164: Attacking Your Fixed Expenses & What You Can Do to Boost Cashflow: Finance Friday with Kyle and Sarah

Kyle and Sarah are in a great position. Kyle owns a mechanic and repair shop while Sarah works a regular 9-5. Combined, they’re both bringing in a solid amount of cash flow each month, but it may be getting offset by their expenses. With monthly expenses going into the 5-figures, it’s been hard for Kyle and Sarah to get the cashflow to start their real estate investing. A few months back Kyle and Sarah began tracking their expenses, and like many people, they were shocked at what they found. Some takeout food here, some shopping there, and other random expenses were really adding up, so they started to reduce their costs. Kyle and Sarah both have made significant contributions in their retirement and investing accounts, but they could be investing a lot more and getting a lot of write offs! Scott and Mindy walk through the main expense categories that Kyle and Sarah have, breaking down what can be improved, reduced, and left alone. Like many people, Kyle and Sarah have found that with some fine-tuning to their budget, they'll be able to increase their investments, by a lot! In This Episode We Cover Why everyone needs to track their expenses and start to budget How to start tracking without shame Why you should get quoted for insurance bundling every few years The importance of contributing to your HSA (health savings account) Why employers may want to start 401(k) programs for their employees Whether or not a life insurance policy may be worth the money What should and shouldn’t be a variable cost in your budget And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding HSA – The Ultimate Retirement Account – Mad Fientist BiggerPockets Money Podcast 27 with Lee Huffman BiggerPockets Money Podcast 18 with Mad Fientist BiggerPockets Money Podcast 161 with Mad Fientist BiggerPockets Money Podcast 03 with Erin Chase BiggerPockets Money Podcast 75 with Saving Sherpa BiggerPockets Money Podcast 139 with Joe Saul Sehy BiggerPockets Money Podcast 10 with Liz Thames XY Planning Network BiggerPockets Real Estate Agent Directory Frugalwoods Check the full show notes here: https://www.biggerpockets.com/moneyshow164 Learn more about your ad choices. Visit megaphone.fm/adchoices