Frugal Living Season Finale: Financial Health

By Tom K.
November 16, 2021

In this episode and season finale of Frugal Living, host Jim Markus chats with Shannon McClay, Founder and CEO of Financial Gym. You can listen to Frugal Living with Jim Markus here, on Apple Podcasts, on Spotify, on Amazon, on Anchor.fm, or wherever you go to find podcasts.

What is the financial gym?

Financial Gym is a place where everyone can find good financial health. As McClay explains, they work with people who have seven digits in the bank, people who have less than zero, and anyone in between.

What’s the hardest part of financial well-being?

According to McClay, the hardest part about being in good shape financially is that most people don’t know what it looks like. The financial world uses a lot of jargon, and to be financially fit you need to be financially literate. There are a lot of people who have never learned financial literacy.

What are some common mistakes people make?

McClay explains that one of the most common mistakes people make is that people don’t care about their money. Often times they know how much they are earning and they know they are spending their money, but they do not realize how much they are spending and where that money is going. She adds that almost everyone underestimates how much they spend. She gave an example:

A client explained that he lived paycheck to paycheck, earning $ 2,000 a month, and had nothing in the bank after that. While they can explain this, when asked how much they spend each month, they said they weren’t sure. McClay points out that if they make $ 2,000 and have nothing left at the end of the month, they should spend $ 2,000 a month. While the answer may seem obvious from the outside, many people find it difficult to see their own finances clearly because it is an emotionally sensitive subject.

Learn more about frugal living with Jim Markus

This episode was sponsored by Charlotte’s Web, and we got a discount for our listeners. Use our code FRUGALPODCAST on Charlotte’s Web for 15% off Sitewide. Certain exclusions apply.

For more on Shannon McClay, check out the latest episode of Frugal Living. Frugal Living is a podcast for smart consumers. How to spend less and get more? The show, sponsored by Brad’s Deals, features interviews, stories, tips and tricks. Jim Markus hosts season three, now available.

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