Ep 106 | How My Client Found Balance Between Debt Payoff and Saving
episode
Wealthy After 40: Retirement Planning and Budgeting for Gen X
18 min
2 speakers
3 chapters
transcribed 1 month ago
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Transcript generated automatically by AI and may contain errors.
Why did my client feel stuck in the paycheck-to-paycheck cycle?
Have you ever felt like even though you're budgeting, you're still sinking deeper into debt and you can't figure out why? You're not alone. Today, I'll share the story of a client who felt the same way until she restructured her budget, tackled her debt, and started saving for her dreams. Welcome to Wealthy After 40, where I help you turn retirement uncertainty into a clear, actionable plan. If you're thinking about retirement but feel unsure whether it's even possible, I understand. The gap between where you are now and where you want to be can feel overwhelming, but it doesn't have to. Hi, I'm Daylene Higgins, founder of Elevate Finances and your personal financial coach. Having retired at the age of 50 and have enjoyed over two years of retirement bliss, I'm here to help you create your retirement dream and make it a reality.
No more wondering, no more guessing, just taking action and building a future for yourself. Join me each week as I guide you through essential topics such as budgeting, cash flow, lifestyle planning, debt and savings, insurance, Medicare, and social security. Together, we'll build a strategy to help you achieve the retirement you've always desired. It's time to shift from uncertain to unstoppable and make your retirement dreams a reality. Today's episode is about one of my amazing clients. When we began working together, she was frustrated and unsure how to get out of what she called the paycheck to paycheck cycle. Fast forward just three months, she paid off $5,000 in debt, saved $2,500, and has even started planning and setting aside money for travel.
Just amazing as she learned and was able to stick with it and get these results. When this client reached out for help, her specific statement was, my spending is not good and I'm creating too much debt. I'm sure a lot of you are like, I feel the same, whether those are your exact words or not. And so then her specific request when asking about the program and what it looked like to work together, she says, I want a plan for paying off debt and still working on savings. With that request, I can see the importance for her to be in that balance. And that is a balance a lot of listeners are still trying to find or seeking. And we know how important it is to save, but how do we get this debt paid off?
A little bit more about my client. She was using a budget. But despite having that budget, she was still accumulating debt. Slow growth, but it was still growing. And she says, I'm struggling with overspending. Her specific question to me, I'm doing the work, so why isn't it working? Her frustration is, It's obvious and I totally understand.
Who is the host and what is the episode’s success story overview?
She's trying to do what she's heard multiple times out there anywhere from, you know, individuals, social media, wherever you're getting it from. Create a budget and spend accordingly. if it were only this simple. That's a great start. That is a great start. And you may be in that same situation. You're like, well, I have a budget and I'm trying to spend, you know, and life gets in the way. You're struggling to make progress. You have really good intentions. And I want you to remember that. What you have is working, but it is missing a few things to have you be successful. And before I share specifically how I got results from my client, I just want you to know you can start finding these missing things with a retirement-ready VIP session.
It is in that session, the very first step, that we look at your overall financial picture. I can let you know what may be missing, what you need to add, but that is a great start to get you going. With my client, that is what we did. We looked at her financial picture. She gives me her prep work. This is done through a questionnaire and a spreadsheet, acknowledging all of the things. But with her, since she had a budget, I also had her include that. No need to reinvent the wheel. She's already aware. you know, a lot of her expenses. So we don't have to try to, well, we don't have to create from scratch. And we have a lot of things already at our fingertips.
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Chapters
3 chaptersSpeakers
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