Embracing the 'No Spend Month'

The chapter delves into the idea of a 'no spend month' where individuals cut back on unnecessary expenses, leading to a reset in spending habits and allowing for increased funds for important endeavors like traveling. Various strategies for saving money, preparing for a recession, and building up emergency funds are discussed, highlighting the significance of financial preparedness.

Transcript

chevron_right

Play full episode

chevron_right

Transcript

Episode notes

Are we in a recession? Are we headed for a recession? No one knows for certain, but you can never be too prepared for an economic downturn. Are you saving money? Do you have a plan in the event you lose your job? In today’s episode, we’ll help prepare you for anything that might be thrown your way!

Welcome back to the BiggerPockets Money podcast! Amidst economic uncertainty, there are two steps you must take to weather tough times: build an emergency fund and brace for a potential layoff. Today, Mindy and guest co-host Amanda Wolfe are bringing you their best money tips for getting through a recession. First, they’ll show you how to pad your emergency fund by saving hundreds on groceries each month, negotiating your bills, and eliminating unnecessary expenses from your budget. Believe it or not, it might even be time to cut back on aggressive debt paydown or extra 401(k) contributions!

Next, they’ll help you with a potential job search. You’ll learn how to get your resume seen by more employers and determine your market pay rate. But that’s not all. Stick around until the end to learn why staying with your current company—regardless of whether your job is at risk—could cost you millions of dollars over your lifetime!

In This Episode We Cover

How to get your financial house in order before an economic decline

Calculating how much money YOU need for an emergency fund

How to slash your food bill by hundreds of dollars per month

The BEST places to find money and bolster your savings

How to start preparing for a new job today (before you lose it!)

When to cut back on “extra” payments and retirement contributions

Why staying at your current job might be costing you millions of dollars

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums