What is extreme frugality?

Extreme frugality involves adopting highly restrictive spending practices to drastically minimize one's expenses, often with the goal of saving a significant portion of one's income. In the context of an episode from the podcast ChooseFI, Liz described initiating "extreme frugality" with her husband by cutting out virtually all non-essential spending, which enabled them to save a remarkable 80% of their income. This practice was part of a broader strategy to enable a radically different lifestyle that required substantial financial resources 1.

In another episode, Jen discusses how extreme forms of frugality allowed them to drastically reduce their housing costs by renovating and selling RVs, funding major expenses like a master's degree and a house down payment. However, she emphasizes that this extreme approach was not about deprivation but about creative problem-solving and prioritizing meaningful experiences and relationships over material consumption 2.