Struggling to Save? Here’s Why Your Money Doesn’t Stay Put
episode
Wealthy After 40: Retirement Planning and Budgeting for Gen X
15 min
1 speaker
5 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?
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. I'm so excited to talk about savings. Savings definitely is the trigger or the pivot point of creating what you need or solving the problems that you need with your money.
Why does my savings feel like it constantly goes in and out?
So I hope you will find today's episode helpful. And if you do, come shoot me your thoughts over on Instagram, elevate underscore finances, or you can search Dailene Higgins and let me know what you thought or let me know what questions you still have. So let's dive into this. You have a little extra money, right? You find you have $1,000 left over or spending didn't seem as great this month. And you're like, wow, perfect. I can put this into savings. And then as you go to do it, you think, if I put that into savings, I know I'm just going to have to immediately yank it out because that is what always happens. Sure enough, you go through the motions because you know you're supposed to be saving. And within two or three months, sure enough, you have to pull that money, yank that money right out of there.
And so the money goes in and it comes right back out. As you repeat this over and over, you begin to wonder. Why does saving money feel so temporary? I'm sure there's other thoughts. We'll get into those later. But why does saving money feel so temporary? Why does it feel like this yo-yo effect? Okay.
How does the 'yo-yo effect' of saving develop over time?
I loved the yo-yo. I know it's from our generation. I watched somebody on TikTok doing yo-yo and I thought, oh man, maybe I need to get me a yo-yo. I don't even know if they sell them. A lot of fun. However, I have digressed. Let's come on back. So this money goes in, money comes out. I call it the yo-yo effect of saving. So no matter how many times you try, your savings is never building. You might not deplete it completely, although sometimes you do, but it's never building. It's never growing. And it's not giving you that feeling that you know you're supposed to have. You feel like you are trying. You're making every effort to just like you're supposed to, but you're not getting ahead. You're not making that impact that you want.
Then you start thinking, I'm not good with money. That's what it is. Or I don't make enough money. If I made more money, I could save. Or I know this as well, I spend too much. So I'm spending my savings. And so these thoughts are, this yo-yo effect, it creates your hesitation whenever you think about saving again. So if this is happening to you, and I know probably most of you, because I hear it from my clients, potential clients, people I'm chatting with, I want you to hear this. You are not bad at saving. You are not lacking discipline. We've talked about that on the podcast before. It doesn't mean that you need to be more restrictive. Those are all places of scarcity, which creates its own problems, its own beast of an animal later.
I just want you to know that this is a very common place to be. And this helps get you into where you're very frustrated. This is why people give up on budgeting. And all of these feelings are very normal. So why do you feel so stuck? Why do you feel so stuck? Why do you feel like you can't, you know, yes, you had those ideas. Those are not true. And if you're not lacking the discipline and you don't need to be more restrictive, then then why are you stuck? You're thinking, so what? So what? You know, what do I do now? Sometimes we move money into savings just because we think we should. And I'm sure that's true for you. And as I kicked off this episode, I said savings is going to be the pivot of everything.
But are you moving it just into savings and there's no real plan for what that money is for?
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Chapters
5 chapters
1
What is the main topic discussed in this episode?
0:05–1:02
2
Why does my savings feel like it constantly goes in and out?
1:02–2:27
3
How does the 'yo-yo effect' of saving develop over time?
2:27–6:14
4
What common self-blame stories do people tell when savings don't stick?
6:14–9:27
5
Why is moving money into a generic 'rainy day' savings bucket problematic?
9:27–15:17
Speakers
1 identifiedMore from Wealthy After 40: Retirement Planning and Budgeting for Gen X
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How to Travel Cheap in Retirement and Still Hit Bucket List Trips w/ Jillian Sidoti
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Retirement Planning for Gen X: 4 Things to Map Out Now
4 Signs of Quiet Financial Stress That Delay Retirement
Why Do You Fear Retirement? The Answer Might Surprise You