How to Money – Listener Questions: Gym Edition Frugal or Cheap, Blaming the Baby for Lifestyle Upgrades, and Dipping into Savings for a Camper

Episode #1087 | January 12, 2026
Hosts: Joel & Matt
Podcast: How to Money (iHeartPodcasts)

Episode Overview

In this “Ask HTM” episode, Joel and Matt answer listener questions about navigating tricky financial decisions, including pulling from savings for a camper, when and how to upgrade your living space after a new baby, and the ethics of staying silent on a missed gym membership price increase. The show weaves together practical advice, personal anecdotes, and thoughtful perspectives on the “money psychology” behind these decisions—all with the hosts’ trademark friendly and relatable banter.

Key Discussion Points & Insights

1. Listener Win: House Hacking Success

• Topic: Highlighting a listener named Jordan’s journey with house hacking.
• Details:
  • Jordan wrote in to share several financial “wins” since following HTM advice: relocating to a lower-cost city, purchasing a duplex (house hacking), living with in-laws to save, and renovating a basement to create rental spaces.
  • House hacking is described as a "drastic" but effective way to reduce the highest expense in most people’s budgets: housing.
• Advice/Episodes Referenced: Listeners interested in house hacking were pointed to a previous episode with Craig Kerlop (author/expert in the space).
• Notable Quote:

  “House hacking is one of those things where you inconvenience yourself...in order to curb what is typically the highest cost in your monthly budget. And it’s just—it’s...If you are saying, I feel like I want to take some drastic measures, I want to make more progress more quickly in my personal finances, something like house hacking…” – Joel, [04:53]

2. Should You Use a HELOC to Replenish a Drained Emergency Fund?

Listener: Katie from Menominee Falls, WI
Timestamp: [07:40–19:32]
Situation: Katie and her husband used $24,000 from their emergency fund to buy a used camper, intending to immediately replenish it by drawing on their HELOC (at 7.4% interest), but are now questioning if that’s wise.

Advice from Joel & Matt:

• Don’t use the HELOC unless it’s a true emergency.

  • The math doesn’t work: borrowing at 7.4% just to replenish savings earning 3.7% is unwise.
  • A HELOC is best reserved as a backstop for genuine emergencies, not to cover pre-emptive savings.
  • Using a HELOC puts your home at risk and can be frozen by a bank during hardship.

• Rebuild emergency savings as quickly as possible.

  • Instead of keeping status quo on spending, look for “belt-tightening” measures and temporarily cut back less-important expenses—this both increases financial margin and enhances your appreciation of the camper purchase.

• Psychology of Spending:

  • Tie short-term cutbacks to the excitement of the new camper, and get the family on board.
  • Using the HELOC as a planned extension of your emergency fund is risky and should not be a long-term solution.

• Notable Quotes:

  “The reason we want you to think of the E fund as untouchable is because a real emergency could come along. You would find yourself with a cool camper but no E Fund, and then potentially debt on top of that.” – Joel, [12:14]

  “Sometimes making those cuts…can provide that financial balance more quickly, you’re able to save up that emergency fund. But it also just...increases the appreciation that you feel for this new camper that you bought.” – Joel, [16:12]

3. New Parents Want to Build Generational Wealth for Twins

Listener: Erin from Parkville, MD
Timestamp: [21:00–34:27]
Situation: After an expensive and emotionally taxing IVF journey, Erin and her husband (savers with a 3% mortgage and maxed-out accounts) are expecting twins. She’s overwhelmed by options for building wealth for her kids: 529s, custodial Roth IRAs, UTMAs/UGMAs, or brokerage accounts—and wonders how not to “ruin” her kids with too much help.

Advice from Joel & Matt:

• Maintain Your Financial Oxygen Mask First.
  • Make sure your financial bases are covered—retirement, emergency fund, etc.—before heavily funding accounts for your kids.
• 529 Plans Are Most Flexible and Valuable.
  • Maryland residents get a state tax deduction. Up to $10,000/year (for two kids, married filing jointly) can go in immediately.
  • New rules make 529s more appealing: can now be used for K-12 and some can be rolled into a Roth IRA for the child.
• Beware of Overdoing Generational Wealth.
  • Too much inheritance/aid can rob your kids of drive and the joy of achieving things on their own.
  • “Teaching your kids how to do and think about personal finance, that is the gift that keeps on giving.”
• Flexible Gifting Later.
  • Investing in your own brokerage account and gifting later gives you more control and lets you help when it’s most impactful (e.g. house down payment at age 30 vs. $100k at age 18).
• Memorable Analogy:

  “If you and I were playing a game of Settlers of Catan and I started off with eight victory points and you started off with zero, the game would be far less fun.” – Joel, [27:13]

4. Is It Frugal or Cheap to Not Remind Your Gym About a Missed Price Increase?

Listener: PJ from Philly Suburbs
Timestamp: [34:38–44:09]
Situation: PJ’s gym was acquired by a larger chain, which announced a 40% rate hike—but never implemented it for “legacy” members like him. Is it frugal or cheap to just say nothing and keep paying the old rate?

Advice from Joel & Matt:

• You don’t owe them a reminder.
  • No notice of a specific price or date; possibly a perk for long-term memberships.
  • If they catch on and raise the price, that’s when you decide what to do next.
• Broader Gym Advice:
  • Calculate your “cost per use” to judge true value.
  • Free trials and proximity matter; so do contract terms and cancellation rules.
  • Know yourself: higher cost might increase usage and accountability for some, home gyms might be more realistic for others.
• Notable Quote:

  “There’s no way I would remind the gym that they’re supposed to charge me more.” – Joel, [41:40]

5. Do You Really Need a Bigger Space After Having a Baby?

Listener: Andrew (Facebook Group)
Timestamp: [45:24–51:42]
Situation: Expecting a baby, lease on a 1BR apartment runs until Sept 2026—but wanting a 2BR by March/April. How should he negotiate with his landlord to minimize overlap/cost?

Advice:

• Many new parents don’t need to upgrade right away.
  • Babies are small, often sleep in the parents’ room for the first 6–12 months.
  • “Question what you’re bringing into your life. For sure, that has to be part of that.” – Joel, [49:09]—avoid over-accumulating baby “stuff.”
• Landlord Negotiation Tips:
  • Friendly, honest conversations go further than hardline demands.
  • If “mom and pop” landlord – more room for negotiation (sublet, tenant-finding help, reduced rent).
  • Know your lease and local laws: in many states, landlords must seek to re-tenant as soon as possible if you move out; others, not at all.
• Biggest financial risk: Doubling up on rent by moving out before you have negotiated or legally secured a way out.

6. Should You Buy Gold, Nvidia, Bitcoin, or Ethereum as “Fun” Investments?

Listener: Anonymous (FB group)
Timestamp: [51:42–55:09]

Advice:

• Short answer: Not necessary.
• But: If you feel the “itch” to experiment, limit “risky” or speculative investments to 5% of your portfolio.
  • “The reason we say that…if it allows you to stay the course with the rest of your investments, I’m fine—we’re fine—…but just don’t let it get any bigger than that.” —Matt, [53:35]
• Index funds already include many of the biggest names (e.g., Nvidia), so doubling down is a conscious risk.
• Segregate your ‘fun’ money from core investments to avoid temptation.
• Rebalance yearly if your “fun money” outperforms and grows beyond 5%.

Notable Quotes & Moments

On House Hacking:

“If you want to move the needle in a significant way…those are the kind of drastic moves that you take.” – Matt, [05:06]

On Helping Kids Too Much Financially:

“Inherited wealth is a handicap to happiness…as much of a death to ambition as cocaine is to morality.” —Matt, paraphrasing Willie Vanderbilt, [26:33]

On Gym Membership Value:

“I think the most important thing that is worth knowing is yourself. Know yourself. Know what it is about the routine that’s gonna help you to stick with it.” – Matt, [39:04]

Timestamps for Major Segments

• House Hacking Listener Email: [03:05–06:47]
• Replenishing Emergency Fund After Camper Purchase: [07:40–19:32]
• Building Generational Wealth for Newborn Twins: [21:00–34:27]
• Gym Membership Frugal or Cheap?: [34:38–44:09]
• Baby on the Way, Lease Dilemma: [45:24–51:42]
• Investing in Gold, Nvidia, Crypto: [51:42–55:09]

Episode Tone & Vibe

Friendly, supportive, practical, with plenty of dad jokes, self-deprecation, and story-sharing. The hosts focus both on numbers and the “psychology” of money, emphasizing intentionality, thoughtful tradeoffs, and living a “rich life” that works for each listener’s values and situation.

[Summary by an expert podcast summarizer with a focus on clarity, comprehensiveness, and preserving the spirit of the episode.]