How to Recession-Proof Your Finances as a Working Parent

How to Achieve Financial Independence While Still Enjoying Life

Hi there, I’m Rachel Simmons—recovering shopaholic, compulsive spreadsheet maker, and your go-to gal when it comes to building a life you love without going broke in the process. If you’re like me, the term “financial independence” once sounded like code for “live like a monk for 20 years and maybe retire in time to enjoy your dentures.” But I’m here to say: Nope. You don’t have to give up your avocado toast or spontaneous weekend getaways to gain control over your money.

In fact, my mission is to show people—especially those in their 20s to 40s—that you can achieve financial independence and still enjoy your lattes, travel, and even the occasional splurge on shoes. So buckle up, money mavens. We’re going to break down the mindset, strategies, and systems you need to start your FI (Financial Independence) journey without becoming a total bore.

What Does Financial Independence Really Mean?

First things first. Contrary to what some financial gurus might say, financial independence doesn’t have to mean retiring by 35 and sailing your yacht around the world (though if that’s your vibe, I fully support it). Here’s my definition:

Financial independence means your life isn’t dictated by the next paycheck. You have the freedom to make choices—about your job, your hours, your location—without money holding you hostage.

Signs You’re On the Path to Financial Independence:

• You’re not living paycheck-to-paycheck
• You save and invest a meaningful portion of your income
• Your expenses are lower than your income (the basic rule of money, but often ignored)
• You are building passive income or long-term growth through investments

Sounds pretty good, doesn’t it? Let’s talk about how to get there, without sacrificing what keeps you sane and happy along the way.

The Balanced Approach: Freedom Without Deprivation

Look, I tried the ultra-frugality thing. I once cut out lattes for six months… and ended up stress-buying $600 worth of vintage earrings. The truth is, deprivation is a short-term strategy at best.

My Rule: Spend Intentionally, Not Emotionally

This is where lifestyle design meets money smarts. You don’t have to cut everything out. You just need to spend less on things that don’t matter to you so you can spend freely on those that do.

For example:

• Skip the $200 cable package you barely use, but keep the $60/month salsa classes that light you up
• Go budget on groceries, but never apologize for that weekend with your besties in Miami
• Make coffee at home 5 days a week, then enjoy that Saturday cappuccino guilt-free

Remember: it’s your money. Use it to build a life you actually want.

Step-by-Step: How to Work Toward Financial Independence

Here’s how I did it—and how you can, too.

1. Know Your Numbers (Yes, You Need a Budget… But a Fun One)

Transparency is powerful. I don’t care how rich or broke you feel—you cannot improve what you don’t measure. I recommend using simple tools like YNAB or even a good old Excel sheet (you know I love Excel!). Track your:

• Monthly income
• Fixed expenses (rent, car, insurance)
• Variable expenses (food, travel, shopping)
• Savings and investments

Once you see where your cash is going, you can plan smarter. It’s like GPS for your wallet.

2. Cut the Waste (Not the Joy)

Streamline your finances by eliminating waste, not pleasure. Cancel unused subscriptions. Renegotiate your bills. Shop online with an intentional list (no more 3am detours on Amazon). Automate savings so it doesn’t feel like a chore.

3. Build Multiple Streams of Income

One of the fastest ways off the 9-to-5 hamster wheel? Make money while you sleep. You don’t need to start five businesses—just think about creating smart side income, like:

• Freelance gigs in your spare time
• A monetized blog or YouTube channel
• Real estate (think house hacking or REITs if you’re not into landlord drama)
• Dividend-paying stocks or index funds

The key is to build income that doesn’t depend solely on your time. That’s when real freedom begins.

4. Invest Early, Invest Often

No, you don’t need to be a Wall Street shark. Start with a Roth IRA, max that 401(k) match, open a brokerage account and keep it simple with low-cost ETFs or index funds. Thanks to compound interest, your money starts doing the heavy lifting for you.

And yes, you can invest a little and still enjoy life. It’s not either/or—it’s yes/and.

Can You Travel, Eat Out, and Still Reach FI?

Absolutely. I’m proof. I’ve been to 16 countries in the last 5 years, and my net worth is higher than ever. The trick? Intentionality.

Smart Enjoyment Hacks:

1. Travel off-season for cheap flights and fewer crowds
2. Use credit card points (ethically!) for hotel stays and airfare
3. Set a monthly “fun fund” so you can spend without guilt
4. Use free tools like Mint or Empower to track spending in real-time

Let’s stop treating life’s pleasures like guilty pleasures. When you plan for them, they fit neatly into your financial goals.

The Psychological Side: Money and Meaning

There’s real joy in financial independence—not just the freedom, but the self-trust it builds. You’re telling yourself: I know how to take care of me. That confidence touches every part of your life—from relationships to career to how you handle stress.

But don’t forget to celebrate milestones. Did you pay off that last credit card? Time for tacos and tequila. Hit your first $10K in savings? Dance party. We’re not robots—we’re people who need fun along the way.

Conclusion: Freedom You Can Feel

Financial independence isn’t about being rich. It’s about being in charge. In charge of your time, your choices, and your energy. And yes, you can get there without becoming a budgeting-robot with no fun and no friends.

Start where you are. Make one smart move this week. Maybe that’s tracking your spending, or opening your first investment account, or finally canceling that gym membership you never use. Small steps create big shifts.

And if you ever need a pep talk—or just want to compare spreadsheets—I’m here, cheering you on ❤️

Want to read more about how we help individuals build smart and joyful financial lives? Head over to our About Us page, or contact us directly through our Contact page. We love hearing from fellow freedom-seekers.