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Dexa/BiggerPockets Money Podcast

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Published Apr 23, 2021

How To Boost Your Savings and Investing Rates

Discover creative side hustle strategies, financial planning techniques, and smart budgeting practices with Rachael Caskey, as she shares insights on automating savings, diversifying income through painting parties, print-on-demand services, and effectively managing expenses for long-term financial gain.
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  • Savings Strategies

    Automating savings and re-evaluating spending habits are key strategies for consistent monthly savings. suggests that removing funds from immediate access can help maintain them in savings accounts, while tracking expenses with tools like the Waffles on Wednesday app can provide personalized insights 1. emphasizes the importance of ensuring expenses are significantly lower than income to build a financial snowball effect, where additional income streams like side gigs contribute to savings 2. shares her experience of saving for her sons' college funds and managing her HSA account, highlighting the importance of having a diversified savings strategy 3.

    Whereas if it's sitting in your account, and I know this from personal experience, I'm not trying to make you feel bad. I know that it's just a dollar and it's just $5 and oh, I can do this and oh, I'm not thinking about it because there's money in the account. But if it's not there in the first place you have a better opportunity to have it stay in your emergency fund or your savings account when you put it there first.

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    Investment Strategies

    Investing saved money into various streams like real estate or the stock market is crucial for long-term financial growth. advises building a solid financial foundation by saving consistently and creating an emergency reserve, which allows for more freedom to explore investment opportunities 4. He highlights the importance of maintaining a disciplined approach to budgeting and spending, drawing parallels between financial management and weight loss 5. discusses her progress in saving for real estate investments, noting the potential to buy property in Pittsburgh with consistent savings over a couple of years 6.

    You need your monthly cash flow to be consistent, predictable, and you are in command of it. And it is piling up in your bank account. You need that to be sustained for a little bit of time.

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