1 00:00:00,720 --> 00:00:04,440 Welcome to the show. So today, if you have ever 2 00:00:04,440 --> 00:00:09,360 thought I am way too far behind to even try, like saving for 3 00:00:09,360 --> 00:00:12,800 retirement, is it too late? Is it too late to start saving 4 00:00:12,800 --> 00:00:14,440 for retirement? Spoiler alert. 5 00:00:14,640 --> 00:00:16,960 Oh, but today's episode is for you. 6 00:00:17,080 --> 00:00:22,680 I'm going to bust that myth wide open and tell you why now is the 7 00:00:22,680 --> 00:00:25,520 perfect time to start saving for retirement if that's your next 8 00:00:25,520 --> 00:00:27,080 step. If you are brand new to the 9 00:00:27,080 --> 00:00:30,400 show, welcome. Hi Angie, It's so nice to have 10 00:00:30,400 --> 00:00:35,120 you join us for the show. So this episode is for you and 11 00:00:35,120 --> 00:00:39,680 for anyone else that's just like, OK, is it too late to 12 00:00:39,680 --> 00:00:44,320 start saving for retirement? First off, my I want to let you 13 00:00:44,320 --> 00:00:46,800 know who I am if we haven't had a chance to meet yet. 14 00:00:46,800 --> 00:00:50,760 I am Julianne Colbrand, but most of my clients and my friends 15 00:00:50,760 --> 00:00:53,400 call me Jules the budget nerd because I am obsessed with 16 00:00:53,400 --> 00:00:56,000 budgets. But I help overwhelm parents. 17 00:00:56,000 --> 00:00:59,040 Ditch that, build margin and stop surviving. 18 00:00:59,040 --> 00:01:01,040 Stop operating and survive survival mode when it comes to 19 00:01:01,040 --> 00:01:03,560 your budgets and your and spending your money. 20 00:01:03,680 --> 00:01:06,480 One of the ways that I do that is through my free five day 21 00:01:06,480 --> 00:01:09,080 challenge that you can jump on my website and I'll talk about 22 00:01:09,080 --> 00:01:13,960 that a little bit more. But this question is so popular. 23 00:01:13,960 --> 00:01:17,000 I was like, I need to record an episode about this, but I also 24 00:01:17,000 --> 00:01:20,640 know I was in I was in this, this space where I'm like, is it 25 00:01:20,640 --> 00:01:23,120 too late? Because I know it's important. 26 00:01:23,520 --> 00:01:27,520 And when I was just drowning a debt and I was looking at our 27 00:01:27,520 --> 00:01:30,760 numbers, I'm like, this isn't even going to be possible, so 28 00:01:30,760 --> 00:01:33,760 why am I even going to try? So let's jump in. 29 00:01:36,440 --> 00:01:39,280 Welcome to the Debt Ripple podcast where we discuss the 30 00:01:39,280 --> 00:01:42,680 insurance and outs of personal finance for families so you can 31 00:01:42,680 --> 00:01:45,920 eliminate the burden of debt, create financial margins, and 32 00:01:45,920 --> 00:01:47,920 learn a new way to interact with your money. 33 00:01:48,360 --> 00:01:51,000 I'm your host, Jules the Budget Nerd, and I have been in your 34 00:01:51,000 --> 00:01:53,480 shoes. My husband and I have paid off 35 00:01:53,480 --> 00:01:57,520 over $107,000 in consumer debt until we finally threw in the 36 00:01:57,520 --> 00:01:59,360 towel and decided it wasn't for us. 37 00:01:59,840 --> 00:02:02,360 Throughout our journey, we learned another way to do life 38 00:02:02,360 --> 00:02:04,120 without debt, and that's my hope for you. 39 00:02:04,720 --> 00:02:07,440 You can learn more about our story and see full show notes on 40 00:02:07,440 --> 00:02:10,080 my website, julesthebudgetnerd.com. 41 00:02:10,479 --> 00:02:14,000 That's JEWLZ, the budget nerd.com. 42 00:02:14,160 --> 00:02:16,400 Now let's dive into today's episode. 43 00:02:17,240 --> 00:02:25,160 OK, so today's today's topic is a hot 1 because that feeling of 44 00:02:25,160 --> 00:02:28,600 going, you know what, I'm not even going to get started 45 00:02:28,600 --> 00:02:31,760 because I feel so far behind that it's just going to be a lot 46 00:02:31,760 --> 00:02:35,240 easier if I don't. And so today is one of these 47 00:02:35,240 --> 00:02:39,600 myth myth busting episodes because now is the perfect time 48 00:02:39,600 --> 00:02:43,000 to start saving. And there is a process and a 49 00:02:43,000 --> 00:02:47,040 step that our family went through also, because I feel 50 00:02:47,040 --> 00:02:49,800 like debt elimination, this is what worked for us. 51 00:02:49,800 --> 00:02:53,120 Eliminating our debt first so that we could focus on saving 52 00:02:53,120 --> 00:02:58,000 more was just a game changer for our mental health, our financial 53 00:02:58,000 --> 00:03:00,960 health and our relationships, all of the things. 54 00:03:00,960 --> 00:03:05,200 And so, but also, you know what, I might be in a different place 55 00:03:05,200 --> 00:03:09,400 as far as my retirement savings goes, then some of some of the 56 00:03:09,400 --> 00:03:11,760 other people in my age bracket. And you know what, that's 57 00:03:11,760 --> 00:03:13,280 totally fine. We are where we are. 58 00:03:13,280 --> 00:03:17,080 But today's episode is about answering that question. 59 00:03:17,440 --> 00:03:20,360 Have you missed, have you missed your opportunity and is it worth 60 00:03:20,360 --> 00:03:23,440 even trying? And so I want you to hear me say 61 00:03:23,440 --> 00:03:28,120 today, it's not too late. So you might not be able to 62 00:03:28,120 --> 00:03:31,280 start and have the same amount as someone that's starting at 63 00:03:31,280 --> 00:03:34,960 age 22, which I remember someone saying you got to start saving 64 00:03:34,960 --> 00:03:36,400 for retirement. You got to start saving for 65 00:03:36,400 --> 00:03:38,480 retirement. So your approach is going to be 66 00:03:38,480 --> 00:03:41,760 different than someone that has more time on their hands. 67 00:03:41,800 --> 00:03:44,440 And so that's all it is. It's going to look a little bit 68 00:03:44,440 --> 00:03:46,960 different, but it is not too late. 69 00:03:47,160 --> 00:03:52,040 So three things that are really important to focus on right now 70 00:03:52,080 --> 00:03:55,400 at the stage that you're at right now is that starting. 71 00:03:55,400 --> 00:03:59,880 So the best time obviously is yesterday and the second best 72 00:03:59,880 --> 00:04:04,160 time is right now today. The best way to get started is 73 00:04:04,160 --> 00:04:09,000 just small amounts, right? So even a little bit is going to 74 00:04:09,000 --> 00:04:11,320 compound and create this momentum. 75 00:04:11,840 --> 00:04:15,240 And that's why when we talk about eliminating our debt, this 76 00:04:15,240 --> 00:04:19,079 is one of the ways that we can do that is eliminate that so 77 00:04:19,079 --> 00:04:21,920 that we're trying not to bail water from a a boat that's got a 78 00:04:21,920 --> 00:04:24,560 hole in it. The very first thing is to be 79 00:04:24,560 --> 00:04:27,680 very intentional with the money that we have right now. 80 00:04:28,000 --> 00:04:31,760 So our biggest wealth building opportunities are with our 81 00:04:31,760 --> 00:04:33,960 current income. So whatever money you have 82 00:04:33,960 --> 00:04:37,240 coming into your household right now is having a plan for every 83 00:04:37,240 --> 00:04:41,240 single one of those dollars and you want to focus on that very 84 00:04:41,240 --> 00:04:43,000 first. That very first step is creating 85 00:04:43,000 --> 00:04:45,800 that $1000 emergency fund. And I talked about this in our 86 00:04:45,800 --> 00:04:48,160 debt Rebel starter kit is something we talked about a lot 87 00:04:48,160 --> 00:04:51,680 within our community is making sure that you have that set 88 00:04:51,680 --> 00:04:56,040 aside because that is your, your personal credit card now. 89 00:04:56,240 --> 00:04:58,400 So we're not going to borrow money from someone else. 90 00:04:58,400 --> 00:05:01,280 We're going to use that personal credit card, your personal 91 00:05:01,280 --> 00:05:04,720 savings, that $1000 anytime something you would normally 92 00:05:04,720 --> 00:05:07,840 have put on a credit card to bail yourself out, you're going 93 00:05:07,840 --> 00:05:09,880 to use that money and then you're going to replace it. 94 00:05:09,920 --> 00:05:12,800 So being intentional with your money and then you're going to 95 00:05:12,800 --> 00:05:16,800 attack that debt so that you can make some huge strides with 96 00:05:16,800 --> 00:05:20,000 saving for retirement. What do we do with the money 97 00:05:20,000 --> 00:05:23,600 that you have now? So we don't want to waste time 98 00:05:23,880 --> 00:05:26,440 or we don't. So getting clear on what is 99 00:05:26,440 --> 00:05:30,440 important to you. And if right now the thought of 100 00:05:30,440 --> 00:05:32,640 saving for retirement is something that causes you 101 00:05:32,640 --> 00:05:34,840 stress, then let's let's work on that. 102 00:05:34,880 --> 00:05:38,160 All right, so being intentional with every dollar that comes in, 103 00:05:38,160 --> 00:05:41,520 we don't want to waste our time and money on things that aren't 104 00:05:41,520 --> 00:05:45,040 aligning with what matters to us in our present but also in our 105 00:05:45,040 --> 00:05:48,640 future. So when we create margin in our 106 00:05:48,640 --> 00:05:53,120 life, whether it's with money or with time or energy, emotion, 107 00:05:53,440 --> 00:05:57,680 that's where we gain our power and we have the most opportunity 108 00:05:57,680 --> 00:06:02,200 to make wise choices. Instead of reacting, we get to 109 00:06:02,200 --> 00:06:05,200 respond. And so that's why creating a 110 00:06:05,200 --> 00:06:09,280 budget and have in seeing what you have available to spend and 111 00:06:09,280 --> 00:06:12,560 what able, what you have available to save is very 112 00:06:12,560 --> 00:06:15,160 important. And then the third thing is 113 00:06:15,160 --> 00:06:18,920 avoiding the debt trap. Now this one, this is where I 114 00:06:18,920 --> 00:06:21,480 can really just go off on a huge tangent. 115 00:06:21,680 --> 00:06:24,720 But the more that we owe, the less that we have to save. 116 00:06:25,240 --> 00:06:29,400 So every dollar that we put towards debt is something that 117 00:06:29,400 --> 00:06:33,600 we can't save for the future. And so yes, we need to be 118 00:06:33,600 --> 00:06:36,400 present in the moment with our friends and our family and the 119 00:06:36,400 --> 00:06:39,440 people that we want to do life with and do the things that we 120 00:06:39,440 --> 00:06:42,680 want to do. But when we are using debt to 121 00:06:42,920 --> 00:06:46,440 manage our day-to-day life, then we are robbing ourselves of our 122 00:06:46,440 --> 00:06:48,560 future. And this is where we can create 123 00:06:48,560 --> 00:06:53,920 that stress for ourselves within this question of is it too late 124 00:06:53,920 --> 00:06:57,440 to start saving? So I say absolutely not. 125 00:06:57,440 --> 00:07:01,160 Now is the best time. Let's create a system and let's 126 00:07:01,160 --> 00:07:04,320 create a plan that works for you and your family. 127 00:07:04,320 --> 00:07:08,120 And that's what I love teaching. This is what I and my family did 128 00:07:08,160 --> 00:07:12,640 is we got serious about limiting that debt so that our income 129 00:07:12,640 --> 00:07:15,560 could be used for saving for the future and for our present. 130 00:07:16,120 --> 00:07:19,720 So I do not want to be robbing from my future with debt and 131 00:07:19,720 --> 00:07:23,120 that's why our family has decided we are the ultimate debt 132 00:07:23,120 --> 00:07:26,440 rebels and we will not be using debt to fund our lives anymore. 133 00:07:26,720 --> 00:07:32,760 So what can you do right now to get some quick liens to give 134 00:07:32,760 --> 00:07:37,000 yourself some peace and some clarity over your money and what 135 00:07:37,000 --> 00:07:39,160 that looks like to start saving for retirement? 136 00:07:39,480 --> 00:07:41,760 The first thing is to know your numbers. 137 00:07:42,120 --> 00:07:45,960 How much debt are you paying? How much are you paying every 138 00:07:45,960 --> 00:07:48,640 month in debt? What are your monthly expenses 139 00:07:48,640 --> 00:07:52,360 look like so that you might be better off than you realize? 140 00:07:52,360 --> 00:07:56,480 And so if you haven't looked at what your numbers are lately in 141 00:07:56,480 --> 00:08:00,240 those in those, that's a great spot to look and be able to see 142 00:08:00,520 --> 00:08:02,440 the picture of what your finances look like. 143 00:08:03,080 --> 00:08:05,440 And then the other thing is let's trim some fat from that 144 00:08:05,440 --> 00:08:08,360 budget. So things that aren't providing 145 00:08:08,400 --> 00:08:12,280 value to you right now, let's eliminate those because that is 146 00:08:12,280 --> 00:08:15,640 money that you can use for paying down your debts and 147 00:08:15,640 --> 00:08:18,040 creating that emergency fund. But then you can really start 148 00:08:18,040 --> 00:08:21,040 focusing on saving for retirement if there are, you 149 00:08:21,040 --> 00:08:25,200 know, some low hanging fruit. They say when it comes to to 150 00:08:25,200 --> 00:08:27,720 trimming the fat from your budget are if there's 151 00:08:27,720 --> 00:08:30,480 subscriptions that you're not using, say goodbye to those. 152 00:08:30,560 --> 00:08:34,760 I know for our family, we rotate through like we do subscriptions 153 00:08:34,760 --> 00:08:36,400 for things, but we rotate through. 154 00:08:36,559 --> 00:08:38,799 All right, you know what, this month we're going to choose this 155 00:08:38,799 --> 00:08:41,760 streaming service because there's a show we really want to 156 00:08:41,760 --> 00:08:43,960 watch on that one. And so we rotate through those 157 00:08:43,960 --> 00:08:47,760 things. Maybe you give yourself a set 158 00:08:47,920 --> 00:08:51,480 amount that you're going to use for impulse buys and this isn't 159 00:08:51,480 --> 00:08:55,120 money that you're like, OK, I'm just going to go blow this. 160 00:08:55,120 --> 00:08:58,440 It is being intentional and putting that in your budget to 161 00:08:58,440 --> 00:09:02,640 say, this is my money that I I can use on those impulse buys. 162 00:09:02,640 --> 00:09:05,800 So you're not necessarily saying like, OK, I know that in two 163 00:09:05,800 --> 00:09:09,240 weeks I'm going to buy this thing on Amazon that I happen to 164 00:09:09,240 --> 00:09:12,520 see you while I'm on there. Maybe that is that's just money 165 00:09:12,520 --> 00:09:15,360 that is in your budget. So when you see that thing and 166 00:09:15,360 --> 00:09:17,960 you're like, you know what, I have this much money in my 167 00:09:17,960 --> 00:09:22,720 impulse buys category and I'm that that is going to keep me on 168 00:09:22,720 --> 00:09:26,080 track and so that I can still save for retirement, but I can 169 00:09:26,080 --> 00:09:28,080 still indulge in some of those impulse buys. 170 00:09:28,080 --> 00:09:30,720 So you're not setting yourself up for failure, you're setting 171 00:09:30,720 --> 00:09:34,520 yourself up for success. So review what you have in your, 172 00:09:34,600 --> 00:09:36,680 in your spending plan, in your budget and see if there's 173 00:09:36,680 --> 00:09:39,200 anything that can go. And then it's just start 174 00:09:39,200 --> 00:09:42,880 contributing, even if it's just a little, if it's $20.00 a month 175 00:09:42,880 --> 00:09:46,520 because you have cut out a, a subscription that you're like, I 176 00:09:46,520 --> 00:09:49,160 don't use that anymore. 20 bucks is 20 bucks. 177 00:09:49,880 --> 00:09:56,120 And then you want to do some, do some research about Roth Iras or 178 00:09:56,120 --> 00:10:00,240 4 O1 KS if that's offered by your health or if four O 1 KS 179 00:10:00,240 --> 00:10:04,120 are offered by your provider or if you have a thrift savings 180 00:10:04,120 --> 00:10:06,880 plan, if you're a federal employee, maybe you've got 181 00:10:06,880 --> 00:10:11,640 health savings accounts that you can use to start saving and 182 00:10:11,640 --> 00:10:14,520 building some wealth there. So there's some, there's some 183 00:10:14,520 --> 00:10:17,280 ideas and we'll do future episodes about those. 184 00:10:17,520 --> 00:10:22,080 But those are some ways that you can get some quick wins because 185 00:10:22,080 --> 00:10:24,440 remember, progress beats perfection. 186 00:10:24,440 --> 00:10:27,720 And this isn't about making sure all the lights are green before 187 00:10:27,720 --> 00:10:28,960 you start driving home from work. 188 00:10:29,040 --> 00:10:31,160 Work. We want to make progress, we 189 00:10:31,160 --> 00:10:34,440 want to make the small steps towards our goals and that's 190 00:10:34,440 --> 00:10:39,400 going to get us to where we want to go faster than if we were 191 00:10:39,400 --> 00:10:41,640 just sitting there waiting for all the perfect conditions. 192 00:10:43,560 --> 00:10:47,040 One of the ways, if you don't have an idea of what your 193 00:10:47,040 --> 00:10:50,440 finances look like and you're like, I need some clarity around 194 00:10:50,440 --> 00:10:52,680 this. I'm a little disorganized. 195 00:10:52,720 --> 00:10:55,840 I don't even know what my monthly budget looks like. 196 00:10:56,640 --> 00:10:59,240 On my website. I have a free five day challenge 197 00:10:59,240 --> 00:11:02,080 and that will help you lay all that stuff out. 198 00:11:02,080 --> 00:11:06,920 It has five tasks to do and it's delivered over 5 days. 199 00:11:06,920 --> 00:11:09,440 It's going to take you about 15 minutes, but it's going to give 200 00:11:09,440 --> 00:11:13,840 you a plan and a overall view of what your financial situation 201 00:11:13,840 --> 00:11:16,360 looks like, even if you feel like you're behind. 202 00:11:16,680 --> 00:11:19,920 So this challenge is for parents. 203 00:11:19,920 --> 00:11:24,280 Maybe you have a busy brain like myself, or maybe you just feel 204 00:11:24,280 --> 00:11:28,360 like you're just late to the party and you want to stop 205 00:11:28,360 --> 00:11:31,080 feeling like that or you want to stop feeling like you're just 206 00:11:31,080 --> 00:11:33,480 surviving. So you can find that challenge 207 00:11:33,480 --> 00:11:36,360 on my website, jewelsthebudgetnerd.com back 208 00:11:36,360 --> 00:11:39,640 slash challenge. And you'll be 5 days closer to 209 00:11:39,640 --> 00:11:44,080 having that Peace of Mind and getting you closer to that goal 210 00:11:44,080 --> 00:11:48,000 of saving for retirement. Because remember, you are not 211 00:11:48,080 --> 00:11:50,240 too late. You're just getting started. 212 00:11:50,320 --> 00:11:54,120 And getting started is, it can be the hardest part, but it's 213 00:11:54,120 --> 00:11:56,480 what counts the most. Just getting started. 214 00:11:56,760 --> 00:12:00,960 So check out my website jewelsthebudgetnerd.com/challenge. 215 00:12:00,960 --> 00:12:04,760 That's JEWLZ, the budget budgetnerd.com back slash 216 00:12:04,760 --> 00:12:07,600 challenge, and you can take that first step towards financial 217 00:12:07,600 --> 00:12:09,640 freedom. All right, Debt rebels, I hope 218 00:12:09,640 --> 00:12:12,400 this episode was helpful for you and we will talk soon. 219 00:12:13,280 --> 00:12:15,720 Thank you for listening to the Debt Rebel podcast. 220 00:12:15,920 --> 00:12:18,800 Now, if you want to take your next step, check out my website, 221 00:12:18,880 --> 00:12:23,480 jewelsthebudgetnerd.com. That's JEWLZ, the budget 222 00:12:23,480 --> 00:12:25,960 nerd.com. I've created a bunch of 223 00:12:25,960 --> 00:12:30,320 resources just for you. So hop on over, check it out and 224 00:12:30,320 --> 00:12:33,360 we can connect more there. If you love today's episode, I 225 00:12:33,360 --> 00:12:35,840 would be honored if you would hit that subscribe button and 226 00:12:35,840 --> 00:12:38,880 leave me a review. And remember, every step towards 227 00:12:39,080 --> 00:12:41,440 financial independence is a rebellion against debt. 228 00:12:41,440 --> 00:12:45,040 So stay strong, keep pushing forward, and fight the good 229 00:12:45,040 --> 00:12:47,680 fight until next time. Debt rebels stay resilient.