Budget Rehab: Can a Family Rebuild Their Emergency Fund and Still Afford the Life They Want?

NerdWallet's Smart Money Podcast

The Nerds debut a new Budget Rehab segment, dissecting a real family’s budget to reveal strategies for saving more, investing smarter, and managing lifestyle costs. Plus: tariffs’ role in rising auto insurance.

Why are auto insurance premiums continuing to climb, and what do tariffs have to do with it? How can a real family adjust their budget to meet their financial goals? Hosts Sean Pyles and Elizabeth Ayoola debut a new Budget Rehab segment, where they take a hands-on approach to evaluating a listener’s finances. But first, they’re joined by senior news writer Anna Helhoski and insurance Nerd Andrew Hurst to unpack the forces driving auto insurance costs higher in 2025. They discuss how tariffs on imported parts, inflation, and more expensive claims are putting pressure on premiums—and what drivers can do to find competitive rates in a shifting insurance market.

Then Sean and Elizabeth are joined by Garrett, a listener who receives the first “Budget Rehab” on Smart Money. They walk through his family’s finances step by step, from a stretched grocery bill and drained emergency fund to the challenges of saving while raising a young child. The conversation covers how Garrett and his wife can rebuild their financial cushion after buying a new car, prepare for the possibility of living on one income, and expand retirement savings through tools like IRAs and solo 401(k)s. Along the way, they highlight practical strategies for balancing wants and needs while still leaving room for joy in the family budget.

Inspired to navigate your finances with an advisor? Use NerdWallet Advisors Match to find vetted professionals today at https://www.nerdwalletadvisors.com/match

NerdWallet Wealth Partners is a fiduciary online financial advisor, offering low-cost, comprehensive financial advice and investment management: https://nerdwalletwealthpartners.com/

Rates for auto and homeowners insurance have been on the rise. NerdWallet's here to help consumers navigate those changes: https://www.nerdwallet.com/insurance/data#auto-insurance

Use NerdWallet’s free retirement calculator to check your progress, see how much retirement income you'll have and estimate how much more you should save: https://www.nerdwallet.com/calculator/retirement-calculator

Want us to review your budget? Fill out this form — completely anonymously if you want — and we might feature your budget in a future segment! https://docs.google.com/forms/d/e/1FAIpQLScK53yAufsc4v5UpghhVfxtk2MoyooHzlSIRBnRxUPl3hKBig/viewform?usp=header

In their conversation, the Nerds discuss: budget rehab, household budget planning, how to use 50/30/20 budget, family budget with one income, rebuild emergency fund, self-employed budgeting tips, budgeting for stay at home parents, budgeting for a baby, how to save on groceries, Costco vs Trader Joe’s groceries, reducing travel expenses, retirement savings for self-employed, IRA contribution limits, rising auto insurance costs 2025, auto insurance tariffs, car insurance premiums 2025, supply chain car parts, reinsurance premiums, weather-related claims auto insurance, social inflation insurance, state auto insurance increases, and comparing car insurance rates.

To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email [email protected].

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