316: Spending Categories to Cut During a Downturn | Mindy & Carl’s Budget Review

BiggerPockets Money Podcast

BiggerPockets

Education, Investing, Business

4.5 • 3K Ratings

🗓️ 8 July 2022

⏱️ 39 minutes

🔗️ Recording | iTunes | RSS

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Summary

When building your budget, do you have a line designated for “economic downturn” or “high inflation?” Probably not. Many financial freaks like Carl and Mindy Jensen don’t prepare for economic anomalies like rampant inflation or double-digit stock market losses. And like most Americans, they’re finding it hard to not spend more money every month. Carl and Mindy understand this, but can't seem to rein in their rebellious budget. This month was their most expensive month ever. And even though these expenses were planned, they nonetheless stung when reviewing them later. But even without these accounted expenses, Carl and Mindy have noticed the cost of goods going up while their stock portfolio continues to drop. If you’re worried about high inflation, rising home prices, food prices, and everything in between, this is a great time to make the needed adjustments to your budget. This will save you not only a bunch of time but also stress when seeing shockingly high prices for everyday things. Even financially free couples like Carl and Mindy need to reassess, and you may want to as well! In This Episode We Cover Mindy’s most expensive month ever recorded and why you should never books flights a month in advance Categories you can cut when an economic downturn hits so you (and your family) stay safe Why saving is more special when you can truly enjoy the things you’re spending on Rethinking early retirement and why now may not be the best time to leave the workforce Budgeting, expense tracking, and keeping an eye on your overspending (before it gets out of hand) And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding BiggerPockets Events Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget 1500 Days 1500 Days YouTube Channel Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the Bigger Pockets Money Podcast Show number 316.
0:04.0	Finance Friday edition,
0:05.4	Recoral and I recap our big June spending.
0:08.8	I have started to notice inflation at the grocery store.
0:13.0	I don't really notice inflation for clothing and shoes because I shop at the store mainly.
0:18.6	And I don't really notice inflation for a lot of other things.
0:23.0	I just don't buy a lot of things.
0:25.0	But for food, I'm starting to notice that at the grocery store.
0:30.0	And it's...
0:32.0	I'd like to think I have a pretty good handle on our food budget.
0:38.0	And you know, on food prices in general.
0:41.0	And it seems like they are going up and up and that can be scary if you're paycheck to paycheck.
0:48.0	Hello, hello, hello, my name is Midi Jensen.
0:50.0	And joining me today is my co-host, Carl.
0:53.0	You might know him from 1500days.com or the Mile High Five Podcast.
0:57.0	But I've known him as Mr. Midi Jensen for the last 20 plus years.
1:02.0	This is the first time I've ever heard you refer to me as Mr. Midi Jensen.
1:07.0	Oh, I see that all the time.
1:09.0	Really?
1:10.0	I'm okay with it.
1:11.0	I mean, you bring all most of the bacon, so you can call me whatever you want.
1:14.0	Oh, good.
	...

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