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• The Great Recession of 2008 hit hard, but you wouldn't know it from the way I was spending.
• I had a job that paid well, so I ignored economic warning signs and overspent in the coming years.
• My mistakes led to years of financial strain that impacted my family and my wellbeing.

Imagine raising five young children, watching the economy collapse into itself, and not changing your spending habits. I don't have to, because it happened to me during the Great Recession of 2008.

I have to say, I don't recommend it. My naivete led to my financial downfall, a divorce, losing touch with my family, and even becoming homeless for a time.

As many of us are now on the edge of our seats wondering what's next for our current economy, I'm planning to be a bit more cautious this time around. I've learned a lot of hard lessons since the last recession, and I won't be making the same mistakes again.

Life seemed good

I felt economically stable in the late-2000s. I had a good salary as a technical writer at Citigroup. My wife and I owned a four-bedroom house, two cars, and had some discretionary money. Our life was comfortable.

I wasn't anxious about the 2007 subprime mortgage implosion. After all, I had a 30-year fixed-rate loan.

I wasn't concerned about the stock market crash of September 2008. In my mind, that was karma hitting back at the never-ending greed of American businesses.

I didn't worry about Citigroup — a multi-national company with billions in assets. Surely, the nearly two-century-old bank was too big to fail.

Then they weren't.

I pretended everything was fine

I obsessively watched Citigroup's stock losemuch of its value. For the briefest of moments in November 2008, it fell below a dollar a share before rallying.

When this happened, I momentarily envisioned a worst-case scenario: Citigroup might rapidly collapse under its financial weight, taking its thousands of employees with it — including me.

I didn't physically reveal my discomfort at the time. Instead, I moved forward like the economic world wasn't on fire. I put on an impassive face and assured my family that nothing was wrong.

My wife and I didn't have late-night chats on proper budgeting. We didn't talk to the kids about tightening our belts. I didn't speak to a financial advisor or shop around for lower car insurance costs. In retrospect, I should have done everything I could to secure my family's financial future.

Instead, I spent thousands of dollars on a family vacation to Disney World. We refinished our deck, purchased new kitchen flooring, and updated appliances. In 2009, we welcomed our fifth child, adding more expenses.

We purchased some of these items with cash (new baby excluded), but a large percentage was purchased with credit, eventually resulting in thousands of dollars of debt.

Still, it seemed like calm seas for the S.S. Keller. However, I wasn't steering a double-hulled cruise ship. I was rowing a dinghy against the current as a waterfall of denial loomed in front of me.

Now I know better

This life of lying to myself and my family hurt everyone in the end. In my mind, it was okay to tap into the savings and use credit for expenses beyond the budget. I had a steady, well-paying job at a large corporation.

Yet, I repeatedly overextended my finances when I should have been reeling in my family's financial habits. Compounding this was undiagnosed bipolar disorder. This contributed to impulsive spending and magical thinking about unrealistic financial assessments, but not all could be blamed on this eventual diagnosis.

The mistakes I made during this time led to my eventual divorce and a stretch of time that I spent homeless. The transition from a four-bedroom house to a minivan was a devastating blow.

Further, each time I review my credit report I cringe at the history of my financial missteps.

I didn't learn how to be financially responsible until after my bipolar diagnosis in 2020. Before that, I spent money as soon as it was earned. I lied to my family and endangered their financial stability. It has taken years to heal the wounds.

I now know that honesty and open communication with your family, even about difficult topics like finances, are essential for navigating uncertainty. While you don't have to prepare for the worst-case scenario, you must have the necessary monetary tools to withstand economic turbulence. This includes an emergency fund, budget, and debt reduction plan. I know this now, and I will be keeping it in mind in the coming months.

Today, I live in Northern Colorado and work hard to maintain a solid financial foundation. Although I recently lost my job, I don't give up and do the minimum to find a new position like I used to. I put in 100%, even when my neurodivergence wants me to do otherwise.

It's a precarious balancing act, especially for someone in their mid-50s. Nevertheless, I'm determined to live a life of abundance instead of scarcity.

• Trump's new tariff policies have caused a market downturn and could impact the prices of products.
• That means it's a good time to make sure your personal finance fundamentals are solid.
• We asked finance influencers for their budgeting advice amid the economic turbulence.

If you're reexamining your monthly expenses in light of the market turmoil, personal finance influencers are ready to help.

President Donald Trump's new tariff policies have sent markets downward, resulting in a wave of uncertainty for business owners and everyday consumers.

So, what should you do? We asked top finance influencers to share their No. 1 pieces of advice in the current economic climate. Rather than act on impulse, the influencers said not to panic. A few of them mentioned the idea of creating a smart budget.

"Your budget is just a plan for how to pace your money for the month," said Nadia Vanderhall, a financial planner and LinkedIn influencer. "It's really about knowing what's coming in, what's going out."

Here are the key budgeting takeaways the influencers shared:

1. Budget to optimize a safety net

Avoid getting "caught with your pants down" by establishing a cushion in the event of a job loss, said Mal Baska, who has 31,000 followers on Instagram account Money Talk Mal.

"Ensure you have a solid cash cushion, or emergency fund, in a high-yield savings account," Baska said. "If not, budget to optimize this cushion and safety net."

YouTuber Sebastian Fung, whose AskSebby account has 312,000 subscribers, recommends having 6 to 12 months of expenses in savings, especially if you are concerned about layoffs.

"I would look into money market funds or high-yield savings accounts — that way, you're still earning interest while maintaining liquidity," he said.

2. How to build a sustainable budget

If prices begin to go up, Vanderhall said to look at your last month's spending to see what expenses have increased and use that information to shape your budget for the next month.

Vanderhall said to start with real numbers: Look at your actual income and expenses by analyzing your bank and credit card statements from the last 30 to 60 days.

Break your budget down into categories such as bills, groceries, transportation, debt, savings, and "fun" money.

There are several ways to track a budget, but it's important to use a method that matches your lifestyle, Vanderhall said. That could be writing it down, using a spreadsheet, or using an app.

Tolani Eweje, who writes the Substack newsletter The Creator Success Club, said simple budgets stick.

She uses this framework:

• 50% essentials (bills, housing, groceries, etc.)
• 30% wants (travel, dining out, etc.)
• 20% future (savings, investments)

If your income fluctuates month-to-month, base it on your last six months' average, she said.

3. Negotiate recurring bills

Once you've evaluated your budget, go a step further by trying to lower your costs. Baska said you should start soon if you are worried about price increases.

"Negotiate your auto insurance, cellphone, medical bills, salary, etc.," Baska said. "Now is the time to lock in pricing before companies really get hit."

When it comes to salary, take the time to learn your state's salary history and transparency laws, said Hannah Williams, creator of Salary Transparent Street.

"Not knowing your market rate and legal protections leaves you vulnerable to being underpaid and taken advantage of by employers looking to save on their bottom line," Williams said.

4. Sick of spreadsheets? Use a budgeting app

If you're more of a spreadsheet person, you can build your own budget sheet using Google Sheets or Excel, said Bola Sokunbi, the creator of Clever Girl Finance with 356,000 followers on Instagram.

"But if you're more into apps, the best one is the one you'll actually use," Sokunbi said.

She recommends browsing the top-reviewed budgeting apps in your phone's app store and testing a few out until you find one that fits your lifestyle.

The finance influencers recommended several apps, including Lunch Money, Monarch Money, Copilot Money, Origin Financial, and tMoney.

"Setting realistic budget parameters and spending categories is key to success and sustainability," Baska said.

5. Evaluate your budget weekly

Instead of evaluating your finances at the end of each month, Fung recommends doing it weekly so that you can adjust as needed.

That way if you spent too much money eating out, you can plan to cook the following week, Fung said. That's especially true if prices are changing quickly, which could happen if tariffs have an impact.

But if you want to cut down on your going-out budget, figure out how to still have fun.

"Find other ways to keep yourself occupied," Sokunbi said. "All those subscriptions that we all pay for, it's time to use them. Use your Netflix, your Hulu, and your Apple TV subscriptions. Leverage your library app. There are so many things that you can use to occupy your time."

• Anna Cooper, 32, worked in property management for two years after college.
• She's used her negotiation skills to bring down her rent and parking fees.
• Cooper shared four insider tips to successfully negotiate with your landlord.

This as-told-to essay is based on a conversation with Anna Cooper, 32, who worked as a resident services coordinator. Business Insider has verified Cooper's employment history. The following has been edited for length and clarity.

From 2018 to 2020, I worked as a resident services coordinator for a luxury multi-family property in Washington DC and learned a lot about the rental process from the landlord side of things.

The pandemic made people more sensitive about their finances, and as a result, many became more proactive about negotiating their rent. It was great to see rent negotiations firsthand because before then, I didn't even know that was something you could do.

I've since moved on from working in property management, but I've used the tips I learned from the job to negotiate my own rent.

Understand the leverage you have

Many people don't think they have the option to negotiate, but you can definitely make your renting experience work in your favor.

When you think about it from the landlord perspective, it's important for them to retain you as a tenant. It's really expensive to turn a unit over. They have to push out marketing to let the public know, "Hey, these units are now up for lease," and there are different companies that they use and have to pay for to put a unit back on the market.

Once you take that into account, you realize you can negotiate to stay and lock in another lease. That way, the landlord doesn't have to worry about a unit sitting vacant for X amount of months or a year when they could continue to bring in profit just by negotiating with someone to resign.

Line up your negotiation chips early

You want to start doing your research 60 to 90 days before your lease renewal date. If you start thinking about the renewal process a few months ahead of time, you can get a better idea of the rental market.

Are there better properties with cheaper rates? What's my experience at the building I'm in right now? Could it be better? These are all good questions to ask yourself.

It's also important to keep track of your experience on the current lease because these could become negotiating chips. Maybe you've had a lot of service requests and maintenance orders for things that are no fault of your own. For example, maybe you have a washer and dryer that has just not been great. Maybe there's a new building across the street, but you were told you would be living across from an empty lot, and the construction has impacted your peace of mind. Keep note of things that have impacted your quality of living, and be prepared to bring them up in your negotiations.

People don't often consider starting early. They'll wait for a letter or an email from their property manager to start the lease renewal process, but by that point, they've lost the edge on time.

Don't be discouraged by a 'no'

Sometimes, when you send a letter or email to your landlord to negotiate, you get told "no."

It sucks, but if that happens, be prepared to ask them again. Check to see if there's someone above your landlord, like the regional property manager. Everyone answers to something above them if it's a larger property. For mom-and-pop landlords, you may have less leverage.

It also doesn't hurt to ask your neighbors what they're paying for rent, if they negotiated, and if they've experienced any issues living in the building. Getting more information can help you negotiate with your landlord more effectively.

Negotiate different amenities, and keep a paper trail

When I moved to LA, I created an Excel spreadsheet of all of the properties I toured. I tracked things like the rent, the square footage of the unit, what amenities were included, parking, and other important details.

After I went on these tours, I compared each of them to see what made the most sense.

If some properties were a couple of blocks away or within a mile of another one, I would open up negotiations with the property manager and say something like, "It's between this apartment and another one. This one has a bit more square footage, but this one here is charging a bit more for parking."

When it came to signing a lease, I spoke to the leasing agent who gave me the tour.

Anytime you're negotiating something like this, you want to have that trail in writing. I sent a follow-up email to the leasing agent saying, "Hey, thank you so much for the tour. As discussed earlier today, I would love if we could look into potential options for a longer lease term, plus a parking credit."

He replied back to the email saying that he would loop in his regional manager. In the end, instead of signing a 12-month lease term, I negotiated a 13-month lease term that made my rent cheaper and included a discounted rate on parking.