Kosta_Konfucius

Sales Rep

Cutting Back on Spend Due to Pending Recession

With the market being crazy right now and many companies doing layoffs. I am trying to cut back as much as I can on spend. I know hiring is up right now also, but I am young enough where I have never been working during a recession and want to make sure I am in a good spot so I can be 100% okay if I get laid off and could not find a role for awhile.

Whenever I google stuff, its always extremely small stuff that I am already doing (stop going out to dinner, stop/limit vacations, disable a streaming service) or huge stuff like (sell the house and downgrade) which I think is a little extreme given I am still doing well.

Are there common things I am missing that people are doing to cut expenses that make a difference in the bank account?

Am I being chicken little given I already have a year of expenses in the savings?

🏄 Personal Life

💴 Money Management

28 comments

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CuriousFox

WR Officer

🦊

Stop buying that damn avocado toast 😆☠

Kosta_Konfucius

Politicker

Sales Rep

Do I need to call the admins, rules say no hate speech!

DungeonsNDemos

Big Shot

Rolling 20's all day

Fuck!! But I am subscribed to theAVOCADOdaily!
I blame the boomers!

Sunbunny31

Politicker

Sr Sales Executive 🐰

NO STARBUCKS!

Kosta_Konfucius

Politicker

Sales Rep

Thats easy I am all about the boutique coffee places anyway

CallMeMaybe

Opinionated

Director of Sales

RIP Avocado Toast 2022

TennisandSales

Politicker

Head Of Sales

if you have a year of expenses in savings your good homie.

the biggest things to look at:
- mortgage / rent.
- car payment

these are normally the two largest expenses ppl own.

Also look at things that you pay for every month and think "am I able to stop paying this next month if I want"

if the answer is yes then your good. if the answer is no then think about if you really need it. its just a way to know you are in full control of ALL of your money.

sounds like you know what you are doing though

Kosta_Konfucius

Politicker

Sales Rep

We have a condo in the city and down graded to one car to cut out that huge expense, I like asking myself that question

TennisandSales

Politicker

Head Of Sales

sounds like you have done what you can. done forget to keep investing money (if your doing that) or start investing if you havnt. when things go down, its a good time to invest. but thats another post

Kosta_Konfucius

Politicker

Sales Rep

Do you typically slow the amount you invest? Work for one of the big tech companies and thinking about lowering the % for the Employee Stock Purchase Program

TennisandSales

Politicker

Head Of Sales

No i dont.
but im a mutual fund kinda guy so its a little easier to do it and still be "safe"

if you want to be very safe and conservative i would pull money you are putting into the ESP Program and put it somewhere else.

But then again if you have a full year of expenses saved up you have a lot of freedom to do what ever you want.

The progression ive done is:
1. pay off debt
2. put money in savings account
3. save 6 months of expenses
4. 401k Up to company match
5. ROTH ira.

then i plan on making out 401k and then putting money in a retail account or in my HSA.

jefe

Arsonist

🍁

A year of expenses is REALLY solid and quite impressive - you should be proud.

Seems like you should just tackle the usual suspects - make your own coffee/tea, try and cook most of your own food (and avoid the apps). You can also renegotiate your telecomm to bring monthly costs down.

Kosta_Konfucius

Politicker

Sales Rep

Thanks! Its one of those I built up the year of expenses, but now I dont ever want to lose it. Especially now when layoffs are more common

jefe

Arsonist

🍁

I’d just focus on the little things - no need to overhaul.

SirAlex

Valued Contributor

Account Executive

Live off your base and save/invest most of your commissions with a little bit set aside for fun money. This is the advice I’ve heard over the years and try to follow regardless of the macro environment.

antiASKHOLE

Tycoon

Bravado's Resident Asshole

Make sure you have a fully funded E-Fund( full expenses for 8+ months) other things could be turning your variables into fixed expenses by creating a cash only system for things like, shopping, groceries, gas(tough but possible), amongst other things.

Kosta_Konfucius

Politicker

Sales Rep

Is that something you recommend given missing out on credit card cash back or miles? I know people will spend more on a credit card vs cash, but those benefits are nice.

antiASKHOLE

Tycoon

Bravado's Resident Asshole

I'm talking budget-wise. CC can get out of hand unless you are super disciplined. Cash is the best option, especially when you are learning how to limit yourself.

SalesinSeattle

Valued Contributor

Account Executive

Yeah I would consider a year of savings more than sufficient in any market. Even in a recession you ought to be able to land a new gig inside of 6 months. In a normal market, I'd aim for 3-4 months cushion so you don't feel compelled to take something that's not a good fit.

Kosta_Konfucius

Politicker

Sales Rep

Good to know!

tightlines

Politicker

Account Executive

I lived in France for a few months and got my grocery bill down to 12 euro/week. That was the biggest saver for me. Find one meal you like and eat that everyday! Super healthy too if you pick a good one

You could also cut the subscriptions, throw out the TV, and spend your extra time doing activities

Kosta_Konfucius

Politicker

Sales Rep

Well that’s pretty sick, when was this?

slsldr1986

Fire Starter

Regional Sales Manager

Good sales people rarely get laid off. You’ll see on places like LI etc, it’s recruiting, operational people etc. sales is typically safe during recessions. Obviously there are examples of that not being the case but if your in a steady company that your products are still needed, you’ll be good.

Although, you should always be ready for the worse case. Stay vigilant

Kosta_Konfucius

Politicker

Sales Rep

Thanks! Thats a good part of sales, if you are good you have the numbers to prove it

DungeonsNDemos

Big Shot

Rolling 20's all day

Have you tried living in a van down by the river??

Kosta_Konfucius

Politicker

Sales Rep

Pachacuti

Politicker

They call me Daddy, Sales Daddy

Pending?

Kosta_Konfucius

Politicker

Sales Rep

Some people say it isn’t yet, lots of time being political reasons. Was more trying to stay neutral.

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Kosta_Konfucius

Cutting Back on Spend Due to Pending Recession

28 comments

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