speaker-1: Welcome to You're Not Crazy. It's Perimenopause. If you're a woman over 40 and feeling more anxious, not sleeping well, or disconnected from your body, this podcast is for you. I'm your host, Jenny Smith, Functional Medicine Health Coach, here to help you understand what the heck is happening in Perimenopause. Each week, we're diving into real-life conversations about how our changing hormones impact anxiety, sleep, and stress. And I'll share simple strategies to help you feel normal again. So grab a cup of tea or beverage of choice, get comfy, and let's dive in. Welcome back. We spend a lot of time talking about food, hormones, sleep, and exercise on this podcast. But today we're talking about another area that has a huge impact on our health that we don't nearly talk about enough, and that's money. For many women, finances can be one of the biggest sources of stress and anxiety. And during periodopause, when our bodies are already more sensitive to stress because of our hormonal changes, financial worry can take an even greater toll on our sleep, our mood, our energy, and even our eating habits. The good news is that while we can't eliminate every stressor in life, we can take steps to feel more confident and in control of our future. Having a plan can replace much of the fear that With peace of mind. That's exactly why I'm so excited about today's conversation. Joining me today is Daileen Higgins. Daileen is a money coach and retirement strategist who helps women and couples over 40 stop worrying about retirement and start taking action so they can create the retirement they want sooner while still enjoying life today. Her own retirement journey began about 15 years ago. Like many people, she wasn't handed a clear roadmap. She had to learn how to balance everyday life, competing financial priorities, and long term goals while building a retirement plan that actually fit the life she wanted. Along the way, she discovered that retirement isn't just about saving more money, it's about creating a plan you believe in and can confidently follow. Today, Daileen helps her clients do exactly that. Through practical strategies, personalized guidance, and simple systems. She helps them gain clarity, make confident financial decisions, and build momentum toward a retirement they can truly look forward to. Daileen is also the host of Wealthy After 40, a podcast where she helps Gen Xers answer questions like: Will I have enough to retire? Am I on track? And what should I do next? Through practical retirement strategies, money management, and mindset shifts that make retirement possible. Thank you so much for being here today, Daileen. I'm so excited to have this conversation. Yes.

speaker-0: Thanks Jenny. I'm so excited to share my thoughts and my experiences.

speaker-1: Yeah, money is money is a big source of stress for so many of us and that's something that we're gonna, you know, dive deeper into today. But can you tell us a little bit more about your journey to becoming a retirement coach? Yeah.

speaker-0: Yes, ⁓ so about four years ago I retired. Prior to that, I was like, what am I gonna do? I was 50. I was like, what am I going to fill my time of day? And I came across financial coaching. So I'm like, that's what I'm gonna do. I've just completed my biggest financial dream and I wanna help others. And so that was my first people I were I was helping. If you want to buy your first house, if you wanna be able to do these, you know. And over time, about two years ago, I realized the need of specifically for retirement. So I, you know, leaned into my journey more of what was it that I did, what had worked for me, trying to make it a little bit more shareable about this is what I can help you do, and these are the steps I took. And so yeah, I became more of a retirement coach, but I still do everything with the day-to-day finances. We are just focused on Getting to retirement.

speaker-1: Mm-hmm. Yeah. When we start off in our careers, we do spend so much time thinking about retirement. But when we first start off, we're like, that's, you know, eons away. That's like years away. And then we get to forties and fifties and we're like, ⁓ my gosh, that's that's around the corner. Am I set up? I think that just becomes like such a source of stress. Well, one working in perimenopause and in a menopause can can be such a source of stress, anyways, that we are really counting down to the days that we can retire. So with with the women who are thinking about retirement, why do you think that they might feel anxious about money and having enough money for retirement, even though they're making a decent income?

speaker-0: Yeah, so our mind does crazy things, right? And then when we're stressed out, we don't think clearly, and obviously perimenopause, menopause, all of that. But if somebody's like, I don't know if I'm gonna have enough, I have been saving, that's typically my thing. I've been saving, but I don't know if I'm gonna have enough. It's because they have not proven to themselves that they have enough now. And so coming back to the current, and that's one of the things I help my clients with, is like, what is your current financial situation? What does it truly mean? And in that, you're like, ⁓ Okay, well, just a budget. In a sense, yes, but so that's only one piece of the puzzle. Being able to understand what the cost of your life is is very important. So I call that your cost of your reality. And what I mean by that is what is life truly costing you over the year? Because every month fluctuates, right? And those are the things that are creating more stress, the demands, and then the true emergencies add just on top of that. And sometimes they're not emergencies, but they're really, really truly unexpected. I know a lot of people are like, well, that was an unexpected expense, but it's usually about the car tires, the car registration, taxes that we pay quarterly or biannually. And it's like, no, those are not unexpected, but you need to have those in your plan. So those typically are the things that are throwing the stress, throwing that thought of, I don't have enough. How am I going to ever make it to retirement? So that's, you know, proving the point of where we're at can help us start down that path much easier.

speaker-1: Yeah, so stepping back, kinda having clarity about the bigger picture. ⁓ I that makes so much sense. ⁓ when we're when you're working with women and couples, what do you think is the biggest financial mistake that they make when it comes to financial security or preparing and planning for retirement? Yeah.

speaker-0: So I mentioned it a little bit, but it is truly those irregular, I call them irregular expenses, but a lot of people are like, well, those are unexpected expenses. Being prepared for that is a hundred percent I've helped all of my clients do that. So they've come to me with different reasons, different struggles. I had one client who said, I am overspending and I need help. I've got to get my, you know, credit cards under control. And actually she was not overspending. She was just not planning for these expenses. And so her, you know, her spending moments felt like those were the mistakes. And so I know that's a big, big struggle, but recognizing when you need to replace your car or car tires, when you need to pay for registration. When are you paying property taxes outside of mortgage? You've got to set that aside. ⁓ I had a client come to me, her and her husband. They had been asked by their financial advisor, how much do you need every single month to live on? She's like, I don't even know that. I'm like, well, let's get started. She was mortgage free, debt-free, everything, not carrying any credit card balances, but she was not planning for these expenses. And so as we created the system that I help all of my clients create, she was able to realize how much easier and stress-free, right? To have her 10,000 for her homeowner's insurance, her 10,000 for her property taxes. And those came due at the same time. And so instead of stressing about what am I going to take from? Where is this going to come from, it's being, you know, having that plan for that. So that is what sets you up for financial stability. And you can't reach financial independence until you have that stability. And so it really is just a You know, people think budgeting and tracking is all you need, but that's only one piece of a the whole entire system that you need to create.

speaker-1: Yeah. Well, a lot of my listeners and clients, they have kids who are still in school and it's a matter of like taking a step back and thinking about high school graduations, thinking about college tuitions, ⁓ thinking about a new pair of shoes. Like my son, he had grown so fast in the last year. I he's like, I need new shoes, Mom, like they don't fit ⁓ What? We just bought you shoes. And I remember years ago my husband and I did this like financial class and they they told us like your if you have kids, they grow and and you have to buy new clothes like every year. Like but when you're sitting there budgeting or you're looking about your finances like looking through your finances and and looking at the big picture, oftentimes we don't we don't consider that. We don't factor that in. What would you say if somebody's listening that they should have started? years ago with planning and taking into account looking at these things that you had mentioned with the property taxes and the tires and being able to be financially independent. What would you say to them as they're thinking about that? Yeah.

speaker-0: Get started today. Like start with the money you have now and think about what is coming up. So I know your kids have already started school, but school is starting in the next, you know, month or two for everyone. And I know that that is a very big bill for my my nephew and his family and my niece. It's not quite as big, but still it's that to get them registered for you know public school is a huge piece. And so then the clothes on top of that, things like that. So just start looking ahead. That's how I help my clients is like what is coming up? What are you expecting in the next month? Use the money you've got today because we get paid, you know, in many, many doses, right? Every two weeks, usually, ⁓ unless you're weekly or monthly, but the most common is bi-weekly. And so you think about only two weeks, maybe a month at a most. And that is the downfall. You need to start projecting saying, okay, I've got everything covered for this month. It doesn't mean I have extra money left over. That extra money needs to be set aside for what? And I know that that's a thing, like a savings piece. Most people are like, okay, but I set it in savings and then I use it. Okay, but you've got to define what is your savings for and making it clear. And so, like my niece, when I was like, okay, you got to prepare for your ⁓ kids' school entrance fees. She had saved for it, but then she's like, now it's all gone. And I said, But you didn't have to turn to a credit card. And so recognizing that exchange and recognizing I had it, I needed it, I used it for what it was. That is the win. Not I had it, I set it aside, I wanted something exciting, so I used it. Right. It's just being clear of that. So, you know, getting out of the mindset of I'm only working with my money for this month, I've got to start working for it for the next two months and then, you know, extreme yourself to the three months and four months until if you know eventually you know what the full year is gonna cost you. And you're budgeting for that every single month.

speaker-1: Mm-hmm. Yeah. So important. And as you're saying, like thinking about the future and and budgeting every month, I know that in my partnership with my husband, budgeting is not something that we take time for and sit down together. Although it's it's so important that we do that. ⁓ we have done it before, but it can easily be like, ⁓ well, you pay the bills and I will trust you that it's all taken care of. But how important do you think it is and and what you find in in coaching couples that they talk about money together and they do this planning together? Like I know one of the biggest issues I think and probably one of the biggest stresses ⁓ for women is that they are either one, managing all the money and they're getting no ⁓ input from their partner, or two, they're not involved in any of the money and they're they're at a loss of what it what's happening. Like what does my future look like because my partner takes care of all of that. So in your experience with coaching couples, what do you f what do you notice like with the struggle with that? That I it seems like that's a lot to unpack, but I'm just curious here.

speaker-0: Yeah. So to you know, say yes, eighty five percent of households money is managed by women. So mainly it is the women, but there is still that 15% that is managed by the man. ⁓ so I I'm currently working with a client, she handles all the money management. She tries to talk to her husband, he's really just kind of blase about it. It's not even that he doesn't want to, he just doesn't want to worry about it. He trusts her wholeheartedly. So, you know, if you're that female that is like, well, my husband takes care of everything, you need to have what I call a money date. These can be every pay period, they can be once a month, but come together and speak about, and it's not the little bit like, Like, ⁓ I paid all the bills, right? Yes, that's important. It's more of the sense of I paid the bills, this is how much is left. What do you think we need to focus on now? And that will also help you start looking ahead and understanding and getting them to be on board with you and help you. Because once you're like, okay, well, we're saving for this, if you're like, hey, we're saving for this, and they're like, I don't understand, that's gonna make it harder. So really incorporate those money dates and those can look as, you know. You can make them really frilly dates. You make them fun. ⁓ and it doesn't have to be like, okay, we're gonna talk about these specific things. You can even just start with, okay, what do you think we're doing? How do you think we're doing with money? And just kind of go with that and have a very simple conversation. Talking about money is not easy, even as couples, even with your children, but it has to start there. It has to start there. So the more neutral or positive you can be about your money in. those relationships, the better you're going to be able to find that you can grow with your money. And because you're sharing, now, you know, with all my experience, my husband's like, you take care of everything, but I'll be like, okay, I'm looking at it. This is what's happening. I'm thinking this. And he's like, well, have you thought about this? So even that idea of somebody not buried and looking at it in just one way. But going to your spouse and having that conversation to be like, I'm stuck and I don't know why. They can bring a whole, you know, huge element to make it so much easier for you.

speaker-1: You as well. Yeah, and it is a partnership. It's a partnership in the sense that if one Person is managing it all, the other person might think that they're controlling it all too. And if there's no communication about that, then there can be some resentment involved. And I my husband and I have both taken on the role of paying the bills. And when we moved to Arizona several years ago is when I I took on that task. And my husband, I love him, he will have a us an Excel spreadsheet and he'll have like the calculator of when we're gonna pay off our. mortgage. But then when I took it over, I'm like, Bill Pay, Bill Pay, Bill Pay. Nothing for savings, nothing about like when we're gonna not paying extra to principal to our mortgage. So we have recently switched that because he is more organized in that sense of it. And I think that that really works for us. ⁓ I'm not sure how you've managed with working with couples, like if there's some resentment or some tug and pull with ⁓ well they're they're taking all the money and doing it with this, but I wanna do it for this. Like do you ever work in scenarios with that where they're just kind of like ⁓ opposite of what they want to do and Yeah.

speaker-0: Yeah, and it's typically because they are not having those conversations, so You know, like the one managing it will present it to their spouse and be like, okay, I want to do this, but because they're not on board and they don't see where they're at or how they got there, ⁓ and then where they're going, like presenting it cold is what I would say that is, is very difficult for somebody to be like, ⁓ yeah, I get that. I want to do that, you know. And so I think that's why the conversations about it more often is very important. And, you know, taking turns to quote, manage the Money but Creating a system that can go back and forth is what's important. And, you know, I talk about the system. The system also needs to include your goals. What are we trying to accomplish right now? You know, when I was on my budget or my retirement journey, we were, we wanted to camp. So we wanted to buy recreational property and all the things that went with that. That was our short-term goal. So money went there. Our long-term goal was retirement. Our other money went there. And so having that clear vision and that clear understanding then makes it easier for even if you're ch you're changing. who's in charge of what you already know what you're doing.

speaker-1: Yeah, yeah, so important. I'm curious. So you have kids. You have a okay, you have daughter, right? A daughter

speaker-0: I have one child, yes. Daughter, she's an adult child.

speaker-1: So yes. Okay. So I'm curious, is she set up for retirement since her mom is a retirement coach? Like is this something you talk to your daughter early on when she was younger? 'Cause you had mentioned it earlier, like our kids, unless they have ⁓ education and financial literacy, they can struggle at into adulthood. So I'm curious how that's looked for your daughter.

speaker-0: Yeah, well when she finally got her real job, you know, after you get out of college and go for that, she ⁓ understood it and she asked, like, what does it look like? What do I need to do now? But we've spent a lot more time on the basis of, you know, is it enough money? How can you afford it? And she's a big time budgeter just like me. So, you know, we have those conversations. But I even think back because I know people are like, Well, I'm not sure how to talk to my kids. And typically in their experience from their parents, it was always comes across as like a negative. Well, we didn't have the money for these things or we couldn't do these things because we didn't have money. I was never told that ever growing up as a child. And we didn't have money. I figured it out later, right? I figured it out later. And so what I tell people is like you need to have conversations with money about money with your kids. But you can do it on the neutral stance, you know, of the sense of I I remember my daughter, I think she was five or six and I had just gone to ATM, got some cash and she was like, ⁓ can I see that? Like, yeah, you know, that is a money conversation at a five or six year old to actually touch that, ask about what's going on on that. And I think some people are like, well, that doesn't make sense. Well, it gets them exposed to it and they start talking about it. ⁓ you know, and so at one point on my early on my journey, we did ⁓ money envelopes and she came home and she's like, I need $150 tomorrow for ban. I'm like, we didn't know about this sooner, right? So it's kind of like I'm like, okay, let's get the envelopes out, let's see what we have. Let's see if we can find it. You know, and so I she sat there with me. You know, I didn't say we don't have it. I said, let's see if we can find it and explain to her what I was doing. And that was a process. So being really exposed to, you know, not everything you're doing. My parents paid bills out in the open. So I remember sitting down with my mom and I'm like, what are you doing? You know, and that was very much a manual pay at that time and write the check, send it off in the mail. But my mom had a book. She wrote every bill down, the date she sent it. checked it off and knowing so that she had records and then what the bank statement came back she could verify. But just taking a couple of moments to express and share what that means to your children and very, you know, if you're worried about being negative, just try to be very neutral. ⁓ a lot of times my mom would be like, okay, instead of saying we don't have the money for that. 'Cause children then take on the sense of we don't have money. We're gonna lose our house, we're gonna lose our cars, or they go to the big things, right? They're not thinking about just we don't have a money for that. It's thinking about, you know, what does that mean right now? If you can say, you know what, we're gonna have to wait a couple weeks and then we'll see if we can get that. Just kind of explaining to them that it's a process. And so yeah, really exposing your kids.

speaker-1: Wow, I love that perspective because I grew up in a house where they talked about money and not having enough of it. And I remember as an adolescent, all of my friends were buying guest jeans and a spree and Converse. And I would go to the store with my mom and before she would even think about purchasing it, she would say, How much does it cost? So she actually trained me to always look at a price tag before I even consider something. Which I've had some friends like ⁓ as I've gotten older, do you like this? Do you want this? It's is it good quality? Invest in it, you know, it's an investment. Like we we spend a little bit more for nicer things, right? Where my parents it was always ⁓ well, how much does it cost? Or I don't know about that, how much does it cost? And I love that perspective of let's see what we have, let's see if we you know, can find find the money. If not, you know, when we can get it. And I have transferred that on to my kids. You know, no, I've I'm actually

speaker-0: Negative. Yes.

speaker-1: It's because of the conditioning that I grew up in. It's really hard to break that conditioning. And so I think that's why it would be so wonderful to have you as a coach to kind of walk through that and say, okay, well, we've gotta we gotta step back and look at it in a different perspective. And I do my husband's opposite of me, you know, he doesn't think like I do in that way. He grew up in a different home. So we're we're doing our best to try to have that good balance. And I do try to catch myself before I tell my kids. What do you think? Money grows on trees? You know, like that's what my parents said and it's coming out of my mouth. Yeah.

speaker-0: And that's very common, very common. Everybody says that. Well, you know, our generation, and I'm like, I'm sorry. I I'm I know I was a rarity. ⁓ my mine was the Henley shirt. I rem I don't remember what age I was. And I'm like, mom, I want to get a Henley, they're really nice. She says, Let's go see what they have similar to it at Kmart. That was kind of you know the neutral, just like, let's go see it. But then I also remember, because I am a really young child of seven, and so my older siblings were married and had kids, and my mom Would share money stories about decisions, not in a bad way and not in a negative way, but she did express like the one I remember. ⁓ my nephew was hard on shoes just because he was so active. And so my mom says, Well, I said to you know, your sister-in-law that to go buy a higher quality pair of shoes because it's going to last long. Instead of getting, you know, ten dollars five times a year, she can spend thirty dollars and it's going to last longer. And so those were the kind kind of conversations and that I even found myself having with my daughter. And now because she's, you know, twenty eight, she comes to me with those stories now. I can't believe my friend is doing this. Do you know this? Or she'll call me and say, Why didn't you tell me this, which isn't not a good thing, you know? And so we do. We still talk about money in a lot of different ways. So yeah.

speaker-1: I think that's great. Also too, ⁓ because I talk a lot about our health i in our forties and fifties and that we really need to prioritize our health, that when we are dealing with poor health, chronic diseases, doctors' visits, having to spend more time managing these diseases with prescriptions or going to the doctors or having to have surgeries. Is that something that you talk about with your clients and couples about preparing For that, in the sense that like we don't realize how much medical cost. And I my uncle said something to me the other day. I was I was floored. He's 70. He just turned 70 and he said, You know, I'm I'm part of the system now. I have my eye doctor's appointment, I have my gastroenterologist, I have like he has all these appointments. He's a once they get you in the system, and when he said it like that, I thought, wow, and and the co-pays and the amount of money that he's spending. So I'm just curious how like you work with clients when and they are managing health their health and and co-pays and hospital visits and things like that, if that comes up and how you kind of navigate that.

speaker-0: Yeah, so one of the things I teach is definitely saving your medical deductible as one of those irregular expenses, those unexpected expenses. At some point, you are going to go to the doctor, right? At some point you might have an emergency room visit. Set that money aside. But also, while you're setting it aside, that's money you can use for co-pays and prescriptions and things like that. Now we make sure that amount fits their scenario. So if they are somebody that has, you know, big prescription prices or a lot of Them. We make sure that's an element on top of the deductible as well. And then what's that working? Then I also teach, like, make sure you understand your insurance, right? So your uncle is on Medicare. Is he on a plan that's working best for him? And Medicare is really good about getting people into the system and wanting to do all of these things as well. But I remember, so my husband's mother passed away a year ago. My husband was the executor. And just a couple of months ago, the final bill came from the hospital. And I'm like, what? I never saw one for my parents. So there are different Medicare plans, including the supplemental, that will help support you so that you don't have these large bills. But it takes asking questions, learning about the system, which I know is hard and people don't want to. But working with an agent, especially when you're on Medicare, working with an agent who you know and who can walk you through all the plans. I had an agent because I'm on the market now since I don't have an employer. And he's like, Well, here's the three things. And I'm like, Well, I'm changing because I just moved states. And this man spent an hour with me looking at, you know, eight, nine. I mean, there were several, but we were going through all of them. And so getting somebody to spend time with you, educate you, letting you ask questions. And think is where we also need to be.

speaker-1: Yeah, yeah. And it's something that we don't really think about unless we're faced with it. Like so many of us are in the sandwich generation where we are taking care of our aging parents and we're we're seeing the cost of care and I know that that can create some anxiety with women and people in general about planning for that. And and really ⁓ my goal is to help prevent a lot of those out of pocket expenses in the future. For your health care by getting healthy now. And it's the same with with how you work with clients is let's let's t alleviate some of that stress and anxiety of the future of retirement by planning now. Yeah. And so ⁓ I think the work that you do is super important. And I don't think people really think to consider hiring a coach to help them kind of navigate that and prepare for their future. They just think, Well, I'm I'm just you know, I I have my four O and K, I've got I've got money in social security and I'm paying my bills, but we don't really take the time to kind of look at that that vision of what life's gonna be like. So what what do you think are some common money myths that women believe or that couples believe as it relates to money, like common myths? Yeah.

speaker-0: The first one, ⁓ I know we talked about it at the very beginning was I don't make enough money, right? That is something that I think we say because we're struggling, things aren't adding up, but what what needs to happen is a very simple formula. And you know, I know people don't like to do math. However, this one is very, very easy. What are your expenses? Total those up, and how much income do you make? Do you have money left over? So that is exactly the formula I use when I first begin working with clients in session number one. It's how we build a budget because what is left over from your bills and your spending is what is what you can save and what you need to save. And so all of my clients, my low income earner had $400 a month. My higher income earners have about $3,000 a month. But it's putting those, yeah. And so it's like instead of believing believing I don't have enough or I don't make enough, sit down and number one, is that true? That's what I always say, is that true? You know, it's a fear because things aren't adding up, right? You feel like you're shuffling money. ⁓ you feel like you're like always turning to your credit card. And I can guarantee you, even like if you're like, well, I overspend a lot. Maybe five percent of people actually truly overspend. Right. We have our yeah, I d I don't believe it's it comes from this the fact of not planning for those irregular expenses. So then you get the feeling of like, ⁓ well, out of money and I I wanted to buy this or I need to buy this and I remember I just bought that, you know, for me. And so it's that recognition of what's right there and what's immediate. And we tend to want to think negative instead of just going, Well, did I plan correctly? Like, what is truly happening. So that is a big, big myth. ⁓ to also go to your point of like, well, I just have a 401k, I'm going to be fine, right? A 401k is not a retirement plan. It's a savings account.

speaker-1: Interesting.

speaker-0: You need it, you need it, ⁓ or something similar, right? 'Cause if you're ⁓ an entrepreneur, you're obviously gonna have something different. But that is not a plan. The plan is where are you? Where do you need to go and what are the steps in between? The action, what actions do I need to be taking? Yes, saving to your 401, but are you saving enough for the lifestyle you want? That's a big fear. A lot of my clients come to me. I don't want to give up what I am living now. Right? I want to keep my same lifestyle. So then I'm like, well, what is your lifestyle? They're like, I don't know. Well, you gotta get clear on that too, right? What does lifestyle mean to you? You know, for me it was to continue to buy. I'm a huge fiction reader. I read, I think I've read 14 books this month already. Like that's what I do. Wow. So, you know, so I'm like for me, that's my lifestyle. That's my piece, right? And so if somebody wants to travel or, you know, go do something three times a week or even eat out, right? What is your lifestyle? Yep. What is your lifestyle? Define that. Once you define that, the rest of the things can go away, right? The rest of the things.

speaker-1: Well, and it's really difficult too. Like if you are accustomed to a certain lifestyle and you don't save for that in retirement, it's very difficult to scale back. So like my daughter is accustomed to getting her paycheck and going to Starbucks coffee and getting her Starbucks before work, right? That brings her joy. So whatever brings you joy, making sure that that can still be a part of your life in retirement. Because we might see ⁓ like for when I was younger, I remember seeing my grandparents on a tight budget. it they couldn't do things they you know had to use coupons which there's nothing wrong with coupons but it was we can't afford this we can't we we can't buy this because we don't have enough so not just being dependent on limited income which they had to scale back from probably what they were used to when they were working so I think it's yeah I think that's so important to be able to to visualize your lifestyle in retirement and mine is traveling and doing the same

speaker-0: Yeah, it is not. It is not.

speaker-1: So well thank you so much for sharing that. And okay, so if a woman is listening today and she only took one action this week towards her future, whether she's forty-five, fifty-five, sixty-five, what would you recommend that one action be?

speaker-0: Make sure you know your budget. Now, budget is just the start, right? Goes back to that formula. How much do I have? What bills do I have? Where is my spending going? And I'll quickly cover what is spending. Spending is groceries, fuel, eating out, entertainment. It's things you buy often, just not with a dedicated amount. Then what do you have left over? What are you doing with that leftover? So figuring out that part, you know, number one, is my expenses less than my income? And do I have money left over? And then how can I plan for that better?

speaker-1: Mm-hmm. Yeah, I think that's a great starting point. ⁓ do you recommend you you said it it it doesn't require a lot of math ⁓ when I hear the word math, I'm like, ugh I'm like it's probably why I didn't enjoy doing the budget. ⁓ do you recommend they use like an Excel spreadsheet or just put on their notepad? Or, you know, how is how do you get started with something like that? It might be like do I go into my bank account and then look at all the things that are being subtracted? from it such as you know the bills and the spending. ⁓ depending on how much they're spending it could be a long list.

speaker-0: Yeah, yeah. So the first one is an a piece of paper, a word document. You could do an Excel spreadsheet if you know Excel. I'm not gonna say you have to. To me, you would have to do it. You would have to know how to use that. You're gonna list your bills. What is the bill? How much is it? And then total those up. Then the second area is your spending. And again, it's groceries, fuel, eating out, entertainment, convenience stops. It's what you're spending between paychecks. Any other spending, clothing, maybe co-pays for medical prescriptions, that is in your savings fund. That is it because it's not a standard set. Now, prescriptions could be depending on who you are, but you know, that is in your savings. So listing those out specifically, measuring those up against your income. Number one, is your expenses less than your income? You do make enough. You've just got to factor into that what is left over needs to serve what first.

speaker-1: Mm-hmm. Hmm. Yeah. And we don't take enough time to really look at that. And that could alleviate so much stress right there. If if money issues are keeping you up at night, do this exercise that Daileen has shared with you because you might be surprised. Like I I tell my clients when they're they're having trouble sleeping because they're thinking about, you know, bills or life or an important meeting the next day, get up, write it down, put it on a piece of paper. and everything that you need to to deal with the next day, leave it there and then get up in the morning and tackle it. ⁓ if money is keeping you up at night and impacting your sleep, then you can do something about it. And the first start is what Daileen is saying, is take a look at it, organize it, visualize it, and then go from there.

speaker-0: Yes. Yep. I still have that very basic thing for me. And I call it a static budget, right? It doesn't change. It doesn't serve me other than laying out the framework. So this past year my insurance premium increased by 300%. My stress went through the roof. I was very emotional about it. And like for about 24, 36 hours, finally I'm like, go look at your budget. What does that change mean for you? Right. And so that's why that document is so very important to have first of all and to carry forward. I go back to that whenever I have a big major expense change or our income changes. And then I update that. What does that mean for me? Where is it going? So yeah, it's very, very good place to start.

speaker-1: Okay. Well, thank you so much, Daylene. This conversation is super helpful, I'm sure, for everyone who's listening and so important ⁓ to alleviate some of that stress when we're thinking about the future and and managing and dealing with our money and finances. Where can people find you? I mentioned that you have the Wealthy After 40 podcast, which is a great listen, by the way. I've listened to a few of your episodes that I find super helpful. ⁓ where else can they find you?

speaker-0: Yeah, they can find all about me at elevatefinances.us, my website. Everything's there. I would also love if you want to be a part of a community, I have a Facebook group called the Retirement Ready Hub for Gen Xers. I would love for you to join us there.

speaker-1: All right, that sounds great. I will include those links in the show notes. I want to thank you so much for tuning into this episode today. I hope you found the information that Daylene shared with us really helpful as we are navigating midlife and all the things that we have to think about. I know that money can be a big source of stress for so many of us, so I hope that this episode helped ease some of those worries for you. I would love for you to share this episode with a friend if you found it helpful. And if you haven't already, hit the subscribe button so that you don't miss another episode. And if you are loving this podcast, it would mean so much to me if you could leave a rating and review. This will allow it to get out to more women who need to hear this message. All right, ladies, that's all for today. Thank you so much for being here and we'll see you next week.