For those who have money… or want more of it! Join Mindy Jensen and Scott Trench (from BiggerPockets.com) weekly for the BiggerPockets Money Podcast. Each week, financial experts Mindy and Scott interview unique and powerful thought leaders about how to earn more, keep more, spend smarter, and grow wealth.
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episode 308: Why You Can’t Stop Overspending | Mindy & Carl’s Budget Review
Many FIRE chasers want to know how to stop overspending. But maybe the solution to overspending is simply knowing about it in the first place. For many Americans, credit card debt, exuberant living, and buying more than what they need are ongoing problems. And even for money masters like Carl and Mindy Jensen, it’s no different. As two leaders in the personal finance space, they understand why people overspend and how to stop it. But, as they’ve found out this year, giving advice can be easier than putting it into practice.
As many listeners know, Carl and Mindy have been publicly tracking their household spending. They’ve tried their hardest to stay within the limits they set for themselves, but some months' bills creep up on you more than others. In this monthly budget review, Carl and Mindy talk about why they’ve overspent, how to become more “money conscious”, and how to stop yourself from living a “money rich, lifestyle poor” life.
Editorial Correction: On a previous episode of the "BiggerPockets Money" podcast, we stated that gains in a 529 Plan account would be forfeited if not used for educational expenses. This is incorrect and we apologize for the mistake. If you’d like to know more about the 529 Plan rules and regulations, please visit this blog post. Thanks to our wonderful BiggerPockets Money Facebook Group members for pointing out this error! Happy investing!
In This Episode We Cover
How to budget and expense track the right way (stay up to date on your inputs!)
Umbrella insurance and how to get better insurance coverage for even less
Why many millionaires choose not to use a budget
Carl and Mindy’s newest live in flip project purchase
May’s budget busters and how buying quality goods can save you more in the long run
How to stay “money conscious” while living a proactive (not reactive) life
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Mindy's Twitter
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Subscribe to The “On The Market” YouTube Channel
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Check Out Mindy’s 2022 Live Spending Tracker and Budget
529 Plan Rules - Nerdwallet article
Food Spending Eating Away at Your FI Plans? Here’s How to Eat for Cheap
Carl and Mindy’s Spending Summary: Why We Went $1,000 Over Budget…Again
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