun from your life. It’s about spending money on what matters most and finding ways to do more with less.

Frequent Queer Money® guest David Rae is a Certified Financial Planner and Accredited Investment Fiduciary based in Los Angeles. He’s been helping clients achieve financial security for the last 17 years, building a reputation as a specialist in serving the LGBT community. David writes a regular column for Forbes, and his work has appeared in The Huffington Post, Investopedia and The Advocate. He’s also been interviewed on Nightline, the Today Show and NBC Nightly News and more.

David joins us to discuss how to live a champagne lifestyle on a beer budget. He shares his take on what it means to live fabulously frugal, exploring why the queer community is often tempted to overspend. David shares advice on how to treat yourself, how to balance money management with gift giving, and how to negotiate a raise as a member of the queer community. Listen and learn how to include your friends in your fabulous journey to financial security!

Topics covered on living fabulously frugal

David’s take on living fabulously frugal

Find ways to do more for less
Save up and plan ahead

Why queer people spend more money than they have

Make up for feelings of inferiority
Overextend to project an appearance of success

How to live a champagne lifestyle on a beer budget

Focus on what’s important to you
Plan ahead for big ticket items (i.e.: travel)

How often you should treat yourself

Use incentives to reach financial goals
Budget small amount for week/month

How to include your friends in your financial journey

Let them know you’re saving
Share steps to buy a house, pay off debt

How to balance budgeting with gift giving

Talk about goals with friends/family
Set a budget on gifts (or skip this year)
Draw names or do a white elephant

The myth that frugal people are poor

Smart financial decisions = long-term wealth
Don’t judge based on car or clothes

How to negotiate a raise

Know your worth and don’t be afraid to ask
May have to be willing to switch jobs

David’s favorite tools for money management

Financial advisor for accountability
Quicken or Mint to track spending
Honey extension to save on purchases

The difference between being cheap and frugal

Cheap = not paying your fair share
Frugal implies smart spending choices