Inside Out Money 036. From canceling Netflix to selling our homes - What we’d do in a recession
10 snips
Dec 25, 2023 Dive into smart strategies for financial resilience in tough times. The hosts discuss the importance of emergency funds and expense tracking while sharing personal anecdotes. They reflect on the emotional aspects of budgeting and making sacrifices, like cutting streaming services or adjusting family spending. The conversation touches on navigating holiday expenses and prioritizing self-care during financial strains. Join them in exploring how to enjoy life without overspending, all while preparing for unexpected challenges.
AI Snips
Chapters
Transcript
Episode notes
Emergency Fund and Expense Tracking
- Build an emergency fund before tough times hit to avoid financial stress.
- Track your expenses to clearly see where money goes and what can be cut.
Enjoy Luxuries but Prepare Mentally
- You can enjoy many luxuries but be mentally prepared to live happily without them if needed.
- Knowing you could cut but still be content helps reduce financial anxiety.
Phase One Cuts: Small Expenses
- Start cutting small discretionary expenses like streaming services and utilities to save money monthly.
- Use strategies like lowering thermostat settings and limiting streaming subscriptions to reduce bills.