I recently started finishing our basement. In this video, I'm sharing the process I've been following to add insulation and frame the perimeter walls.
I'm using 2" thick XPS foamboard as insulation. The XPS gets glued to the foundation walls and when installed, will also act as a vapor barrier.
On the basement floor, a pressure treated 2x4 board gets nailed down using a ramset fastener.
The top board then gets installed and the wall studs get installed one at a time.