Why the Importance of Saving Money Can’t Be Ignored
episodePreviously titled “Ep 122 | Why the Importance of Saving Money Can’t Be Ignored” — renamed by the publisher on Aug 2, 2026
Wealthy After 40: Retirement Planning and Budgeting for Gen X
18 min
1 speaker
8 chapters
transcribed 1 month ago
Transcript
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Transcript generated automatically by AI and may contain errors.
Why is saving described as the number one financial habit?
Today's episode is a re-release of a episode all about savings. In this episode, I share why savings is the number one habit to have and how it benefits you in eight different ways on your money journey. So whether you're struggling with being a saver or in debt or wanting to retire, any of the goals can be found in this episode and learning to become a saver. 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 Dailene 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.
What immediate benefits does an emergency fund and sinking funds provide?
Welcome to today's episode of Wealthy After 40, where I am going to share with you why I know savings is the number one financial habit. Savings does so much for us, and I'm going to start out by sharing with you eight different things it supports directly, right, from being able to be a saver. The first one, it creates an emergency fund and sinking funds. Being able to save for a medical emergency, for a car repair, for a home repair, protecting us from going into debt more. Number two, savings habit helps us pay down debt. Number one, we have to have that amount for that payment. And number two, if we want to pay it down more quickly, we need to know how to save. We need to find savings to be able to contribute to paying down debt.
Three, it helps us build awareness around our spending. As we start thinking about saving, when we go to spend and it's leaving our hands, I think we're a little more aware of the why and the what and the how and evaluating if that's what we truly intend to happen with these monies. Number four, it helps us prepare for sending kids off to college. Number five, it prepares you for retirement.
How does a savings habit help you pay down debt and increase spending awareness?
If you're not able to save for the future, retirement's going to be pretty bleak. Number six, it softens the effects of job loss. So if you have a bucket of money and you lose a job or you have a reduction in hours or maybe even a reduction in pay for whatever reason, having that savings can help soften that effect. The thing still happened, but financially we can start making decisions because we're okay for a moment. Number seven, it builds a buffer for times of inflation. We've just experienced inflation, we know. So being able to have a savings and being able to pull back from that to cover those increases in costs for the things that we have to have, utilities, fuel, groceries, those things aren't going away.
We need to be able to support the inflation and that typically is done with savings. And number eight, saving helps us build wealth. If we are not saving, we are not building wealth at all. Saving is the cornerstone of financial stability. Financial stability is the first level of financial freedom. We need to achieve that to even start our path to financial freedom. And financial stability helps us be able to react to most life events, being prepared for As I was talking about for medical emergency, many years ago, my dad was in ICU after a bypass surgery. Yes, most people are in ICU for a certain number of days, but typically very few.
How does saving prepare you for college costs, retirement, and job loss?
He spent nearly a week there. But because they had been savers, I knew I didn't have to worry about money for them. I just got to worry about his health and his well-being.
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Chapters
8 chapters
1
Why is saving described as the number one financial habit?
0:00–1:46
2
What immediate benefits does an emergency fund and sinking funds provide?
1:46–3:20
3
How does a savings habit help you pay down debt and increase spending awareness?
3:20–5:08
4
How does saving prepare you for college costs, retirement, and job loss?
5:08–7:04
5
How can savings act as a buffer against inflation and build long-term wealth?
7:04–9:39
6
What practical strategies and apps can help you start and automate savings?
9:39–13:30
7
How can challenges, lifestyle creep, and debt block saving and how do you overcome them?
13:30–16:27
8
What goal-setting mindset and habits lead to consistent saving and financial stability?
16:27–18:02
Speakers
1 identifiedMore from Wealthy After 40: Retirement Planning and Budgeting for Gen X
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