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The YNAB Podcast

119 - Well, Now What Do I Do?

The YNAB Podcast

YNAB

Consolidation, Total, Budget, Dave, Peace, Money, A, Education, Ynab, Finance, Bankruptcy, Makeover, Fpu, Software, Management, Personal, Need, Ramsey, Financial, University, Debt, Kids & Family, You

4.71.1K Ratings

🗓️ 12 May 2014

⏱️ 4 minutes

🧾️ Download transcript

Summary

When something financially unexpected happens, we all ask ourselves this same question. It's often seen as a negative, but let's turn that on its head.

Transcript

Click on a timestamp to play from that location

0:00.0

Hello, whinnebers. My name is Jesse Meekham and this is podcast number 119 for you need a budget where we teach you four rules to help you stop living paycheck to paycheck, get out of debt and save more money.

0:21.0

When something financially unexpected happens, some kind of an emergency

0:26.6

for which you were not ready and which you did not see coming. You will ask

0:31.2

yourself well what the heck is going on where is this money going to come from

0:37.4

and you ask yourself that question out of exasperation and from a place of stress, worry.

0:46.2

And that question you asked yourself is solid.

0:49.3

It's a perfect question.

0:51.5

I think it's a great question. I think it shows how financially astute you are.

0:55.0

Yeah, you didn't see this emergency coming, whatever it may be. Property taxes, life insurance, Christmas.

1:00.0

You should have seen Christmas coming. But be that as it may, you ask yourself,

1:08.0

where is this money going to come from?

1:10.0

And that is the best question to ask.

1:13.0

Because then you sit down with your budget,

1:15.0

and you say,

1:17.0

okay, we've got to cover those tires that just blew out

1:20.0

and we were underfunding our car repair category

1:22.0

is something fierce.

1:24.1

So what are we going to do?

1:26.3

We are at $16 in the repairs category.

1:28.4

We were funding $1 per month.

1:30.2

We've been using Wine App for 16 months. We thought our repairs were solid, but we didn't have enough. The tires cost 400.

1:39.2

So you learn, okay, car repairs are more than a buck a month.

...

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