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With the 2024 general elections handing the <keyword id="19894848" type="General" weightage="20" keywordseo="BJP" source="keywords" meta.keywordsubtype="org" meta.entityname="BJP" meta.hostid="261" meta.entityid="BJP">BJP</keyword> and its allies a fractured, albeit ruling majority in the country for the third consecutive time, India is now gearing up for the 2024–25 <keyword id="19908389" type="General" weightage="20" keywordseo="Union-budget" source="keywords">Union budget</keyword>, which will be presented on July 22 between 11 am and 1 pm. The <keyword id="20613906" type="General" weightage="20" keywordseo="economic-survey" source="keywords">economic survey</keyword> is traditionally presented the day before. However, as per reports, the economic survey is likely to be released on July 3rd this year. The famous halwa ceremony will take place 10 days before the budget is tabled. Pre-budget consultations will begin on June 17th. FM <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> will become the first finance minister to have presented seven straight budgets, a record previously held by <keyword id="238033" type="General" weightage="20" keywordseo="Morarji-Desai" source="Orion">Morarji Desai</keyword>, who had six consecutive budget presentations to his name. To date, Sitharaman has tabled five full and one interim budget. The first parliamentary session under Modi 3.0 will kick off on June 24, and the 264th session of the parliament will take place between the 27th of June and the 3rd of August. The year is set to see two budgets: one full-fledged budget in July and an interim budget presented on February 1, 2024. <cmsannotation type="cmsannotation" annotationid="What can we expect from this budget?" comment="subhead" text="What can we expect from this budget?">What can we expect from this budget?</cmsannotation> Presenting an interim budget is customary during election years in India since it facilitates the transfer of work and finances between the outgoing and incoming governments. With the upcoming budget, PM Modi’s government will largely focus on tackling unemployment, issues in the agriculture sector, and maintaining the flow of capital expenditure in the economy. The simplification of the <keyword id="19993914" type="General" weightage="20" keywordseo="GST-regime" source="keywords">GST regime</keyword> and rolling out the 3rd edition of the <keyword id="20359761" type="General" weightage="20" keywordseo="FAME-scheme" source="keywords">FAME scheme</keyword> (Faster Adoption &amp; Manufacturing of Electric Vehicles) will also rank highly on the budget agenda. In that stead, a meeting of the GST council is also scheduled to take place on June 22nd. Additionally, experts are also anticipating the expansion of the PLI (production-linked incentives) schemes in this budget to include other sectors as well. <cmsannotation type="cmsannotation" annotationid="Lesser-known budget milestones" comment="subhead" text="Lesser-known budget milestones">Lesser-known budget milestones</cmsannotation> Till 2019, the union budget was carried in a briefcase, a practice initiated by India’s first FM, Sir RK Shanmukham Chetty. In 2019, the budget was presented as a traditional bahi-khata for the first time. It went paperless in 2021 after the FM introduced the budget via a tablet. Apart from having presented most budgets, Sitharaman also holds the record for having delivered the longest budget speech while presenting the Union budget for 2020–21. She spoke for two hours and 42 minutes. On the other hand, India’s shortest-ever budget speech was given in 1977 by Hirubhai Patel.

Union budget 2024-25 : When will it be presented, what to expect and more

<ul class="summary-list"><li><a href="https://www.insider.com/best-easy-cheap-dinners-for-big-families-10-kids-2021-6">I have 11 kids</a>, and I try to stick to a grocery budget of $1,200 a month for my family of 13.</li><li>No matter how good a deal is, if it's not something your family usually eats, it's probably a waste.</li></ul>As a mom of 11, buying food for 13 people can get expensive. If I'm not careful, my grocery bills can easily creep to $2,000 a month, which is way more than the $1,200 I have budgeted. Thankfully, I've learned a few strategies over the years to help keep costs low.Here are my best tips for <a href="https://www.businessinsider.com/things-not-to-do-when-grocery-shopping-mistakes">grocery shopping</a> on a budget. <h2>Start by making a meal plan and breaking down what ingredients you'll need for it</h2>Before I set foot in a grocery store, I plan <a href="https://www.businessinsider.com/best-easy-cheap-dinners-for-big-families-10-kids-2021-6">what I'm going to cook</a> in the coming days or weeks. This way, I know that every ingredient I add to my cart has a purpose. When you know you'll use everything you buy, you save money and also prevent waste. <h2>Bring a shopping list with you to the store</h2><div type="image" title="hands holding a shopping list while pushing a grocery cart" height="1000" width="1334" msid="113102854" hostid="261" sizebytes="46878"></div>You can make a master <a href="https://www.businessinsider.com/costco-best-things-for-moms-to-buy-for-a-big-family">shopping list</a> that you use over and over again or write a new one before each shopping adventure. While you're writing your list, go through your kitchen and check on the status of necessary spices and pantry staples. It's easy to assume that you have something basic on hand, only to realize you're out once you start cooking.After you write the list, it's also crucial that you remember to bring it with you to the store. Too often I write a shopping list but forget it and am stuck shopping from memory, which usually ends with me forgetting ingredients and buying things I don't actually need. <h2>Create a shopping-list method that works for you, whether it's on paper or digital</h2>There isn't one right way to make a shopping list, and if you find the process painful to create and use, you're not going to stick to it. I've tried several styles of shopping lists over the years. What works best for me in this season of life is creating my list in Microsoft Excel, printing it out, and bringing the hard copy with me. It's totally legible — unlike my quirky scrawled handwriting — and I can cross off items as I add them to the cart. Plus, no matter what order I add things in, I can quickly sort them by store and category in Excel. This makes the actual shopping part much easier, as I'm not <a href="https://www.businessinsider.com/best-path-to-take-in-the-grocery-store-2018-12">aimlessly wandering around</a> each part of the store or having to backtrack.<h2>When I'm shopping, I put my kids in charge of the list</h2>I almost always take some of my kids with me to the <a href="https://www.businessinsider.com/chefs-share-their-favorite-foods-to-buy-at-grocery-stores-2019-4">grocery store</a>, which I use to my advantage.I turn my list and a pen over to my middle-grade kids at the start of the shopping trip. They can read off each item to help make the shopping trip go more quickly. Most of my kids take the job of list manager very seriously. If I add something to the cart that's not on the list, they ask me about it. This accountability helps me to decide whether it's something I need to buy or just an impulse purchase.My kids will typically write the item in question on the list if I decide to buy it. This way, they can still cross it out, which is their favorite part.<h2>Know the prices of basic things you buy a lot</h2><div type="image" title="The milk section of a grocery store is pictured in Los Angeles April 7, 2011." height="533" width="711" msid="113102850" hostid="261" sizebytes="65618"></div>On every shopping list, I include the estimated price of each item I buy so I can stay on top of my budget before I even enter the store. Having a general price point in mind also helps me spot bargains. If something is on sale, I can quickly compare it to see how much I'll save. It also allows me to compare prices <a href="https://www.businessinsider.com/grocery-store-shopping-hacks-2018-9">between stores</a> if I suspect one has a better price. If the price changes drastically on an item I buy frequently, I take time to jot down the new one on my list while I'm in the store. Then the next time I open the master list on my computer, I can quickly update it. <h2>No matter how good the deal is, if you aren't going to use it, don't buy it</h2>I like having food on hand so I know that my family will still have things to eat if something happens and we can't make it to the store for a while. But it's easy to take that attitude to the extreme.I used to stock up on almost everything that was on sale because I liked keeping the pantry full and thought it was a frugal way to do it.This was a mistake. I ended up with lots of food in my cupboards that no one in my family actually liked, and everything just sat around for years until it finally reached its expiration date and had to get tossed.<h2>Go to a couple of stores for all your list items</h2>When I go grocery shopping, I almost always visit the same three or four stores. This allows me to take advantage of different products at each without getting burned out from going to too many places. I typically hit <a href="https://www.businessinsider.com/costco-best-things-for-moms-to-buy-for-a-big-family">Costco</a> first because I buy bulk goods there, and they take up a lot of room in the van. I don't want to smash bags of food from another store by piling big boxes on top.<h2>If you shop less often, you'll likely end up spending less money</h2><div type="image" title="coronavirus grocery store" height="2767" width="3689" msid="113102856" hostid="261" sizebytes="535396"></div>I live smack in the middle of nowhere. The nearest grocery store is 15 miles away, and I have to drive almost an hour to get to a decent-sized town with more than one shopping option.I can't just quickly run to the grocery store if I forget something, which makes all my planning and list-making even more important. Even if you live close to the store, you can use this tip to <a href="https://www.businessinsider.com/how-to-save-money-at-the-grocery-store-2018-1">help you save money</a>. Each time you go into a store, you have the opportunity to spend more than you were planning. If you go less often, you can cut down on those purchases. I go on a big shopping trip once a month so I can take advantage of the better pricing in the larger city. Then each week, I make a quick trip to the local store to pick up staples like milk, eggs, and produce. <h2>Extra beverages can jack up your grocery bill if you aren't careful</h2>Things like juice, pop, and sports drinks can really add up. In order to stick to the budget, I have my family drink water throughout the day, and that's often what I serve with meals. Occasionally we'll have iced tea or lemonade, but it's not the norm. Most kids adjust pretty well, especially when you explain why you're making a change. You might have some complaints at first, but mine eventually learned to <a href="https://www.businessinsider.com/how-to-drink-more-water-2019-3">drink (and even enjoy) water</a>. <h2>Cut out the middle man whenever you can</h2>If you can, purchasing directly from a farmer can save a lot of money.I used to raise my own livestock for meat, but when I stopped, I connected with another farmer. Since I have the freezer space and know it'll get used, I often buy a <a href="https://www.businessinsider.com/best-ground-beef-recipes-2018-12">whole cow</a> at a time, along with a whole hog and occasionally a sheep or two.It's definitely a bigger initial expense, but I get steak and roasts for the same price per pound as <a href="https://www.businessinsider.com/which-chef-has-the-best-burger-recipe-review">hamburgers</a>, so it actually saves me money in the long run. Meat isn't the only thing you can purchase from a farmer. Do a little research and see who grows what around you. For instance, you can typically find good prices on produce at local farms.Just make sure you have a plan to preserve what you buy so it doesn't go to waste. Learn how to dehydrate, can, or freeze the extra so you can benefit from your savings all year long.This story was originally published in September 2021 and most recently updated on September 5, 2024.

10 things that help me stick to my grocery budget as a mom of 11

<ul class="summary-list"><li>Benjamin Chadwick — a dual citizen of France and the UK — voted in two national elections this year.</li><li>He writes that in both nations, there's been a shift away from moderate politics toward extremes.</li></ul>I was born and raised in England, but this June marked 10 years since I moved to Paris.I came to France on a student exchange in 2012 and met my now partner. We moved to Paris together in 2014. When the British people voted to <a target="_blank" href="https://www.businessinsider.com/eu-referendum-reasons-and-analysis-on-a-brexit-vote-2016-6">leave the European Union</a> in 2016, I decided I wanted to live in France long-term.I planned to apply for French citizenship as soon as I could. I didn't know exactly how the <a target="_blank" class="" href="https://www.businessinsider.com/brexit-and-boris-johnson-explained-2019-9">Brexit vote</a> would impact me at the time, but I wanted to secure my right to vote in French elections or perhaps move elsewhere in the EU later in life.It took me another three years to meet the residency requirements for citizenship. In the meantime, I began paying closer attention to politics in France. As I wasn't yet a citizen, I couldn't vote in 2017's presidential election, leaving me feeling powerless. But I was relieved about the result.For much of its history, French politics has been dominated by two parties, representing the left and right. But in 2017, <a target="_blank" href="https://www.bbc.co.uk/news/world-europe-39130072">neither historic party made it to the second round</a>. Emmanuel Macron <a target="_blank" href="https://www.theguardian.com/world/2017/apr/03/emmanuel-macron-french-presidential-candidate-grassroots-movement">ran with a centrist campaign</a>, while Marine Le Pen, leader of the National Rally, campaigned on <a target="_blank" href="https://www.theguardian.com/world/2017/apr/04/french-presidential-election-how-the-candidates-compare">anti-immigration and nationalist ideals</a>. Her brand of populism had succeeded in the previous year with Trump's election — but failed in France, and <a target="_blank" href="https://www.businessinsider.com/emmanuel-macron-wins-french-presidential-election-in-landslide-marine-le-pen-2017-5">Macron defeated her</a>, becoming France's President.By the time the 2024 elections came around in France and the UK, I was a citizen of both countries and eager to exercise my vote. In the UK, I wanted to remove the unpopular governing party, the Conservatives, from office. In France, I wanted to keep Le Pen's party out.In recent years, I've watched moderate ideals lose out to reactionary politics again and again, from Trump to Brexit to the <a target="_blank" href="https://www.politico.eu/article/mapped-europe-far-right-government-power-politics-eu-italy-finalnd-hungary-parties-elections-polling/">success of hard-right parties in Europe</a> and elsewhere. Britain looked to be moving in the opposite direction with a projected victory for the center-left Labour Party, which made me feel optimistic, but France looked to be heading into reactionary territory.Political disagreements are a normal part of any healthy democracy. But increasingly, these disagreements are about our fundamental values and even the nature of truth itself. With a big election still to come this year in the US, I'm concerned about this move toward the extremes.<h2 id="86ebff10-5fe7-40c0-8b40-c666fa355f56">Politics in France and the UK has been turbulent in recent years</h2>My first national French elections as a voter were in 2022 when the National Rally continued its seemingly unstoppable rise — Le Pen came <a target="_blank" href="https://www.nbcnews.com/news/world/french-presidential-election-results-2022-macron-wins-rcna25555">closer than ever</a> to the French presidency.Le Pen became leader of France's right-wing populist "National Front" party in 2011 and renamed it "National Rally" in 2018. Despite the rebrand, the party continues to focus on <a target="_blank" href="https://www.france24.com/en/france/20240620-how-france-s-far-right-changed-the-debate-on-immigration">drastically reducing migration</a>. France has seen major social unrest in recent years, including protests against <a target="_blank" href="https://www.theguardian.com/world/2016/apr/08/nuit-debout-protesters-occupy-french-cities-in-a-revolutionary-call-for-change">labor</a> and <a target="_blank" href="https://www.bbc.com/news/world-europe-50971439">pension</a> reforms, <a target="_blank" href="https://www.france24.com/en/20191116-a-year-of-insurgency-how-yellow-vests-left-indelible-mark-on-french-politics">rising fuel costs, and the cost of living</a>. Le Pen has capitalized on a mistrust of mainstream politics, gaining popularity in <a target="_blank" href="https://www.theguardian.com/world/2017/apr/21/counryside-marine-le-pen-forgotten-france-presidential-election-2017">rural</a> areas where some of these <a target="_blank" href="https://www.theguardian.com/world/2018/dec/21/how-hi-vis-yellow-vest-became-symbol-of-protest-beyond-france-gilets-jaunes">protest movements</a> have been popular.Across the Channel, the political landscape was no less chaotic. The Brexit vote was a seismic shock, and a <a target="_blank" href="https://www.businessinsider.com/uk-brexit-deal-startups-limbo-financial-services-data-2020-12">deal with the EU</a> was only reached years later after Boris Johnson, whom Donald Trump rather unflatteringly labeled "<a target="_blank" href="https://www.theguardian.com/us-news/2019/jul/23/trump-boris-johnson-britain-trump-uk-prime-minister">Britain Trump</a>," came to power in 2019.Johnson's center-right Conservative party had been in power since 2010 and remained so until the July 2024 election. Revelations of<a target="_blank" href="https://www.businessinsider.com/partygate-sue-gray-report-details-2022-5"> lockdown-era parties</a> in Johnson's offices forced his resignation in 2022, and life for many Britons kept getting worse under his successors, Liz Truss and Rishi Sunak.As in many other countries, wages were failing to keep up with a sharp rise in the <a target="_blank" href="https://www.businessinsider.com/cost-of-living-crisis-uk-people-turn-to-tiktok-2022-11">cost of living</a>. Years of budget cuts meant public services were <a target="_blank" href="https://www.theguardian.com/society/2023/oct/30/uk-public-services-policy-institute-for-government-report">crumbling</a>. Yet despite bold promises, I feel the government <a target="_blank" href="https://www.bbc.com/news/65647308">failed to address</a> this and seemed more eager to stoke hatred <a target="_blank" href="https://www.theguardian.com/uk-news/2023/mar/08/stop-the-boats-sunaks-anti-asylum-slogan-echoes-australia-harsh-policy">against migrants</a> and <a target="_blank" href="https://www.bbc.co.uk/news/uk-politics-68229785">other minorities</a>.One of Rishi Sunak's <a target="_blank" href="https://www.bbc.co.uk/news/uk-64164339">often repeated pledges</a>, both while in office and campaigning for the 2024 election, was his mission to "stop the boats," referencing the illegal immigrants arriving in Britain via small-craft vessels.Back in France, Macron still held the presidency. He initially ran on a centrist platform in 2017, aiming to find <a target="_blank" href="https://www.standard.co.uk/news/world/emmanuel-macrons-la-republique-en-marche-all-you-need-to-know-about-the-french-presidents-groundbreaking-new-party-ahead-of-the-elections-a3563256.html">common ground</a> between the left and right blocs. However, during his seven years in office, he's been <a target="_blank" href="https://www.lemonde.fr/en/politics/article/2024/01/12/new-french-cabinet-reflects-macron-s-electorate-shift-to-the-right_6426251_5.html">accused of</a> veering to the right, appointing ministers who deny police <a target="_blank" href="https://www.hrw.org/news/2021/10/14/french-ministers-denial-police-abuses-against-migrants-flies-face-facts">brutality</a> toward migrants, and positioning himself <a target="_blank" href="https://www.politico.eu/article/france-war-on-woke-laboratoire-de-la-republique/">against "wokism."</a>On June 9, a historic <a target="_blank" href="https://www.businessinsider.com/european-union-parliament-election-far-right-nationalist-parties-2024-6">European Parliament election</a> took place, with Le Pen's far-right National Rally netting a record 31.4% of French votes, more than twice as many as Macron's centrist alliance. <a target="_blank" href="https://www.reuters.com/world/europe/le-pens-party-trounces-macrons-eu-vote-exit-polls-2024-06-09/">Claiming the country needed "clarification,"</a> Macron called for a national parliamentary election on June 30 and July 7. Even <a target="_blank" href="https://www.lemonde.fr/en/politics/article/2024/06/17/how-macron-threw-his-supporters-into-a-panic-by-calling-snap-elections_6675018_5.html">his own allies</a> didn't understand.In the lead-up to the UK election on July 4, opinion polls <a target="_blank" href="https://www.politico.eu/article/uk-election-final-mega-polls-predict-total-tory-annihilation-labour-win/">predicted</a> a huge majority for the center-left Labour Party. In France, I feared the National Rally would capitalize on their European victory and take control of the Assembly. As an immigrant, I didn't want to be ruled by a party that routinely demonizes migrants.<h2 id="59a6f7d6-73eb-4e8f-b47a-503a385d4dc3">The elections have made me concerned about extremism and division in both countries</h2>In the end, Labour did secure a historic majority in the UK, but only with a tiny increase in vote share. Meanwhile, Reform UK, a party led by Brexit campaigner Nigel Farage that campaigned on "freezing" immigration, reneging on net zero climate goals, and <a target="_blank" href="https://www.politico.eu/article/nigel-farage-manifesto-you-dont-have-to/">banning "transgender ideology"</a> in schools, netted more than 14% of the vote. This made them the third-largest party in terms of vote share. I was concerned that so many people were willing to vote for such a reactionary party.On top of this, one of Labour's first challenges in power was to deal with widespread <a target="_blank" class="" href="https://www.businessinsider.com/arrests-violence-riots-uk-far-right-wing-protests-immigration-2024-8">anti-immigration riots</a> targeting people of color. The protests that spread across the UK this summer were brought about by online disinformation about a stabbing where three young girls were killed.In France, the National Rally failed to get the majority many feared. A "<a target="_blank" href="https://www.lemonde.fr/en/politics/article/2024/07/07/french-elections-far-right-s-rise-blocked-by-republican-front_6676995_5.html">republican front</a>", consisting of other parties joining together to counter the far-right threat, worked better than expected, making the National Rally the third-largest group in terms of seats. But they still wound up with a much bigger voice in parliament than before and were by far the <a target="_blank" href="https://www.politico.eu/article/france-left-wing-marine-le-pen-far-right-national-rally-jordan-bardella-seats-new-popular-front/">largest party in terms of vote share</a>.I feel that France and the UK are dealing with many of the same problems: political polarization, the scapegoating of migrants, and an increasing focus on culture wars.<h2 id="c3bc22d1-7f74-40d0-a217-dc97700fc623">I'm worried history will repeat itself when the US elections come around</h2>This summer's events on both sides of the Channel have shown that as people grow disillusioned with the status quo, the extremes are becoming increasingly attractive.The National Rally continues to progress. I fear this year's vote has merely delayed their arrival in government, rather than preventing it. In the UK, this summer's far-right riots show that even when progressives win at the ballot box, the extremes are never far away.European eyes are now looking across the Atlantic.Donald Trump has been <a target="_blank" href="https://www.nytimes.com/2024/04/27/magazine/trump-rallies-rhetoric.html">embracing conspiracy theories and referencing an "invasion" of migrants "conquering" the USA</a> in his 2024 campaign. His victory could have serious consequences for Americans, especially <a target="_blank" href="https://www.washingtonpost.com/politics/interactive/2024/trump-harris-abortion/">women</a> and <a target="_blank" href="https://www.forbes.com/sites/saradorn/2024/05/10/trump-promises-rollback-on-trans-rights-heres-what-hes-said/?sh=51549ef4dae0">minorities</a>.In Europe, observers like me are worried about what his leadership would mean for <a target="_blank" href="https://www.politico.eu/article/donald-trump-signal-us-stop-ukraine-election-russia-volodymyr-zelenskyy-vladimir-putin/">foreign policy</a> in today's turbulent world. Trump's victory would galvanize European politicians like Le Pen and Farage and their supporters. Populist politics may not have won their national elections, but the most powerful nation in the world and its leader are behind them, normalizing their rhetoric.But if he loses, I'm still anxious about what will happen next, given the January 6 <a target="_blank" href="https://www.businessinsider.com/five-things-we-learned-about-the-insurrection-in-2022-2023-1">capitol riots</a> in 2021.Kamala Harris has reenergized the presidential race and given hope to those who oppose Trump. But even if she wins, the deep divisions in American society won't go away — they haven't in the UK or France.

Voting in the UK and French elections taught me a concerning lesson that Americans should heed when heading to the polls

<ul class="summary-list"><li>A millennial couple who each make six figures say they're struggling to afford a home in Portland.</li><li>They don't want their monthly mortgage payment to exceed 30% of their take-home income.</li></ul>Laura Graves and her husband Samuel never thought they'd be raising their two children in an apartment, but they said the <a target="_blank" href="https://www.businessinsider.com/california-demographia-housing-markets-affordability-crisis-home-prices-selling-sunset-2024-6">housing market</a> has left them with little choice.Over the last three years, the couple, who are both 36 and based in a Portland suburb, has been looking for a home. They want to keep their monthly <a target="_blank" href="https://www.businessinsider.com/personal-finance/mortgages/mortgage-calculator">mortgage payment</a> between $3,000 and $3,500 — or around 30% of their monthly take-home income of about $11,000. Laura is a financial analyst, and Samuel is an electrician: They each made six figures last year, totalling $250,000.However, rising <a target="_blank" href="https://www.businessinsider.com/personal-finance/mortgages/home-prices-drop">home prices</a> and <a target="_blank" href="https://www.businessinsider.com/personal-finance/mortgages/will-mortgage-rates-go-down-this-year">mortgage rates</a> in recent years have made this goal difficult to accomplish. Laura said most homes they're interested in would require a monthly mortgage payment of at least $5,000, or about half of their monthly income. So rather than splurging on a home outside their budget, they've decided to wait, pay $2,700 a month for a two-bedroom apartment and storage unit, and cross their fingers that the market moves in their favor."We refuse to become 'house-poor' and, like many others, are choosing to sit it out until the housing market is reasonable again," Laura said. Someone is "<a target="_blank" href="https://www.businessinsider.com/homeowners-house-poor-working-second-jobs-taking-on-debt-mortgages-2021-12">house-poor</a>" when they're struggling financially because their homeownership costs are too high.Laura and Samuel are among a group of Americans with six-figure incomes who say they <a target="_blank" href="https://www.businessinsider.com/millennial-cant-afford-house-six-figure-salary-mortgage-rates-2024-6">can't find a home</a> they desire that's in their budget. In recent years, high home prices and elevated mortgage rates have propelled the cost of homeownership in the US to near-record-high <a target="_blank" href="https://www.businessinsider.com/house-price-outlook-homes-unaffordable-real-estate-economy-goldman-sachs-2023-10">unaffordability levels</a>. While the Federal Reserve's expected <a target="_blank" href="https://www.businessinsider.com/emergency-rate-cut-fed-recession-july-jobs-report-unemployment-powell-2024-8">interest rate cuts</a> might lower mortgage rates, they might not do much to help housing affordability in the immediate future. That's because lower rates could cause buyers to flood the market and <a target="_blank" href="https://www.businessinsider.com/housing-market-mistake-buyers-sellers-mortgage-rates-time-to-buy-2024-3">push up prices</a>, and a slight reduction in rates might be enough to persuade homeowners with ultra-low mortgage rates to <a target="_blank" href="https://www.businessinsider.com/housing-market-outlook-mortgage-affordable-homes-high-prices-inventory-rates-2024-3">sell their homes</a> — keeping the housing supply lower and home prices higher.To be sure, the average 30-year fixed mortgage rate recently fell to its <a target="_blank" class="" href="https://www.businessinsider.com/best-mortgage-refinance-rates-today-friday-9-2024-8">lowest level</a> in more than a year, but it's still considerably higher than it <a target="_blank" class="" href="https://fred.stlouisfed.org/series/MORTGAGE30US">was</a> in 2021 and 2022.Laura and Samuel shared whether they've considered moving for cheaper housing and how they're trying to save for a home.<h2 id="2be368d5-c504-4754-b9ad-c3fe2091f9bc">There's not enough money for a home, retirement, and childcare</h2>Homes don't come cheap in the Portland area. Per Zillow, the average home value in Portland is <a target="_blank" href="https://www.zillow.com/home-values/13373/portland-or/">$541,000</a>, and <a target="_blank" href="https://www.zillow.com/home-values/48521/wilsonville-or/">$642,000</a> in Wilsonville, Oregon, the Portland suburb where the couple currently resides. A SmartAsset <a target="_blank" href="https://smartasset.com/data-studies/most-expensive-housing-markets-2024">analysis</a> of home sale prices published in June found that Portland was the 15th-most expensive housing market in the country.Laura pointed to one home in Wilsonville they were interested in that was listed for $635,000. With an 11% downpayment, they estimated their monthly mortgage payment would be about $5,000 — about 43% of the couple's take-home monthly pay.The couple knows that other areas of the US might have <a target="_blank" href="https://www.businessinsider.com/real-estate-home-prices-population-growth-best-cities-for-homebuyers-2024-6">more affordable housing</a>, but they're not sure they'd want to move again.The couple lived in Portland for six years before moving to their hometown of <a target="_blank" href="https://www.businessinsider.com/real-estate-best-cities-for-homebuyers-prices-affordability-mortgage-rates-2023-5#26-spokane-spokane-valley-washington-26">Spokane, Washington</a> in 2018. Housing was <a target="_blank" href="https://www.zillow.com/home-values/20604/spokane-wa/">more affordable</a> — Laura said they bought a home with a monthly mortgage payment of $2,200 — but she and Samuel found themselves missing their work back in Portland.In 2021, after Laura's old supervisor offered to double her current pay if she returned to her old job, the couple decided to sell their home and move back to Portland."We actually tried uprooting the kids to a more affordable town and found ourselves less happy in the end," Laura said.When they first moved back and began looking for homes, Laura said they were a "little picky" because they didn't want to overpay for a home they didn't love. They weren't rewarded for their patience — home prices and mortgages continued to tick up.To save for a home, Laura said she and Samuel aren't saving as much for retirement as they'd like to. Ideally, they'd be putting 15% of their annual income toward retirement — some experts <a target="_blank" href="https://www.businessinsider.com/personal-finance/investing/how-much-do-i-need-to-retire">recommend this</a> — but Laura said they've only been able to set aside roughly 3%.The couple has also opted for the part-time <a target="_blank" href="https://www.businessinsider.com/mom-of-two-would-have-pay-8000-for-summer-camp-2023-1">summer camp</a> option for their two children, who are seven and nine years old. Laura said sending her kids to their camp full-time would have collectively cost around $5,000 a month. When they're not at camp, Laura said the kids stay home with her while she works remotely.Going forward, Laura said they plan to continue monitoring the housing market for a home they like that's in their budget. While they're trying to remain patient, Laura said they're not optimistic that home prices or mortgage rates will drop considerably anytime soon."Our children have begun talking about how they want a house so badly and their own rooms," she said. "We'll never get these years back. By the time we buy, we won't even need room for a play set."Are you struggling to afford a home? Are you willing to share your story? Reach out to this reporter at <a target="_blank" href="mailto:jzinkula@businessinsider.com">jzinkula@businessinsider.com</a>.

A millennial couple who make $250,000 say they can't find a home in their budget: 'We refuse to become house-poor'

<ul class="summary-list"><li>Business Insider looked at how young adults aged 25 to 34 spent their money in 1989 compared to 2022.</li><li>The findings show us how prices and habits changed since boomers were young adults.</li></ul>In 1989, you could see "Batman" and "When Harry Met Sally" in the movie theater. People wore <a target="_blank" href="https://www.businessinsider.com/i-tried-to-live-like-i-was-in-the-80s">brightly colored fashion</a> and bought <a target="_blank" href="https://www.businessinsider.com/nintendo-game-boy-history-evolution-ds-3ds-switch-2019-4">Nintendo Game Boy</a> consoles.In 2022, many people were still <a target="_blank" href="https://www.businessinsider.com/dream-job-in-office-work-full-time-flexibility-benefits-2024-3">working from home</a> amid the pandemic's disruptions to the workplace. They were wearing a lot of athleisure, and perhaps venturing back to movie theaters — this time to see "The Batman."In the intervening 33 years, how young adults spent their money changed dramatically. Business Insider analyzed spending data for young adults aged 25 to 34 in 1989 — which would cover part of the <a target="_blank" href="https://www.businessinsider.com/typical-baby-boomer-net-worth-debt-real-estate-retirement-2021-12">baby boomer generation</a> — and in 2022 — which would largely be people of the <a target="_blank" href="https://www.businessinsider.com/millennials-annual-income-price-of-happiness-wealth-retirement-generations-survey-2023-11">millennial</a> generation — on various kinds of food, housing, education, and more.Young adults in 1989 were spending more — when adjusted for inflation — on beef, alcohol, and homes they owned than this age group decades later in 2022.Here's how expenditures looked between the two:For this analysis, Business Insider compared average annual expenditures for <a target="_blank" href="https://www.bls.gov/cex/csxgloss.htm">households</a> that were headed by 25- to 34-year-olds in 2022 to similar 1989 households. We used data from the Consumer Expenditure Surveys program published by the Bureau of Labor Statistics, or BLS. BI calculated inflation-adjusted figures for 1989 using <a target="_blank" href="https://www.bls.gov/cpi/">consumer price index</a> data to put those costs into 2022 dollars.We wanted to examine how spending for baby boomers when they were young adults compared to millennials who were around the same age in 2022.The differences in average spending between young adults in 1989 and 2022 could be due to changes in prices or shifting habits.Take a look at rented dwellings, for example. The <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://fred.stlouisfed.org/series/CUUR0000SEHA">consumer price index data for rent of primary residence</a> suggests a lot of the increase between 1989 and 2022 is because of price increases but can also be explained by young adults being more likely to rent apartments.Millennials and <a target="_blank" href="https://www.businessinsider.com/gen-z-working-to-live-rather-than-living-to-work-2024-1">Gen Zers</a> also have different habits and living situations than their parents' generations. For example, millennials are finding it hard to become <a target="_blank" href="https://www.businessinsider.com/millennials-house-home-real-estate-mortgage-rates-rent-debt-boomers-2022-9">homeowners</a> in the US. <a target="_blank" href="https://news.gallup.com/poll/509690/young-adults-drinking-less-prior-decades.aspx">Young adults who drink alcohol are consuming fewer alcoholic drinks</a> on average than older peers in 2021-2023 or young adults back in 2001-2003, and diets have changed.Taken together, the data offers a window into how young adults' budgets have changed over the last three decades, either due to rising costs for things like healthcare, seafood, fresh fruits, housing, and used vehicles, or due to changing habits and lifestyles. Below is a closer look at what's going on. <h2 id="c8ec59cd-d329-4fbf-8c48-7568d2b85e03">Millennials are spending a lot more on healthcare and rented housing</h2>Health insurance spending stands out between the average young adult in 1989 versus in 2022. After adjusting for inflation, the average young adult spent $755 in 1989. In 2022, it was over 200% higher.A Bureau of Labor Statistics <a target="_blank" href="https://www.bls.gov/opub/btn/volume-12/how-did-the-covid-19-pandemic-affect-healthcare-spending.htm">report</a> from November 2023 by Grace Hill looked at the effects of the pandemic on healthcare spending overall and broken down by age groups and other groupings."The only age groups to increase overall healthcare spending in 2020 were the 25–34- and 45–54-years age groups," the report stated. "These age groups had the largest increases in health insurance expenditures: the largest component in healthcare spending."Additionally, young adults in 2022 were spending more on rent and related expenses than was the case in 1989. Based on average data, young adults were spending roughly 60% more on apartments and other rented housing.<h2 id="0ff748d5-9c31-4517-a485-9e80a72ee47f">Millennials are spending less on used vehicles and mortgage interest</h2>The average young adult in 2022 spent more on gas and motor oil than this group in 1989. However, they weren't spending as much on used cars and trucks.Data not adjusted for inflation shows that used cars and trucks expenditures increased more than the CPI for used cars and trucks between 1989 and 2022.A December <a target="_blank" href="https://www.bls.gov/opub/reports/consumer-expenditures/2022/home.htm">BLS report</a> about consumer expenditures said households in general, not just among young adults, spent more in 2022 on rent and related expenses and owned homes than in 2021."High home prices, high mortgage lending rates, and particularly high rental rates for apartments placed upward pressure on spending over the year," the BLS report said. "Mortgage interest and principal payments are essential expenditures for owned dwellings, and a rapidly changing mortgage environment sent an exogenous shock through the market."The report added that the high 30-year fixed rate mortgage in 2022 led to "consumers on the margin out of owned dwellings and into the rental market."While BLS doesn't directly track price changes for owned housing, it approximates them with a measure of owners' equivalent rent of residences, which is up over 160% between 1989 and 2022. Meanwhile, young adult spending for owned dwellings was up over 120% before adjusting 1989 expenditures for inflation.<h2 id="22a433a5-514a-4ec4-aa67-c64ab853a237">Young adults in 2022 spent more money on fresh fruits, vegetables, and seafood</h2>Young adults in 1989 were spending less on fresh fruits and vegetables — as well as processed vegetables — than those in this age range decades later. The average young adult in 2022 spent 71% more on fresh fruits than their counterparts in 1989. Plus, the average young adult in 2022 spent 22% more on fish and seafood and 4% more on poultry.While not the exact years we looked at for our analysis, an analysis from the <a target="_blank" href="https://www.pewresearch.org/short-reads/2016/12/13/whats-on-your-table-how-americas-diet-has-changed-over-the-decades/">Pew Research Center</a> shows how food consumption has changed between 1970 and 2014 including a big increase in chicken and cheese per year.We can also look at consumer price index data to see how inflation impacted food spending. Before adjusting 1989 data for inflation, young adults in 2022 spent 304% more on fresh fruits than young adults in 1989. Over that period, prices for fresh fruits based on CPI were up by nearly 170%, meaning that while part of the change in spending between the two years can be explained by price increases, young adults were also eating a lot more fresh fruit in 2022 than in 1989.<h2 id="4a62dd21-8983-457f-80b3-798e0dfc5e5d">In 2022, young adults spent less on alcohol, beef, and dairy products</h2>Average annual spending data shows that the average young adult in 2022 spent almost 40% less on beef than the average young adult in 1989. The average young adult also spent around 55% less on fresh milk and cream. The Pew Research Center report mentioned earlier also showed people were eating a lot less beef in 2014 than in 1970. The same was true for drinking milk.Based on our analysis, the average young adult in 2022 was spending more on nonalcoholic beverages and less on alcoholic beverages than the average young adult in 1989. A <a target="_blank" href="https://news.gallup.com/poll/509690/young-adults-drinking-less-prior-decades.aspx">Gallup post</a> shows alcoholic beverage drinkers who were between 18 and 34 years old for 2021-2023, which would also include <a target="_blank" href="https://www.businessinsider.com/gen-z-drinking-less-alcohol-bad-news-concert-venues-promoters-2023-6">Gen Z</a>, had an average of 3.6 alcoholic drinks in the past seven days. For 2001-2003, the average consumption was 5.2 alcoholic drinks among drinkers aged 18 to 34.Our analysis shows young adults weren't spending as much on <a target="_blank" href="https://www.today.com/video/why-cereal-is-losing-its-popularity-over-grab-and-go-options-193180229829">cereals</a> and cereal products, which was <a target="_blank" href="https://www.bls.gov/cex/csxgloss.htm#cu">defined</a> as including "ready-to-eat and cooked cereals, pasta, flour, prepared flour mixes, and other cereal products such as cornmeal, corn starch, and rice," in 2022 as young adults in 1989. Based on reporting from multiple outlets, <a target="_blank" href="https://www.wsj.com/finance/investing/cereal-decline-breakfast-trend-6dd591e8">cereal's popularity</a> has fallen while <a target="_blank" href="https://www.washingtonpost.com/food/2023/10/24/breakfast-sandwich-popularity-cereal/">breakfast sandwiches</a>, bars, and other items that are easy to take with you are now favorable.

Millennial vs. boomer budgets: How spending has changed for young adults in the last 30 years 

New Delhi [India], February 1 (ANI): Ahead of the presentation of the interim budget 2024-2025, Union Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> arrived at the Ministry of Finance on Thursday. MoS finance Bhagwat Karad and Pankaj Chaudhary also accompanied her to the finance ministry. The Union Finance Minister will table the interim budget as the <keyword id="19895394" type="General" weightage="20" keywordseo="lok-sabha" source="keywords">Lok Sabha</keyword> polls are due to be held this year. This will be her sixth Budget as the Finance Minister and last in the second term of the Modi government. The interim budget will take care of the financial needs of the intervening period until a government is formed after the Lok Sabha polls. A full budget will be presented by the new government. The Budget Session of Parliament commenced on Wednesday with President Droupadi Murmu addressing a joint sitting of Lok Sabha and <keyword id="19895369" type="General" weightage="20" keywordseo="rajya-sabha" source="keywords">Rajya Sabha</keyword>. <keyword id="19916494" type="General" weightage="20" keywordseo="sitharaman" source="keywords">Sitharaman</keyword> equaled the record of former Prime Minister Morarji Desai, who as finance minister, presented five annual budgets and one interim budget between 1959 and 1964. In her address, the President said 2023 was a historic year for the country and among other steps, the country kept up the momentum of being the fastest-growing major economy. "The year 2023 was a historic year for <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> when it grew the fastest among major economies despite the global crisis. India grew about 7.5 per cent for two consecutive quarters," she said. The last session before Lok Sabha polls, expected to be held in April-May this year, will have a total of eight sittings spread over 10 days. A day before the session was set to start, Parliamentary Affairs Minister Pralhad Joshi, at an all-party meeting, said the budget session would mainly be devoted to the financial business relating to the interim union budget for 2024-25 and discussion on the Motion of Thanks on the President's Address. However, essential legislative and other business may also be taken up during this session. The all-party meeting was attended by 45 leaders from 30 political parties. In addition, he also informed that Supplementary Demands for Grants for 2023-24 in respect of the Union Government will be discussed. The presentation and discussion on the Interim Budget of the Union Territory of Jammu and Kashmir for 2024-25 along with Supplementary Demands for Grants of Union Territory of Jammu and Kashmir for the financial year 2023-24 will also be taken up and voted. The Indian economy is projected to grow close to 7 per cent in the financial year 2024-25 which starts this April, said the Ministry of Finance in a review report. India's economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22. The Indian economy is expected to grow 7.3 per cent in the current financial year 2023-24, remaining the fastest-growing major economy. The last full Budget of Modi government 2.0 had proposed to increase capital expenditure outlay by 33 per cent to Rs 10 lakh crore in 2023-24, which would be 3.3 percent of the GDP. It was almost three times the outlay in 2019-20. (ANI)

Nirmala Sitharaman arrives at Finance Ministry ahead of Budget 2024

<ul class="summary-list"><li>Libby Brooks wanted to move out of her parents' house, so she started budgeting. </li><li>The 50/30/20 method worked for a while, but she found it didn't allow her to pay off her debts. </li></ul>This as-told-to essay is based on a transcribed conversation with Libby Brooks, 27, who lives in Wisconsin, about her budgeting journey. The following has been edited for length and clarity.I began to budget after college when I had a significant amount of zeros in my bank account I hadn't had before.I started my first post-college job in January 2020 as a project manager in the power generation industry. The starting salary was $65,000. I previously worked as a bartender and waitress during college, so it was a salary jump.When I started the role, I lived at home with my parents, so my expenses were low, and my disposable income was high. When COVID hit, I tended to shop online, overspending on clothes. I wasn't taking inventory of the things I was buying or thinking about whether I actually needed them.My behavior started to change around August 2020 because I wanted to move out of my parent's house. Realizing how much I'd need for a security deposit and furniture made me want to get my finances under control.My <a target="_blank" href="https://www.businessinsider.com/gen-z-budgets-data-analyst-fun-retirement-savings-2024-4">budgeting journey</a> has evolved since I first started saving to move out. Four years later, I've been able to personalize my budget system to my financial goals and feel more in control of my debt and spending habits.<h2 id="7ebb7cc0-2ac1-4a12-9055-fea94a76430c">The 50/30/20 rule was an easy introduction to budgeting</h2>When I first started to think about <a target="_blank" href="https://www.businessinsider.com/how-to-start-budget-save-money-kids-allowance-tips-apps-2024-4">budgeting</a>, I used a spreadsheet to keep track of what I was spending my money on and the amount. I read some personal finance books, which is how I came across <a target="_blank" href="https://www.businessinsider.com/personal-finance/ignoring-budget-rule-best-thing-for-me-2020-12">the 50/30/20 rule</a>.The rule was very simple and easy for me to understand, like an equation. I could simply take the income that hit my bank account and divide it out into those different percentages. 50% of my income goes to needs, 30% on wants and 20% on savings.<div type="image" title="Libby Brooks taking a selfie in a mirror." height="0" width="0" msid="110668079" hostid="261" sizebytes="222162"></div>Under my necessary expenses, I had $100 set aside every month for my dog's expenses, including food and grooming. And later when I moved into an apartment with my boyfriend, I spent around $800 a month on rent. I commuted to work in my car and gas cost between $300 and $400 a month, I was also spending money on groceries and medical expenses.Under non-essential expenses, I'd budget around $200 a month for dining out with friends and between $300 and $500 for shopping.Within the 20% put toward savings, I typically contributed around $200 to my 401(k) and $100 to my emergency fund with every paycheck, so roughly twice a month.I was able to <a target="_blank" href="https://www.businessinsider.com/personal-finance/money-lessons-moving-out-2022-3">move out of my parent's house</a> and into an apartment with my partner in January 2021. We split the security deposit and the first and last month's rent equally between us. I saved 20% of my paycheck between August and December to afford to move.<h2 id="d26610a4-a295-46d9-87ea-a156f09a2ace">I switched to the 50/20/20/10 rule to make room for my financial goals</h2>I used the 50/30/20 rule until the end of 2021, but I started feeling frustrated because it seemed like I was running out of money every month.I had been putting 20% into savings, but after learning more about <a target="_blank" href="https://www.businessinsider.com/financial-planner-tell-my-clients-focus-2024-04">personal finance</a>, I wanted to spend more on my financial goals. I want to become debt-free by the time I'm 30, which means contributing more than my minimum monthly payment toward my car and student debt and putting more money into my emergency fund.However, whenever I contributed over $100 to my <a target="_blank" href="https://www.businessinsider.com/personal-finance/what-is-an-emergency-fund">emergency fund</a> or any other financial goal in a month, I felt I was running out of money. I was putting all of my expenses, necessary and non-essential, on a <a target="_blank" href="https://www.businessinsider.com/personal-finance/how-do-credit-cards-work">credit card</a> to gain the benefits of credit card points, but I would then have to pull money from my emergency fund for some months to cover this credit card bill.<h2 id="59a62f0f-46cf-4449-84fd-bff1f60f25fc">I tweaked the rule to pay off my debt faster</h2>I realized that the 50/30/20 rule didn't really account for my financial goals of <a target="_blank" href="https://www.businessinsider.com/personal-finance/how-to-pay-off-debt-fast">paying off debt</a>.I came across a TikTok creator talking about the 50/20/20/10 budgeting rule. For them, that meant allocating 50% to necessities, 20% to non-essentials, 20% to savings and 10% to investments. At the beginning of 2022, I decided to put my own spin on this method and use that final 10% for my financial goals, like saving and paying off my debts.I <a target="_blank" href="https://www.businessinsider.com/gig-economy-overemployment-quit-job-increase-income-earnings-side-hustle-2024-3">switched jobs</a> in April 2022, and my current salary is $109,000. Per month, I take home around $5,800. I budget $3,100 for necessities, $1,075 for non-essentials, $650 for savings, and around $960 for my financial goals bucket. That doesn't break down exactly into a 50/20/20/10 framework, but I see the rule as more of a guideline.I got engaged in February 2023, so I decided to use the 10% financial goals bucket on saving for my wedding instead of paying off debt. After my wedding, the breakdown may change.I think it's important to be flexible with your budgeting.<h2 id="18c582e3-c0e6-4642-a549-3af4f7bafc26">I've had to cut spending on shopping, but I feel better about my financial goals</h2>Since switching to the 50/20/20/10 rule, I've felt less stressed. Previously, it was more challenging to prioritize financial goals, and it felt like I was going over budget, even though I could usually cover my expenses in the end.Now I've increased my savings budget and decreased my unnecessary spending, I feel more confident in my finances. I <a target="_blank" href="https://www.businessinsider.com/personal-finance/automate-savings-reach-money-goals-2021-3">set up an auto-deposit</a> into multiple savings accounts, so it runs on autopilot, and I don't have to think about it.Right now, the focus is saving for my wedding, but with this budgeting system, I plan to pay off my student loan and car payments by 2027 and 2029. I have a full picture of where my money goes each month, so I know how much I can afford to throw at my debts to work toward a $0 balance.I spent more on new clothes as my salary increased — around $800 to $1,000 monthly. Because I was factoring this into my 50/30/20 budget, I could afford it. Nowadays, I'm allocating $100 to $200 for shopping and using clothing rental services to save money.Renting clothes gives me a similar feeling from shopping but it's more sustainable and doesn't crowd up my closet.The great thing about personal finance is you can always make changes according to what fits best with your lifestyle.

I want to be debt-free by the time I'm 30. Here's how I budget my $109,000 salary.

<ul class="summary-list"><li>Katie Sarna left San Francisco due to high rent and bought a house in Boulder Creek, California.</li><li>She and her husband faced challenges in the competitive housing market and mortgage approval process.</li></ul>This as-told-to essay is based on a conversation with <a target="_blank" href="https://linkedin.com/in/ktsarna">Katie Sarna</a>, the 38-year-old cofounder and CEO of <a target="_blank" href="https://www.scfungi.com/">Santa Cruz Fungi</a> based in Boulder Creek, California. It's been edited for length and clarity.I'm the cofounder and CEO of <a target="_blank" href="https://www.scfungi.com/">Santa Cruz Fungi</a>. I live in Boulder Creek, California, and my business is headquartered in Santa Cruz.For the past 17 years, I've worked on and off as a freelance creative for luxury beauty, skincare, and fashion brands. I've also been an art director and a content marketing manager.I lived in <a target="_blank" class="" href="https://www.businessinsider.com/moved-san-francisco-worth-it-cost-of-living-negativity-2024-2">San Francisco</a> for about three years. In May 2016, I bought a home for my husband, Paul Lazazzera, and me in Boulder Creek. We married the following year, and Paul started our business in 2021.<h2 id="53da9f8d-49b1-440a-a8d3-e47910a266b0">The housing market in the San Francisco area was brutal</h2><div type="image" title="headshot of a couple in black and white on top of a forest image" height="1108" width="1471" msid="113488818" hostid="261" sizebytes="231088"></div>When I lived in the SF area, I was completely sticker-shocked by my $1,450 a month bedroom (in a two-bedroom apartment), which could barely fit a bed and dresser. I started dating Paul, who lived in <a target="_blank" class="" href="https://www.businessinsider.com/tech-remote-jobs-community-santa-cruz-sacramento-2022-9">Santa Cruz</a>, about an hour and a half away.When my roommate moved out, I couldn't afford the $3,000 rent by myself, so I put the <a target="_blank" class="" href="https://www.businessinsider.com/airbnb-host-rental-spare-bedroom-side-hustle-income-2021-6">spare room on Airbnb</a>. One afternoon, my landlord called and told me she knew what I had been doing. I had to cancel all my bookings in front of her or face eviction and swift legal action.I called Paul and asked him if it was now a good time to move in together in Santa Cruz since I would probably get evicted regardless. We agreed to split the rent based on our income.I immediately started looking to buy because rundown rentals were going for more than $3,600 a month, and the competition was fierce.<h2 id="0d10965f-f23a-4539-8f28-fafeb6ff139e">We had to expand our home search and found Boulder Creek</h2>I started actively working with a real-estate agent, going to open houses, and getting mortgage pre-approval in September 2015.The homebuying process in Santa Cruz was extremely stressful. We wanted to live in Santa Cruz proper, but I couldn't afford even the lowest-priced home.Without any investment knowledge and using a traditional <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/banking/savings-accounts-to-save-for-goals">savings account</a>, growing my savings to reach my down payment goal was a complete slog. I regret doing it this way a little, but now I know how to handle my finances better.The most frustrating part was <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/credit-score/what-credit-score-is-needed-to-buy-a-house">applying for a mortgage</a>. Despite having saved 20% for the down payment, the banks saw Paul, a newer teacher living paycheck to paycheck, as more "stable" and wouldn't lend without him involved.It was infuriating because he was not contributing financially to the home purchase. Since we were only dating then, I hesitated to take out a mortgage with him.My budget was a tight $500,000. Our search expanded and I made two dead-end offers. I had to go over my budget and closed at $535,000 almost a year later on a 740-square-foot house set on half an acre in Boulder Creek.This property also has a tiny home, which we rent for $1,500 a month to a wonderful long-term tenant, helping to reduce our expenses. It's truly a dream come true, and I am thankful to wake up here every day.<div type="image" title="a tiny brown house in a back yard" height="3840" width="5760" msid="113488822" hostid="261" sizebytes="2436792"></div><h2 id="f4e592b0-2e3a-4dc7-ac13-e3885d0fc674">Boulder Creek is a very small town with challenges</h2><div type="image" title="green covered mountains with clouds" height="2448" width="3264" msid="113488809" hostid="261" sizebytes="154562"></div>Boulder Creek has no traffic lights, just one three-way stop sign in the middle of town. It's about 14 miles to Santa Cruz and 68 miles to San Francisco.This area is not for the faint of heart. We often lose power for no apparent reason, and winters can be especially tough.We were evacuated in August 2020 due to the CZU Lightning Complex fires. In 2023, multiple atmospheric rivers and a bomb cyclone caused significant damage, turning the county into a disaster zone.<h2 id="08128ac7-6752-42e8-bed9-957bbcc06507">I used to love the anonymity of big-city life</h2>I thought I'd surely die in a tuna can-sized walk-up in <a target="_blank" class="" href="https://www.businessinsider.com/moved-dubai-nyc-british-expat-been-tough-2024-9">New York City</a> with 10 tiny dogs, but now I'm living the exact opposite life, and I wouldn't trade it.I do miss San Francisco at times, especially the abundance of incredible food, the constant buzz of events happening around the clock, and the city's unique energy.But I love our welcoming space and knowing all my neighbors on our road. We live in a special spot, surrounded by some of the coolest and most unique people you'll ever meet — ex-pro skaters, astrobiologists, and fifth-generation loggers, all tucked into the mossy nooks and hobbit holes of the Santa Cruz mountains. Our neighbors truly care for us, and they even support our business.<h2 id="d4469cc2-5976-4831-82de-e2762230c38e">The lower cost of living compared to San Francisco allows us to allocate more resources to our bootstrapped business</h2>Santa Cruz Fungi was born from our shared passion for mushrooms. After 2020, Paul left teaching to start a culinary mushroom farm on our property, which sparked our side quest to incorporate mushrooms into our diet beyond savory dishes.In May 2023, we decided to launch Shroomsicles, organic, non-dairy popsicles, and I joined as cofounder and majority owner.<div type="image" title="three people hold popsicles for a photo" height="1134" width="1512" msid="113488804" hostid="261" sizebytes="103362"></div>Our venture combines our love for healthy, innovative treats with the supportive local community, significantly contributing to our business's growth and success. We participate in many local events, and the response to our products has been overwhelmingly positive.<h2 id="6c1d2910-50c7-49fd-85c8-e5a8cedc55d4">I love where we live</h2><div type="image" title="a kitchen with green accents" height="3024" width="4032" msid="113488803" hostid="261" sizebytes="1843536"></div>Living in the mountains and vending at smaller events is a recipe for meeting great people in our community. There's always a bonding moment when someone says, "I live here, too!"I see myself staying here for the foreseeable future.However, with the increasing risks of wildfires and skyrocketing insurance costs, staying long-term feels uncertain — but time will tell.Want to tell your story? Email Lauryn Haas at lhaas@businessinsider.com.

When Bay Area rent got too expensive, I bought a house in the mountains. Living here is a dream, but I'm uncertain about the future.

Simply Put: This Singapore-based hedge fund manager explains where to invest when nothing is cheap in India

<ul class="summary-list"><li>When my husband and I met, the difference in our income was about 30%. </li><li>As our pay gap grew, I started doubting my <keyword id="20530164" type="General" weightage="20" keywordseo="self-worth" source="keywords">self-worth</keyword>.</li></ul>When my husband <a target="_blank" href="https://www.businessinsider.com/5-positive-signs-that-you-should-accept-a-job-offer-2022-2">accepted his new job offer</a> in 2021, I was proud of him. He'd been courting the opportunity for over a year and was finally escaping a job he felt crushed by. I was relieved and excited to get my happy husband back. Plus, the money would help cover the expenses of our growing family. But I would be lying if I said I wasn't a bit apprehensive, too, as his salary would now be three times the $35k I was bringing in. Would the <a target="_blank" href="https://www.businessinsider.com/husband-jealous-made-more-money-breadwinner-relationship-2024-2">stark difference in our pay</a> change our <keyword id="19903521" type="General" weightage="20" keywordseo="relationship" source="keywords">relationship</keyword>? <h2>The difference in our income had started to grow a few years before</h2>In 2016, we barely scraped by on <a target="_blank" href="https://www.businessinsider.com/married-couple-combine-finances-improve-marriage-money-2024-3">our combined income</a>, and our <keyword id="21329110" type="General" weightage="100" keywordseo="wage-gap" source="keywords">wage gap</keyword> was only about 30%. We wanted to pay off our college loans, live comfortably, and start a family. That summer, he got an offer that would help us achieve those goals and jumped at the chance. Our wage gap started to grow. He now made roughly double what I did, but I wasn't concerned at first because it would mean better opportunities for me, too. Five years later, our college debt was paid off, we had started searching for a house, and our son had just had his first birthday. And as my husband accepted his new job offer, our <a href="https://www.businessinsider.com/female-breadwinner-supports-husband-stays-home-2024-8" target="_blank">discrepancy in pay</a> grew — he was now making three times as much as I was. <h2>When he went back to work, I was in charge of <keyword id="20826057" type="General" weightage="20" keywordseo="childcare" source="keywords">childcare</keyword></h2>When my husband started his new job, he <a target="_blank" href="https://www.businessinsider.com/hushed-hybrid-return-to-office-rto-wfh-workplace-explained-how-2024-8">returned to the office</a> for the first time since the beginning of the pandemic. For a blissful year and a half, we both worked from home and took care of our little one during the day. Now, childcare from 8 a.m. to 6 p.m. would fall solely on me. I worried about whether I'd be able to balance work and caring for our son and wondered if day care would solve the problem, but it didn't take long to realize it wouldn't be financially feasible. <a target="_blank" href="https://www.businessinsider.com/childcare-too-expensive-unaffordable-2024-3">Full-time childcare</a> for our 1-year-old would consume most of my take-home pay. That disappointing knowledge made me want to quit my job, but we couldn't afford that, either. The bills I paid were important, and dropping to one income would put us back into the barely scraping-by category we had fought so hard to get out of. So, I did my best to make it work. On the surface, it seemed like I at least partially had my shit together; my work was always done on time, and my child seemed to be growing and thriving, but inside, I was a mess. I felt like I was letting down my boss or, worse, my child. I never left the house except to visit the grocery store or the doctor. My life was childcare and work. <div type="image" title="Amanda Garland and her husband smiling and looking into the camera." height="624" width="832" msid="112968562" hostid="261"></div><h2>I started to attach my worth to how much money I was making</h2>Deep down, I wondered if I was truly only worth a third of what my husband was. The house was always a disaster, I was making deadlines at my job just under the wire, and I worried my split focus was making me a failure as a mother. I felt as though I wasn't doing anything right and didn't deserve my own salary, let alone the <a target="_blank" href="https://www.businessinsider.com/gen-xer-six-figure-salary-cant-afford-home-student-loans-2024-8">six-figure salary</a> my husband was making. I decided that if I didn't bring monetary value to my marriage, I needed to be a better mother and housekeeper. I tried taking on more chores, more child-rearing, more everything. But each day just felt like a losing battle. The strong, independent woman in me started to lose her voice, crushed by stress, daily duties, and unending self-doubt. <h2>I quit my job and talked to my husband about how I was feeling</h2>One year after my husband started his new job, I quit mine. I was tired of the stress, self-pity, and <keyword id="21406418" type="General" weightage="20" keywordseo="mom-guilt" source="keywords">mom guilt</keyword>. I shifted to working part-time as a <a target="_blank" href="https://www.businessinsider.com/freelance-writer-failed-went-back-full-time-job-2023-5">freelance writer</a>. Though I make nearly the same amount of money, I sacrificed benefits like paid time off and my 401(k) match. Still, freelance work renewed my enthusiasm, and the fact that I could set my own schedule more than made up for the loss of benefits. The most important thing I did leading up to this decision was talk to my husband. I explained why I needed to make the change and how my own insecurity made me feel like I was failing our family. He was horrified to learn that I felt so unsupported and agreed that we should do things differently. We started by putting our little one in <a target="_blank" href="https://www.businessinsider.com/couple-work-part-time-have-a-career-be-around-kids-2022-5">part-time day care</a> so I could have dedicated days to focus on work. While the cost of two days a week put a strain on our budget, I desperately needed the mental break, and we knew our son would benefit from the socialization. We also agreed that our marriage is just as important as our finances, and we began going on weekly lunch dates to connect with each other. Things aren't perfect. I still worry my husband will resent me for my lagging <keyword id="22661361" type="General" weightage="20" keywordseo="financial-contribution" source="keywords">financial contribution</keyword>, and there are days when I still beat myself up for not doing enough. But I'm finally able to see my contributions have value beyond the monetary. I've raised a happy, healthy 4-year-old, and there's no price you can put on that. Correction: September 2, 2024 — An earlier version of this story misstated the percentage difference between the author's income and her husband's when he started his new job. The percentage has been removed.

When the wage gap between me and my husband grew, I quit my job to work part-time. I realized my non-monetary contributions have value, too.

Our experts answer readers' investing questions and write unbiased product reviews (<a href="https://www.businessinsider.com/personal-finance/investing-rating-methodology" class="not-content-link" target="_blank">here's how we assess investing products</a>). Paid non-client promotion: In some cases, we receive a commission from <a href="https://www.businessinsider.com/personal-finance/our-partners" class="not-content-link" target="_blank">our partners</a>. Our opinions are always our own.<ul class="summary-list"><li>I've always struggled with budgeting. I try different tactics but always abandon them fast.</li><li>But a conversation with a friend turned things around for me, and now I'm saving more than ever.</li></ul>For most of my life, the idea of <a href="https://www.businessinsider.com/personal-finance/how-to-budget" target="_blank" rel="noopener">setting and sticking to a budget</a> seemed impossible. I'd make a draft of how much I wanted to spend for the month ahead, have a loose plan, and end up forgetting about the budget a few days later.One of my biggest goals for this year was to get over that bad habit and take <a href="https://www.businessinsider.com/personal-finance/best-budgeting-apps">budgeting</a> more seriously. I researched other people's best tricks and tips (using a budget worksheet, putting money in envelopes for the month, paying for things with just cash, etc.) but I found myself still wary that any of those approaches would stick with me.I brought this up to a friend of mine, who is a mother of three kids and prides herself on being true to her budget. She sat me down, showed me her process, and sent me away with five techniques that I've put into place. The result? I've stayed on budget every month this year and even found ways to save an extra $1,000 a month. Here's what has worked for me, inspired by that friend's worthwhile advice.<h2>1. Be realistic</h2>One of the biggest mistakes I routinely made when I tried to budget was vowing to spend a certain amount each month that just was not realistic. It was always at least 25% less than what I had spent in the months before.Rather than try to fix two habits (overspending and not sticking to a budget), my friend taught me to pick one goal at a time. Setting a budget that is in line with your current spending is a good way to get on track and organized. After that, you can adjust the budget to reduce spending in certain categories to help you save more.I not only did that but I also made sure to plan my budget around what I knew would pop up that month. Every single month, the amount I budget to spend varies. Some months, I spend more and save less, and others, I do the reverse.<h2>2. Update it regularly</h2>The art of creating a budget is not only a process, it's also something that can be super time-consuming. Even if you use someone else's budget worksheet, you still have to adjust categories based on what applies to you and also audit your spending so you know how to make the plan personalized for you.Once I put in the hard work there, I usually found that I abandoned the budget a few days later.Instead, updating my budget and tracking my spending has now become a daily practice. Every night, after dinner, I sit down with my Excel spreadsheet and write down what I spent that day and soak in how my spending for the month is looking. This helps me be more aware and in tune with what's going on financially and not get surprised or shocked at the end of the week by any purchases I didn't plan properly for.<h2>3. It's OK to move money around</h2>I always thought the secret to staying on budget was making sure you stayed very strict. According to my friend, the opposite is true. It's OK to look at your spending week by week and see what categories need to be adjusted.Let's say you overspend in your dining category but you have been underspending in your clothing category. You can move money from one category to the other.I sit down every Sunday and move allocated money around based on my spending needs for that month. The lesson: Stay strict with the amount you've budgeted for that month, but be more casual about where exactly that money is going.<h2>4. Plan for unexpected expenses</h2>I never had an emergency category in my budget, so whenever something happened that I didn't plan for (a health bill, a home repair, etc.) I would get frustrated and abandon the budget. While we can't predict what might happen during the month, putting aside a few hundred dollars for any pop-up or last-minute expenses can help you stay true to your budget.Since I've been doing that, it's allowed me to feel less pressure and anxiety if something happens that I didn't plan for. I just pull the money from that emergency category and supplement the rest of that expense from my general <a href="https://www.businessinsider.com/personal-finance/what-is-an-emergency-fund" target="_blank" rel="noopener">emergency savings account</a>.<h2>5. Learn to say no</h2>Having a budget allows you to know how much you can spend that month on everything from groceries to activities with friends. Having this sort of structure has allowed me to know in advance what I can say yes to and what I have to decline.It's made it much easier for me to say no to things in advance (whether events, happy hours, or weekend travel). If I didn't put it in and can't make it work that month by cutting back spending in other categories, it's a no. This has helped me save money throughout the year and not give into extra expenses that are "nice to have" but not must-haves.This article was originally published in September 2021.

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