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:
https://www.nerdwallet.com/article/investing/529-plan-rules?fbclid=IwAR0vq-a-lxlMG8580sRf_mAZo7wiYh8EQOIlm4hZi_S7pWgXFGO6ORLCyZo Thanks to our wonderful BiggerPockets Money Facebook Group members for pointing out this error! Happy investing!
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Join the BiggerPockets Money Facebook Group:
https://www.facebook.com/groups/bpmoney ~~~~
Follow Along with Mindy’s Budgeting and Expense Tracking:
https://biggerpockets.com/mindysbudget?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~
Our Interview with Insurance Expert Steve Longenecker:
https://www.biggerpockets.com/blog/biggerpockets-money-podcast-265-5?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~
The Ultimate Beginner’s Guide to Saving Money:
https://www.biggerpockets.com/blog/saving-money-ultimate-guide?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~
Waffles on Wednesday’s Budget Tracker:
https://wafflesonwednesday.com/make-your-own-mobile-expense-tracking-app-in-30-minutes/ ~~~~
Want to Help Carl and Mindy Demo Their House? Email Them Here:
Mindy: Mindy@biggerpockets.com
Carl: mr1500@1500days.com
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Hear More from Carl:
The “Mile High FI” Podcast:
https://milehighfi.com/ 1,500 Days to Freedom:
https://www.1500days.com/ ~~~~
Connect with Carl and Mindy on BiggerPockets:
Carl:
https://www.biggerpockets.com/users/carljensen?utm_source=youtube&utm_medium=description&utm_campaign=none Mindy:
https://www.biggerpockets.com/users/mindyjensen?utm_source=youtube&utm_medium=description&utm_campaign=none Episode 308
Show notes at:
https://www.biggerpockets.com/blog/money-308?utm_source=youtube&utm_medium=description&utm_campaign=none 00:00 Editorial Correction
01:37 Intro
04:07 Expense Tracking Mishaps
09:45 May’s Budget Busters
14:14 Do Money Masters Use Budgets?
19:43 Insurance Quote Wins
26:27 Buying Another House!
32:12 Another Expensive Month Incoming
