A Money System For Practical Spending and Stress Free Saving
episode
Wealthy After 40: Retirement Planning and Budgeting for Gen X
17 min
1 speaker
2 chapters
transcribed 1 month ago
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Transcript generated automatically by AI and may contain errors.
How can a simple money system stop the “where did my money go?” problem?
Raise your hand if you've ever checked your bank account and thought, where did all my money go? To end the wonder of what's happening to your money and knowing exactly where it's going, you need a money system. One that's easy and simple for the life you're living today. And you're in luck. Today's episode is all about creating your money systems to help you have simple, easy control and no longer have to depend on willpower. Hey there and welcome to Wealthy After 40. I'm Dailene Higgins, your podcast host and financial coach. If you're a Gen X woman or couple who's worried about retirement, maybe you feel like you're starting late or don't have enough saved, you're in the right place. This show is all about ditching the financial stress and creating a retirement plan that works for your life now and later.
So grab your favorite drink, settle in, and let's figure this out together. Welcome to today's episode, part two of four. We did the overview. We did part one last week. So this is part two. And what I'm talking about, in case you're new here, is there are four phases in my Retirement Ready framework. And today we're talking about phase two, which is your money systems. So if you missed part one, go listen to that last week. If you want a quick overview, that will be the week before. And again, next week, we're diving into three and then four. So stay tuned. Lots of fun diving into all of the things that help you get to retirement. So why do systems matter more than willpower? Now, if you remember, I recently did an episode about discipline.
Discipline, willpower. Willpower probably has a better definition. I didn't look it up. Like I did discipline where it's really Not a great word to use. So go find that episode. I'll link it down below. But anyways, when you are relying on willpower, some of this shows up as, okay, I'm just managing the money in my head, right? I'm keeping track of, oh, I just spent here and I just spent there. Do you not already have enough to worry about? The mental load of adding that on and keeping track of that and really relying on your bank balance balance does not work. If you're like, okay, I've done this, I've done that, I should have $500 left over that I can then move into savings. You are not going to have $500 to move into savings.
And you probably can shake your head and agree with me. So relying on your bank balance doesn't work. And this is because, I mean, things are really quick to the T nowadays. But if you have a subscription coming through and you don't remember because it's only paid four times a year or whatever, right, that gets to be a lot of mental math, a lot of mental load. But systems are going to help you create predictability. You're going to know when that time is for that subscription to come through. And it's going to help you remove decision fatigue. Think about all of the decisions you are making in life today, right? To survive. I've got to plan a meal. I've got to decide where I'm going. I've got to make that doctor's appointment or all of the things, right?
Whether it's for yourself, your spouse, your children, whatever it may be, church, it can be anything that you're having to support and create decisions. So being able to create a system for your money that simplifies it, makes it easy, and helps you create predictability? Are you thinking, yes, sign me up? Let's dive into what a money system truly is in my phase two of the retirement ready framework. So in your money system, you will have a budget framework. Now, why am I calling it a budget framework? You have a static piece of paper saying, this is all of my money in these categories. This is how much, right? It's all detailed, but we don't need that detail for tracking. So then what we do is we align those categories and large categories and create multiple bank accounts for tracking.
We don't need to do a check register style of transaction history anymore unless you're running a business, okay? I'm going to put that little caveat in here. For personal, you've got these bank accounts.
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Chapters
2 chaptersSpeakers
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