Feel like you’re way behind when it comes to saving for retirement? You’re not alone—and you’re definitely not too late. In this myth-busting episode, I’m sharing how overwhelmed parents can take 3 powerful steps to start saving for the future even if you’re still paying off debt.
You’ll learn:
✅ Why eliminating debt is the key to building wealth
✅ How to create margin and make the most of your current income
✅ Easy ways to start investing (even if it’s just $20/month)
Plus, I’m sharing how my family got intentional with our money and ditched debt for good—no more robbing from our future just to survive today.
🎁 Ready to stop spinning and start saving? Grab my FREE 5-Day Better Budgeting Challenge: jewlzthebudgetnerd.com/challenge
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
Welcome to the show. So today, if you have ever
thought I am way too far behind to even try, like saving for
retirement, is it too late? Is it too late to start saving
for retirement? Spoiler alert.
Oh, but today's episode is for you.
I'm going to bust that myth wideopen and tell you why now is the
(00:22):
perfect time to start saving forretirement if that's your next
step. If you are brand new to the
show, welcome. Hi Angie, It's so nice to have
you join us for the show. So this episode is for you and
for anyone else that's just like, OK, is it too late to
start saving for retirement? First off, my I want to let you
(00:44):
know who I am if we haven't had a chance to meet yet.
I am Julianne Colbrand, but mostof my clients and my friends
call me Jules the budget nerd because I am obsessed with
budgets. But I help overwhelm parents.
Ditch that, build margin and stop surviving.
Stop operating and survive survival mode when it comes to
your budgets and your and spending your money.
One of the ways that I do that is through my free five day
(01:06):
challenge that you can jump on my website and I'll talk about
that a little bit more. But this question is so popular.
I was like, I need to record an episode about this, but I also
know I was in I was in this, this space where I'm like, is it
too late? Because I know it's important.
And when I was just drowning a debt and I was looking at our
(01:27):
numbers, I'm like, this isn't even going to be possible, so
why am I even going to try? So let's jump in.
Welcome to the Debt Ripple podcast where we discuss the
insurance and outs of personal finance for families so you can
eliminate the burden of debt, create financial margins, and
learn a new way to interact withyour money.
(01:48):
I'm your host, Jules the Budget Nerd, and I have been in your
shoes. My husband and I have paid off
over $107,000 in consumer debt until we finally threw in the
towel and decided it wasn't for us.
Throughout our journey, we learned another way to do life
without debt, and that's my hopefor you.
You can learn more about our story and see full show notes on
my website, julesthebudgetnerd.com.
(02:10):
That's JEWLZ, the budget nerd.com.
Now let's dive into today's episode.
OK, so today's today's topic is a hot 1 because that feeling of
going, you know what, I'm not even going to get started
because I feel so far behind that it's just going to be a lot
(02:31):
easier if I don't. And so today is one of these
myth myth busting episodes because now is the perfect time
to start saving. And there is a process and a
step that our family went through also, because I feel
like debt elimination, this is what worked for us.
Eliminating our debt first so that we could focus on saving
(02:53):
more was just a game changer forour mental health, our financial
health and our relationships, all of the things.
And so, but also, you know what,I might be in a different place
as far as my retirement savings goes, then some of some of the
other people in my age bracket. And you know what, that's
totally fine. We are where we are.
(03:13):
But today's episode is about answering that question.
Have you missed, have you missedyour opportunity and is it worth
even trying? And so I want you to hear me say
today, it's not too late. So you might not be able to
start and have the same amount as someone that's starting at
age 22, which I remember someonesaying you got to start saving
(03:34):
for retirement. You got to start saving for
retirement. So your approach is going to be
different than someone that has more time on their hands.
And so that's all it is. It's going to look a little bit
different, but it is not too late.
So three things that are really important to focus on right now
at the stage that you're at right now is that starting.
(03:55):
So the best time obviously is yesterday and the second best
time is right now today. The best way to get started is
just small amounts, right? So even a little bit is going to
compound and create this momentum.
And that's why when we talk about eliminating our debt, this
is one of the ways that we can do that is eliminate that so
(04:19):
that we're trying not to bail water from a a boat that's got a
hole in it. The very first thing is to be
very intentional with the money that we have right now.
So our biggest wealth building opportunities are with our
current income. So whatever money you have
coming into your household rightnow is having a plan for every
single one of those dollars and you want to focus on that very
(04:41):
first. That very first step is creating
that $1000 emergency fund. And I talked about this in our
debt Rebel starter kit is something we talked about a lot
within our community is making sure that you have that set
aside because that is your, yourpersonal credit card now.
So we're not going to borrow money from someone else.
We're going to use that personalcredit card, your personal
(05:01):
savings, that $1000 anytime something you would normally
have put on a credit card to bail yourself out, you're going
to use that money and then you're going to replace it.
So being intentional with your money and then you're going to
attack that debt so that you canmake some huge strides with
saving for retirement. What do we do with the money
that you have now? So we don't want to waste time
(05:23):
or we don't. So getting clear on what is
important to you. And if right now the thought of
saving for retirement is something that causes you
stress, then let's let's work onthat.
All right, so being intentional with every dollar that comes in,
we don't want to waste our time and money on things that aren't
aligning with what matters to usin our present but also in our
(05:45):
future. So when we create margin in our
life, whether it's with money orwith time or energy, emotion,
that's where we gain our power and we have the most opportunity
to make wise choices. Instead of reacting, we get to
respond. And so that's why creating a
(06:05):
budget and have in seeing what you have available to spend and
what able, what you have available to save is very
important. And then the third thing is
avoiding the debt trap. Now this one, this is where I
can really just go off on a hugetangent.
But the more that we owe, the less that we have to save.
(06:25):
So every dollar that we put towards debt is something that
we can't save for the future. And so yes, we need to be
present in the moment with our friends and our family and the
people that we want to do life with and do the things that we
want to do. But when we are using debt to
manage our day-to-day life, thenwe are robbing ourselves of our
(06:46):
future. And this is where we can create
that stress for ourselves withinthis question of is it too late
to start saving? So I say absolutely not.
Now is the best time. Let's create a system and let's
create a plan that works for youand your family.
And that's what I love teaching.This is what I and my family did
(07:08):
is we got serious about limitingthat debt so that our income
could be used for saving for thefuture and for our present.
So I do not want to be robbing from my future with debt and
that's why our family has decided we are the ultimate debt
rebels and we will not be using debt to fund our lives anymore.
So what can you do right now to get some quick liens to give
(07:32):
yourself some peace and some clarity over your money and what
that looks like to start saving for retirement?
The first thing is to know your numbers.
How much debt are you paying? How much are you paying every
month in debt? What are your monthly expenses
look like so that you might be better off than you realize?
And so if you haven't looked at what your numbers are lately in
(07:56):
those in those, that's a great spot to look and be able to see
the picture of what your finances look like.
And then the other thing is let's trim some fat from that
budget. So things that aren't providing
value to you right now, let's eliminate those because that is
money that you can use for paying down your debts and
creating that emergency fund. But then you can really start
(08:18):
focusing on saving for retirement if there are, you
know, some low hanging fruit. They say when it comes to to
trimming the fat from your budget are if there's
subscriptions that you're not using, say goodbye to those.
I know for our family, we rotatethrough like we do subscriptions
for things, but we rotate through.
All right, you know what, this month we're going to choose this
(08:38):
streaming service because there's a show we really want to
watch on that one. And so we rotate through those
things. Maybe you give yourself a set
amount that you're going to use for impulse buys and this isn't
money that you're like, OK, I'm just going to go blow this.
It is being intentional and putting that in your budget to
say, this is my money that I I can use on those impulse buys.
(09:02):
So you're not necessarily sayinglike, OK, I know that in two
weeks I'm going to buy this thing on Amazon that I happen to
see you while I'm on there. Maybe that is that's just money
that is in your budget. So when you see that thing and
you're like, you know what, I have this much money in my
impulse buys category and I'm that that is going to keep me on
(09:22):
track and so that I can still save for retirement, but I can
still indulge in some of those impulse buys.
So you're not setting yourself up for failure, you're setting
yourself up for success. So review what you have in your,
in your spending plan, in your budget and see if there's
anything that can go. And then it's just start
contributing, even if it's just a little, if it's $20.00 a month
(09:42):
because you have cut out a, a subscription that you're like, I
don't use that anymore. 20 bucksis 20 bucks.
And then you want to do some, dosome research about Roth Iras or
4 O1 KS if that's offered by your health or if four O 1 KS
are offered by your provider or if you have a thrift savings
(10:04):
plan, if you're a federal employee, maybe you've got
health savings accounts that youcan use to start saving and
building some wealth there. So there's some, there's some
ideas and we'll do future episodes about those.
But those are some ways that youcan get some quick wins because
remember, progress beats perfection.
(10:24):
And this isn't about making sureall the lights are green before
you start driving home from work.
Work. We want to make progress, we
want to make the small steps towards our goals and that's
going to get us to where we wantto go faster than if we were
just sitting there waiting for all the perfect conditions.
One of the ways, if you don't have an idea of what your
(10:47):
finances look like and you're like, I need some clarity around
this. I'm a little disorganized.
I don't even know what my monthly budget looks like.
On my website. I have a free five day challenge
and that will help you lay all that stuff out.
It has five tasks to do and it'sdelivered over 5 days.
It's going to take you about 15 minutes, but it's going to give
(11:09):
you a plan and a overall view ofwhat your financial situation
looks like, even if you feel like you're behind.
So this challenge is for parents.
Maybe you have a busy brain likemyself, or maybe you just feel
like you're just late to the party and you want to stop
feeling like that or you want tostop feeling like you're just
(11:31):
surviving. So you can find that challenge
on my website, jewelsthebudgetnerd.com back
slash challenge. And you'll be 5 days closer to
having that Peace of Mind and getting you closer to that goal
of saving for retirement. Because remember, you are not
too late. You're just getting started.
And getting started is, it can be the hardest part, but it's
(11:54):
what counts the most. Just getting started.
So check out my website jewelsthebudgetnerd.com/challenge.
That's JEWLZ, the budget budgetnerd.com back slash
challenge, and you can take thatfirst step towards financial
freedom. All right, Debt rebels, I hope
this episode was helpful for youand we will talk soon.
Thank you for listening to the Debt Rebel podcast.
(12:15):
Now, if you want to take your next step, check out my website,
jewelsthebudgetnerd.com. That's JEWLZ, the budget
nerd.com. I've created a bunch of
resources just for you. So hop on over, check it out and
we can connect more there. If you love today's episode, I
would be honored if you would hit that subscribe button and
leave me a review. And remember, every step towards
(12:39):
financial independence is a rebellion against debt.
So stay strong, keep pushing forward, and fight the good
fight until next time. Debt rebels stay resilient.
Welcome to the show. So today, if you have ever
thought I am way too far behind to even try, like saving for
retirement, is it too late? Is it too late to start saving
for retirement? Spoiler alert.
Oh, but today's episode is for you.
I'm going to bust that myth wideopen and tell you why now is the
(00:22):
perfect time to start saving forretirement if that's your next
step. If you are brand new to the
show, welcome. Hi Angie, It's so nice to have
you join us for the show. So this episode is for you and
for anyone else that's just like, OK, is it too late to
start saving for retirement? First off, my I want to let you
(00:44):
know who I am if we haven't had a chance to meet yet.
I am Julianne Colbrand, but mostof my clients and my friends
call me Jules the budget nerd because I am obsessed with
budgets. But I help overwhelm parents.
Ditch that, build margin and stop surviving.
Stop operating and survive survival mode when it comes to
your budgets and your and spending your money.
One of the ways that I do that is through my free five day
(01:06):
challenge that you can jump on my website and I'll talk about
that a little bit more. But this question is so popular.
I was like, I need to record an episode about this, but I also
know I was in I was in this, this space where I'm like, is it
too late? Because I know it's important.
And when I was just drowning a debt and I was looking at our
(01:27):
numbers, I'm like, this isn't even going to be possible, so
why am I even going to try? So let's jump in.
Welcome to the Debt Ripple podcast where we discuss the
insurance and outs of personal finance for families so you can
eliminate the burden of debt, create financial margins, and
learn a new way to interact withyour money.
(01:48):
I'm your host, Jules the Budget Nerd, and I have been in your
shoes. My husband and I have paid off
over $107,000 in consumer debt until we finally threw in the
towel and decided it wasn't for us.
Throughout our journey, we learned another way to do life
without debt, and that's my hopefor you.
You can learn more about our story and see full show notes on
my website, julesthebudgetnerd.com.
(02:10):
That's JEWLZ, the budget nerd.com.
Now let's dive into today's episode.
OK, so today's today's topic is a hot 1 because that feeling of
going, you know what, I'm not even going to get started
because I feel so far behind that it's just going to be a lot
(02:31):
easier if I don't. And so today is one of these
myth myth busting episodes because now is the perfect time
to start saving. And there is a process and a
step that our family went through also, because I feel
like debt elimination, this is what worked for us.
Eliminating our debt first so that we could focus on saving
(02:53):
more was just a game changer forour mental health, our financial
health and our relationships, all of the things.
And so, but also, you know what,I might be in a different place
as far as my retirement savings goes, then some of some of the
other people in my age bracket. And you know what, that's
totally fine. We are where we are.
(03:13):
But today's episode is about answering that question.
Have you missed, have you missedyour opportunity and is it worth
even trying? And so I want you to hear me say
today, it's not too late. So you might not be able to
start and have the same amount as someone that's starting at
age 22, which I remember someonesaying you got to start saving
(03:34):
for retirement. You got to start saving for
retirement. So your approach is going to be
different than someone that has more time on their hands.
And so that's all it is. It's going to look a little bit
different, but it is not too late.
So three things that are really important to focus on right now
at the stage that you're at right now is that starting.
(03:55):
So the best time obviously is yesterday and the second best
time is right now today. The best way to get started is
just small amounts, right? So even a little bit is going to
compound and create this momentum.
And that's why when we talk about eliminating our debt, this
is one of the ways that we can do that is eliminate that so
(04:19):
that we're trying not to bail water from a a boat that's got a
hole in it. The very first thing is to be
very intentional with the money that we have right now.
So our biggest wealth building opportunities are with our
current income. So whatever money you have
coming into your household rightnow is having a plan for every
single one of those dollars and you want to focus on that very
(04:41):
first. That very first step is creating
that $1000 emergency fund. And I talked about this in our
debt Rebel starter kit is something we talked about a lot
within our community is making sure that you have that set
aside because that is your, yourpersonal credit card now.
So we're not going to borrow money from someone else.
We're going to use that personalcredit card, your personal
(05:01):
savings, that $1000 anytime something you would normally
have put on a credit card to bail yourself out, you're going
to use that money and then you're going to replace it.
So being intentional with your money and then you're going to
attack that debt so that you canmake some huge strides with
saving for retirement. What do we do with the money
that you have now? So we don't want to waste time
(05:23):
or we don't. So getting clear on what is
important to you. And if right now the thought of
saving for retirement is something that causes you
stress, then let's let's work onthat.
All right, so being intentional with every dollar that comes in,
we don't want to waste our time and money on things that aren't
aligning with what matters to usin our present but also in our
(05:45):
future. So when we create margin in our
life, whether it's with money orwith time or energy, emotion,
that's where we gain our power and we have the most opportunity
to make wise choices. Instead of reacting, we get to
respond. And so that's why creating a
(06:05):
budget and have in seeing what you have available to spend and
what able, what you have available to save is very
important. And then the third thing is
avoiding the debt trap. Now this one, this is where I
can really just go off on a hugetangent.
But the more that we owe, the less that we have to save.
(06:25):
So every dollar that we put towards debt is something that
we can't save for the future. And so yes, we need to be
present in the moment with our friends and our family and the
people that we want to do life with and do the things that we
want to do. But when we are using debt to
manage our day-to-day life, thenwe are robbing ourselves of our
(06:46):
future. And this is where we can create
that stress for ourselves withinthis question of is it too late
to start saving? So I say absolutely not.
Now is the best time. Let's create a system and let's
create a plan that works for youand your family.
And that's what I love teaching.This is what I and my family did
(07:08):
is we got serious about limitingthat debt so that our income
could be used for saving for thefuture and for our present.
So I do not want to be robbing from my future with debt and
that's why our family has decided we are the ultimate debt
rebels and we will not be using debt to fund our lives anymore.
So what can you do right now to get some quick liens to give
(07:32):
yourself some peace and some clarity over your money and what
that looks like to start saving for retirement?
The first thing is to know your numbers.
How much debt are you paying? How much are you paying every
month in debt? What are your monthly expenses
look like so that you might be better off than you realize?
And so if you haven't looked at what your numbers are lately in
(07:56):
those in those, that's a great spot to look and be able to see
the picture of what your finances look like.
And then the other thing is let's trim some fat from that
budget. So things that aren't providing
value to you right now, let's eliminate those because that is
money that you can use for paying down your debts and
creating that emergency fund. But then you can really start
(08:18):
focusing on saving for retirement if there are, you
know, some low hanging fruit. They say when it comes to to
trimming the fat from your budget are if there's
subscriptions that you're not using, say goodbye to those.
I know for our family, we rotatethrough like we do subscriptions
for things, but we rotate through.
All right, you know what, this month we're going to choose this
(08:38):
streaming service because there's a show we really want to
watch on that one. And so we rotate through those
things. Maybe you give yourself a set
amount that you're going to use for impulse buys and this isn't
money that you're like, OK, I'm just going to go blow this.
It is being intentional and putting that in your budget to
say, this is my money that I I can use on those impulse buys.
(09:02):
So you're not necessarily sayinglike, OK, I know that in two
weeks I'm going to buy this thing on Amazon that I happen to
see you while I'm on there. Maybe that is that's just money
that is in your budget. So when you see that thing and
you're like, you know what, I have this much money in my
impulse buys category and I'm that that is going to keep me on
(09:22):
track and so that I can still save for retirement, but I can
still indulge in some of those impulse buys.
So you're not setting yourself up for failure, you're setting
yourself up for success. So review what you have in your,
in your spending plan, in your budget and see if there's
anything that can go. And then it's just start
contributing, even if it's just a little, if it's $20.00 a month
(09:42):
because you have cut out a, a subscription that you're like, I
don't use that anymore. 20 bucksis 20 bucks.
And then you want to do some, dosome research about Roth Iras or
4 O1 KS if that's offered by your health or if four O 1 KS
are offered by your provider or if you have a thrift savings
(10:04):
plan, if you're a federal employee, maybe you've got
health savings accounts that youcan use to start saving and
building some wealth there. So there's some, there's some
ideas and we'll do future episodes about those.
But those are some ways that youcan get some quick wins because
remember, progress beats perfection.
(10:24):
And this isn't about making sureall the lights are green before
you start driving home from work.
Work. We want to make progress, we
want to make the small steps towards our goals and that's
going to get us to where we wantto go faster than if we were
just sitting there waiting for all the perfect conditions.
One of the ways, if you don't have an idea of what your
(10:47):
finances look like and you're like, I need some clarity around
this. I'm a little disorganized.
I don't even know what my monthly budget looks like.
On my website. I have a free five day challenge
and that will help you lay all that stuff out.
It has five tasks to do and it'sdelivered over 5 days.
It's going to take you about 15 minutes, but it's going to give
(11:09):
you a plan and a overall view ofwhat your financial situation
looks like, even if you feel like you're behind.
So this challenge is for parents.
Maybe you have a busy brain likemyself, or maybe you just feel
like you're just late to the party and you want to stop
feeling like that or you want tostop feeling like you're just
(11:31):
surviving. So you can find that challenge
on my website, jewelsthebudgetnerd.com back
slash challenge. And you'll be 5 days closer to
having that Peace of Mind and getting you closer to that goal
of saving for retirement. Because remember, you are not
too late. You're just getting started.
And getting started is, it can be the hardest part, but it's
(11:54):
what counts the most. Just getting started.
So check out my website jewelsthebudgetnerd.com/challenge.
That's JEWLZ, the budget budgetnerd.com back slash
challenge, and you can take thatfirst step towards financial
freedom. All right, Debt rebels, I hope
this episode was helpful for youand we will talk soon.
Thank you for listening to the Debt Rebel podcast.
(12:15):
Now, if you want to take your next step, check out my website,
jewelsthebudgetnerd.com. That's JEWLZ, the budget
nerd.com. I've created a bunch of
resources just for you. So hop on over, check it out and
we can connect more there. If you love today's episode, I
would be honored if you would hit that subscribe button and
leave me a review. And remember, every step towards
(12:39):
financial independence is a rebellion against debt.
So stay strong, keep pushing forward, and fight the good
fight until next time. Debt rebels stay resilient.
Popular Podcasts
CrimeLess: Hillbilly Heist
It’s 1996 in rural North Carolina, and an oddball crew makes history when they pull off America’s third largest cash heist. But it’s all downhill from there. Join host Johnny Knoxville as he unspools a wild and woolly tale about a group of regular ‘ol folks who risked it all for a chance at a better life. CrimeLess: Hillbilly Heist answers the question: what would you do with 17.3 million dollars? The answer includes diamond rings, mansions, velvet Elvis paintings, plus a run for the border, murder-for-hire-plots, and FBI busts.
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.