If the world seems like it's on fire right now... it may be true. But then again, the world always seems like it's on fire, at least depending on who you ask. If you ask the news, it certainly is! Fortunately, the YNAB method -- giving every dollar a job and working through the 5 Questions -- can bring peace and calm to your finances.

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On the surface, emergency funds sound like a very prudent idea. You set aside cash for unknowable, unforseeable events so that you aren't strapped when you really need it. We're not disagreeing with the idea, but an emergency fund is somewhat counter to the core principle of YNAB: giving every dollar a job. In an emergency fund, dollars are given a job, but it's a vague one.

Jesse likens it to a football coach yelling at his defense to "just stop the other team from scoring!" The coach is identifying the basic goal of the game, but there's nothing specific to help the players actually accomplish that task. A good coach instead instructs players what to do at an individual level, adjusting their positioning, technique, key reads etc. so that they can more effectively play their role on the team. The net result is the same -- stopping the other team from scoring -- but the results are far more effective.

The same is true with your dollars. While yes, we do want to set aside money for larger, less frequent expenses, the truth is many of these expenses are knowable, we just don't plan for them. New roof, new tires, plumbing repair, etc. Including these items into your plan and saving for them accomplishes what the emergency fund accomplishes, but with more clarity.

So, consider just deleting your emergency fund. Or at least make it smaller, and give those dollars more specific, effective jobs.

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All money is meant to be spent, it's just a matter of when. Some people get caught in a cycle of amassing savings with no clear goal of how it is to be spent. Jesse shares an example from his wedding of how the desire to save money can backfire, and demonstrates how having a plan for your money, whether it's in the near future or distant future, is the most important thing.

As we say at YNAB, give every dollar job.

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YNAB only asks that you follow one rule with your money, the golden rule of money, if you will -- give every dollar a job. And within that statement is implied that you must give every dollar you have a job. Many people get in trouble when they start planning for money they expect to come but don't have yet. There be dragons!

Looking at the money you have right now, and asking yourself "what does this money need to do between now and when I get paid again?" focused you on reality, and avoids asking too many what-if questions about the future and various contingencies. And it's simple. No forecasting, no elaborate scenarios. Just concrete dollars in your wallet (or bank account) right now and present needs and wants.

Simplicity is underrated. Following this simple rule over and over, multiple times a month, maybe multiple times a week, will grow your financial confidence, your decision making skills, and your bank account!

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Jesse relates a story of a couple looking at a piece of gym equipment posted for sale at their local gym. It was expensive, and Emily's gut reaction was "no, it seems spendy." After some reflection she told her husband they should talk about it more, because maybe it was really a spendful purchase.

We are faced with decisions like these all the time. Without a plan, anything can seem spendy, even good things we want to spend our money on. Likewise, we can end up spending on things we don't really care about. Then there's the question "can I afford it?" that plagues us. These swirling, anxiety inducing questions can be answered by giving our dollars a job and working the 5 Questions (see episode #724 for more on the questions).

Next time you catch yourself thinking something is too spendy, ask yourself instead, could this be spendful?

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YNAB only has one "rule" for managing your money, and that's to give every dollar a job. This is easier said than done, however, so to help with this task, Jesse presents 5 questions to clarify what you want to do with your money:

1. Reality: What does this money need to do before I’m paid again?
2. Stability: What larger, less frequent spending do I need to prepare for?
3. Resilience: What can I set aside for next month’s spending?
4. Creation: What goals, large or small, do I want to prioritize?
5. Flexibility: What changes do I need to make, if any?

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You've heard the term "monkey see, monkey do," and it's true of kids and money too -- and probably not in the ways you expect! Jesse shares a couple lessons about kids and money he's learned from parenting seven children, and how kids often learn as much or more from the things you do with your money rather than what you say about money. What you say matters too, however! The main takeaway is to be thoughtful about how you engage with money, becuase your kids are listening (and watching).

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When Jesse was 25, he wrote down a goal on a notecard: to live in a paid-off house by the time he was 30. He thought that owning his house free and clear would make things feel different, give him a sense of security and freedom. At the end of the day, though, the mortgage really wasn't that big of a deal -- it was just another bill to pay. There was less satisfaction to owning his home outright than he thought there would be, and some regret when he realzied he could have invested the extra mortgage payments somewhere else and made far more return.

You may not have the same outlook on home ownership as Jesse, and that's ok! Jesse encourages you to map out not only the mathematical pros and cons of big financial goals like paying off a mortgage early, but also consider the emotional impact of the decision. Also, leave yourself some space to change your mind in the future, like Jesse did about paying off mortgages early. Personal finance is always a mixture of math and emotions, and where you fall on the spectrum is, well, personal!

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Welcome to the first episode of The Jesse Mecham Show! To kick off the new show, Jesse asks the question: what is money anyway? You might point to the cash in your wallet, you might say it's the number in your bank account, you might even say it's a medium of exchange, or a store of value. While these answers aren't wrong, they really don't capture the fullness of what money is and what it means to us.

Instead of thinking of money as merely a medium of exchange, Jesse prompts you think of it as medium of energy. You expend energy to acquire money, and then you spend that money on all the things that make you, you: things you need, things you want, things you enjoy. Money in this case is a medium, it's a medium through which your energy transfers to the world. And the more and more you get in touch with who you are, and the more you learn to spend in alignment  with who you are, the more money becomes an expression of... you!

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Jesse finishes his Q&A session from his inbox with one of the longer episodes in recent memory. He also announces a big change coming to the podcast!

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