3 Rules to Build Your Budget for Retirement
episodePreviously titled “Ep 154 | How I Created a Budget for Retirement (and the 3 Rules I Now Teach)” — renamed by the publisher on Aug 2, 2026
Wealthy After 40: Retirement Planning and Budgeting for Gen X
18 min
1 speaker
3 chapters
transcribed 1 month ago
Transcript
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Transcript generated automatically by AI and may contain errors.
What is the main topic discussed in this episode?
I've tried every kind of tracking system out there, cash envelopes, spreadsheets, apps, credit card tracking, you name it. And along the way, I not only discovered what works for me, but also the philosophies I teach my clients. Welcome to the Wealthy After 40 podcast, the show for Gen X women and couples who are ready to ditch financial stress and feel confident about retirement. I'm your host, Dailene Higgins, financial and retirement coach, helping Gen Xers master their money and create a personalized retirement plan so they can stop spinning their wheels and step boldly into their dream retirement. If you're feeling behind, don't worry. Continue listening to this podcast as well as be sure to grab your free guide, Five Must Do Steps to Start Retirement Planning Now at elevatefinances.us backslash must do.
And remember, let's make retirement possible together. Welcome to this episode. So last episode, I talked about budgets and how they are a power tool for your retirement. If you missed that, be sure to head over there after this episode, but they have so much power. And I decided to follow up with how a budget really gave me the power on my money journey to get me to retirement. And How on that journey that I turned those philosophies into the things that I now teach my clients. First off, budgets are not one size fits all. There's not a standard way to budget. There's not standard elements. There can be, right, in general. But really a budget, the power from a budget comes when you design one around your values first.
your priorities, and your vision for retirement. And I'm going to show you how that worked for me so that you can see how it can work for you. Being able to create a budget with who you are, I talk about that a lot, your values, your priorities, basically, that's what makes budgeting sustainable and also likable. Nobody really loves budgeting. Except for me. I'm sorry. Yes, my prior boss called me a nerd. But he was like, that's kind of a good term. And I'm like, yes, because I do. I love numbers. And not everybody does. And I've definitely learned that on my journey. But there's some things that I didn't agree with either out there in this space. And so... My goal with this episode is to share with you my journey so that you can see what kind of would happen on your journey or what should be happening on your journey.
And that it really is all about who you are and what you want from your money. The goal with a budget is to create a static but flexible budget. Now, when I say static, it's going to be a budget that flows month to month. We're not creating a budget for September and then a new one for October. Oh, no, we don't need to do that. We need one that is going to be able to be static but supportive of every month and then ultimately flexible enough to give you the power to make the choices you need. I believe that's what a budget is all about. We have a budget. It's laid out what is going on, what we're doing right now. And there are times when we talk about emergencies all the time. And so I think everybody understands that.
But there's times in our lives, especially if you're with a spouse or children, right? People, two minds coming together, basically two plus minds coming together. And you're talking about, wow, wouldn't this be exciting? Or have you thought about this? Or, man, I've been thinking. And really you start going down that, I call it a rabbit hole, but really I think it's a dream pipe. Oh, that would be so nice. That would be amazing. Do you think we could do it? At that point, that's when you go to your budget. How can you make that work? How can you realign what is going on in your budget to help you get that new thought, that new idea, that new desire to happen in your life? That is with a budget. That is with a budget.
Okay, so I've digressed just a little bit, but I want to share with you my budget journey. I'm not going to walk you through all the steps and all the boring stuff. But what I'm going to share with you is the things I've learned.
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Chapters
3 chaptersSpeakers
1 identifiedMore from Wealthy After 40: Retirement Planning and Budgeting for Gen X
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