508: Budgeting Tips for Families Living on ONE Income

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 5 March 2024

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

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Summary

Can you really be a one-income family in 2024? Not if you don’t know how to budget! To achieve her money goalswhile living on a single middle-class income, Emy knew she had to take control of her finances and seize any opportunity to save money. Single or married, you’ll learn to do the same in this episode! Welcome back to the BiggerPockets Money podcast! Today, we’re chatting with budgeting coach Emy Lee, who was able to achieve her lifelong dream of being a stay-at-home mom by cleaning up her family’s finances. Of course, this was no easy feat. Growing up, Emy was taught very little about personal finance. It was only after shifting her mindset, creating a budget, and building smart money habits that she was able to make raising a family on one income a reality. In this episode, Emy shares some of her top budgeting tips—from saving money on groceries to avoiding common spending triggers. You’ll also learn about the 50/30/20 rule that makes budgeting easy, the “spendfluencing” problem to be mindful of when scrolling through social media, and the budgeting hack people with irregular income can use to keep their finances in order! In This Episode We Cover How Emy raises a family on a single middle-class income Lowering your grocery bill each month with simple shopping hacks The “carryover” fund that people with variable income MUST have How to avoid “spendfluencing” pitfalls on social media The most common spending triggers (and how to combat them!) Creating a realistic budget for your family using the 50/30/20 rule 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 Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Slash Your Food Budget by $150+ Per Week with EASY, Healthy, and Tasty Meals Food Spending Eating Away at Your FI Plans? Here’s How to Eat for Cheap Click here to check the full show notes: https://www.biggerpockets.com/blog/money-508 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Today we are going to talk to a stay-at-home parent about how she structured her family's finances and took control of her family spending to enable her to be a stay-at-home mom.
0:10.0	Yeah, I think there's a lot of folks out there who have the dream of being able to become a stay-at-home parent at some point in their lives, but to realize that dream in many cases that aspiring stay-at-home parent must still find a way to contribute meaningfully to household finances,
0:25.7	often in the form of controlling expenses and financial planning,
0:29.2	and that's in addition to the other many contributions that state-home parents make in the form of managing
0:34.2	the household, raising children, and much, much more.
0:37.0	So if you or your spouse wants to be a stay-at-home parent, this episode will show you
0:41.8	how to make that financially possible.
0:44.0	And for that, we've brought in Emmie Lee, a Budgeting Guru.
0:48.0	Emmy tightly controls her family's spending and embrace that role after a conversation with her future husband.
0:54.0	Her expertise in careful planning and budgeting
0:57.0	allows her family to live off of one middle class income.
1:01.0	Hello, hello, hello, and welcome to the BiggerPockets Money Podcast, my darling
1:05.3	listeners. With me today, as always, is my dear co-host Scott Trench.
1:11.0	Thank you for that very sappy intro, Mindy, get it, stappy, stay-at-home parent.
1:15.8	All right, we're here to make financial independence less scary.
1:18.0	Less, just for somebody else, to introduce you to every money story because we truly believe financial freedom is
1:23.7	attainable for everyone no matter when or where you're starting.
1:27.1	Emmy Lee welcome to the BiggerPockets Money Podcast I am so excited to talk to you today
1:31.3	Thank you I'm so excited to be here. Let's jump right into the
1:34.9	background with you with regards to your money story. How were you brought up talking about money,
1:42.2	your relationship with money as a kid.
1:44.0	Yeah, so growing up, my parents didn't really talk too much about money.
	...

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