Happy Tuesday money dudes! 😎

Just a quick reminder for this weekday morning:

If you have a fridge full of groceries, today is a good day! 🍎

If your car started this morning, today is a good day! 🚗

If you have someone you can call whenever you need them, today is a good day! 👯‍♀️

Working to improve your current money situation doesn’t mean you should stop counting your blessings on a daily basis. Don’t you forget it! 😤

Okay, on to the money stuff! 🤑

TO DO

Make Your Bare Bones Budget 🦴

In a recent Friday Flight, we discussed the current uptick in “functional unemployment,” and the shaky job market for recent grads. Even though we’re not seeing terrible rates of unemployment (historically speaking), it’s only natural that this softening of the job market could make some folks nervous. So how can you protect yourself against an uncertain job market?

This week: Create a “bare bones budget.” A BBB is your biggest defense against losing your job, and consists of only the bare minimum essentials you need to get by. While these budgets are not meant to be used long term, they can help you to seriously stretch your savings in lean times. Remember, you want to prep a BBB ahead of time so that you’re able to flip the switch to “ultra frugal mode” if you need to.

Plus, creating your BBB can help illuminate some overspending in your current budget. There might be some adjustments you can make now to save even more. 😎 

LIFESTYLE

Personal Finance Side Quests 🎮

Sometimes, life can feel like a video game- in more ways than one! You learn a new skill and feel like you’ve leveled up. You carefully think over what to say when meeting someone new to garner their approval. You call your grandma and uncover some deeply traumatic family lore of the past that affects your character arc. Yikes. 😬

But have you ever tried to plow through the narrative of a video game, only to find yourself up against the final boss with weak armor, no healing potion, completely underprepared?

Personal Finance can be looked at the same way. You can save all the money in the world and race towards that FI number, but if you miss some crucial steps along the way it won’t matter. You won’t be prepared!

So today, I am the NPC, here to offer you a number of financial side quests that can help you “beef up” to take on your biggest money goals.

Side Quest 1❗️: 52-Week Savings Challenge 💵

Hello Traveler! Your first quest, should you accept it, is to take on the 52-Week Savings challenge. You’ll save $1 the first week, $2, the second week, and so on. After 52 grueling weeks of adventure, you’ll be left with $1,378 gold in your inventory.

Reward💰: $1,378 to jump start your emergency fund.

Side Quest 2❗️: Travel a great distance 🚶

Along your journey, you’ll need to travel a great distance- be it to work, to the grocery store, or to other everyday activities. However, I will instill upon you this invaluable advice. If you want to succeed in your money-saving journey, consider walking or biking to your nearby objectives. Not only will you save money- you’ll increase your physical fitness.

Reward💰: Save on car maintenance and gas costs.

Side Quest 3❗️: Slay your subscriptions 📺

On your adventure, you may find that you’ll need to organize your inventory and eliminate any dead weight. Looking through credit card statements to eradicate unused subscriptions will keep your resources available for use towards your main money quests.

Reward💰: More margin in your budget.

Side Quest 4❗️: Loot for Free Stuff 🔎

Speaking of resources, when you need a magical artifact to progress your story, don’t simply head to the shops and barter. Instead, consider taking advantage of the many freebies our world has to offer. Between libraries (full of ancient texts), free courses, and community entertainment, chances are you’ll be able to find what you need without spending your precious gold.

Reward💰: More treasures than one wizard could possibly list here…

Quest 5❗️: Learn to Negotiate 🤝

For this next quest, be prepared to pass a persuasion check… If it’s been a few years since your last raise, it’s time to ask your employer for one. Asking for a raise is a great way to advocate for yourself financially, and earning more can make it easier to grow your wealth for the future.

Reward💰: Increased earnings for years to come.

Quest 6❗️: Figure out what you love ❤️

Every playable character needs motivation! Along your quest to financial independence, it’s important to find the why behind your money. Understanding what drives you can help you to live and spend in better alignment with your values.

Reward💰: A more fulfilling life.

Taking on these side quests will help you to develop the money saving behavior you need to successfully reach financial independence… but only for those brave enough to pursue it. Now venture forth and conquer!

Related - How to Level Up and Gamify Your Finances

TOGETHER WITH CIT**

Hassle Free Savings 💸

It’s no secret that your traditional bank isn’t good enough for you. Between useless fees, stagnant interest rates, and crappy customer service, it’s time you break up with your bank.

CIT Bank knows that you deserve better. That’s why they offer 4.00% APY on balances of over $5,000 in their platinum savings account, with no monthly service fees. Plus, their mobile app makes account management a total breeze.

So, if you’d like to start earning over 10x the national average on your savings, check out CIT Bank!

SAVING

Cheffing It Up At Home 🧑‍🍳

Whether you’re a professional chef, or a milk and cereal kind of guy, it’s no secret that eating at home is key when it comes to saving more money. In fact, while the average home cooked meal costs about $4, a meal out will set you back about $17. When you multiply that by everyone in your household, this price discrepancy becomes even more stark! 🤯

But according to a new report by Campbells, consumers are now cooking at home at levels we haven’t seen since 2020! While the year is still young, if this observation pans out, it could indicate a major shift from the yearslong trend of folks spending more of their food budget on meals made outside of the home than those cooked at home.

According to recent figures from the USDA, the average household spend $17,400 on last year, of which 53% was spent on food away from home. Based on these numbers, I decided to do some rough math (assuming home meals cost to be $4, and the average meal away costs $17), and found that if a household eliminated eating out all together, they could scrounge up $7,100 in potential savings every year! 🤯

While the idea of eliminating all takeout and restaurant meals is probably unrealistic for most folks, imagine what you could do with even just half of these savings. That’s enough cash to take that dream vacation, solidify an e-fund, invest in a Roth IRA, or make some serious progress on your home savings goal.

So if you too want to hop on the trend of ditching takeout to save money, here are a few tricks to make your transition to home chef much easier.

⏲️ Don’t cook every night - If you’re trying to transition away from grabbing takeout every night, our biggest tip is to avoid the need to cook every night by preparing bigger batches of food in advanec. By doubling your dinner recipes, you’ll avoid the burnout of having double the prep time, double the cleanup, and having to plan double the meals.

🧑‍🎨Get creative to use up what you have - Sometimes towards the end of the week you’ll be left with some pretty weird ingredients. But that doesn't mean you should run right to the store! Use a website like Supercook to help you turn those seemingly random ingredients into a gourmet meal.

P.S. - This is your reminder that not every meal needs to be cohesive. You can throw together a main with some sides that don’t necessarily go together. I promise, the food police won’t come and drag you away. 😉

🕯️Make your home look like a restaurant - According to this eating out poll by Statista, one of the top reasons consumers eat out is for the ambiance. Adding a few decorative flourishes to your dining room or kitchen, or even going to eat on the patio can help to shake things up without spending big bucks at a Michelin star restaurant.

🐱Look up “copycat” recipes - If you find yourself obsessed with a specific fast food or restaurant meal, check out copycat recipes! These recipes are put together by some of the best cooks out there who have put hours into figuring out how to make these home cooked meals taste just like the classics. Here’s my current favorite - it’s a quick and easy take on the CAVA bowl!

🍕Have quick options available- In order to eat out less, you need to plan ahead for those busy nights. It’s almost always going to be cheaper AND quicker to just pop a frozen pizza in the oven than to go out and pick something up. My personal favorite struggle meal? Some tortellini or ravioli with your favorite jar of pasta sauce. *chef’s kiss*

🍻Skip apps, drinks, and desserts - When you do decide to eat out, you can easily cut down on the cost by skipping apps and desserts, and just drinking water. You can always invite your friends back to your home for drinks or dessert to save money and keep the party going!

Related stuff:

• 🎧 Pod: Cheap Meal Prep For Struggling Chefs (with Frankie Celenza) - Episode 846

• 💻 Blog: No Eating Out Challenge - Saving More Money On Food

ICYMI

News and Fun Finds…

Starbucks goes “all in” on human labor force ☕️
Take that, robots! After slashing its workforce over the past few years, Starbucks is taking a U-turn, shifting its focus to human baristas over automated equipment.

Summer Fridays 🍉
Summer Fridays, or allowing workers to ditch work on Friday afternoons during the summer months is the most desired seasonal perk, according to CNBC. However, this benefit has become increasingly rare in favor of hybrid work environments.

Newlyweds in the Negative 👰‍♀️
According to a recent survey, about two thirds of newlywed couples took on debt to make their big day happen. Even worse, this overextension of their finances led 53% of couples to fight about money before or after their wedding day. That’s why we recommend checking out these tips for throwing a wedding on a budget.

Sapphire Reserve Fee Spike 💳
JP Morgan Chase announced that it’ll be raising the Sapphire Reserve annual fee to $795 alongside a significant increase of new perks, including a new $500 annual credit for the Chase selection of hotels and resorts.

HOW YOU MONEY

Lindsey & AJ, Chaska, MN (soon to be Costa Rica)!

Occupation: Financial Therapist
Salary:$120,000

Paycheck deductions: I'm self-employed, so my income is variable and my husband left corporate hell in September 2024 to stay home full-time with our kids. I put 30% towards taxes and $324 per month toward our healthshare plan.
Housing: Mortgage (including prop taxes and insurance) is $1,601

Other Debts: n/a

Living expenses: On average we spend $4,500 per month outside of our mortgage. (Approx. $500 on "fun" stuff like eating out, and entertainment)

Leftover savings each month: It varies, but about $1,000, on average, each month.

How are you investing your excess savings each month?
When we reached Coast FIRE and had a hefty runway in our HYSA, we decided to go all-in on my financial therapy business! I see all my clients virtually, so we decided to move to Costa Rica for a year (or two) and will be heading down there after Christmas 2025! Now that my business is in a really healthy place, we're putting the extra cash into our HYSA to help with moving costs!

Biggest “craft beer equivalent” splurge:
As of late, we're having so much fun with our home renovation. We're getting it ready to move (our primary residence will be a mid-term rental) and this journey into real estate investing including the demo, install, and design has been a really fun, creative outlet!

Best savings hack/advice:
I will always die on the hill of intentional spending. When you know what moves your baseline level of happiness up (AKA what you want to spend your money on for lasting happiness), you'll feel so much more fulfilled. For me, that's creating ways to buy my time. Whether that's with my husband, our two kids, or my friends, I love spending my money on experiences!

Biggest money challenge right now?
Honestly, it's been weird to switch roles with my husband. I was a full-time SAHM while he worked full-time and now I'm the working gal and he gets to be a SAHD. The challenge is less about money and more about identity, but I would argue those two things are inextricably linked!

Recent money win and how did you celebrate?
Replacing my husband's salary has been pretty dang cool!

Anything else you want to share?
You guys are awesome! Thanks for all you do!

Lindsey’s Site - Check out Lindsey’s blog and financial therapy website here!

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That’s it for today! Get out there and give the world the best you have to offer! 💪

Best friends out 🍻