Tag Archive for: YNAB

Recession Proof

Recession Proof

With all the talk about an upcoming recession in 2023, now is the best time to prepare for the effects of a shrinking economy. While there may not be much you can do to influence the overall economy, there is plenty that you can do to influence your own personal finances.

  • Make sure that you have an emergency fund of at least 90 days of your personal expenses in the event of employment interruption. The best way to do this is to be using YNAB.
  • Sorry to those who work in restaurants & hospitality, but cut back or eliminate unneeded trips and meals out.
  • Trim back or eliminate streaming services that you no longer use, sorry Netflix.
  • Workouts at home were all the rage during the lockdown and may soon be again once people cut back on time spent
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Bad Habits

Bad Habits

There is an expression in fitness, “You can’t out train a bad diet”. I think that the same applies to finances, whereby you can’t out earn bad spending habits. Thinking that if you just made a little more money that you would then be able to get control of it and have enough to meet all your needs is blatantly false and a gross exaggeration.

The internet full of stories of celebrities, professional athletes, lotto winners and business owners who have gone bankrupt yet were by most accounts rich. There are also plenty of stories of people who by most accounts made a modest living yet when they passed away where quite wealthy. The main difference is that one group knew how to manage their money and the other group did not.

The first rule of money management is to … Read more

Do you know where your money goes?

If you are like most people, you have no idea where your pay check went. Often you have more month left after all your money has gone.

Let me ask you, when you get paid do you pay yourself first? Do you do something fun then try to pay your bills or do you have a plan?

If you are not successfully budgeting and are frequently struggling with your personal finances then I highly recommend that you take a look at YNAB. Yes it stands for You Need A Budget.

It has 4 key rules;

  1. Give every dollar a job
  2. Embrace your expenses
  3. Roll with the punches
  4. Age your money

Do yourself a favour and check them out here, and enroll in one of their classes ( they have several). There is always something to learn. Or you … Read more