Insulating Basement Windows

Hi hope everyone enjoyed the weekend. I want to follow up insulating my rim joist with the insulation of my basement windows. I figure insulating these areas is where I get the most bang for my buck. It seems straight forward but I want the easiest and best way. I attached a picture, I want to insulate the basement window without insulating the surrounding wall. Most information online has you building a wall in front of the window and then framing around the window. Yes the entire wall would be better but I want to at least finish what I can in the most important areas. Unless insulating in front of the window would be pointless without the wall insulated. I have 3 windows, 2 on one exterior wall, one on the opposite exterior wall. My thought is the rim joist and windows are a huge area of heat loss or air movement.
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