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September 15, 2024 10 mins

Ever wondered how aging your money can create long-term financial stability? In this episode, we dive deep into using last month’s income to cover this month’s expenses, helping you get ahead by paying bills in advance and stocking up on essentials to build a stress-free financial buffer. You’ll learn actionable strategies, like paying utility bills months ahead, and leveraging platforms like Walmart.com, Costco, Sam’s Club, Boxed.com, and Amazon Subscribe and Save to stretch today’s dollars and cover tomorrow’s needs.


We also explore the transition from effective financial management to a fulfilling retirement—no matter your income. Discover how time, not just money, plays a crucial role in making the most of your golden years. Tune in for a roadmap that balances living well now while planning for a secure and joyful retirement.


Stay connected by subscribing, rating, and reviewing our podcast. Visit lowincomerichlife.com for additional resources and join our Facebook community for ongoing tips and inspiration. Let’s empower each other to achieve financial peace and enjoy the journey to a rich, fulfilling retirement!

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Episode Transcript

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Speaker 1 (00:04):
Hey everyone, welcome back to the Low Income Rich
Life Podcast, where we dive intoall things personal finance,
budgeting and saving for asecure future, regardless of
your income.
Today, I want to explore aconcept that has been hugely
impactful in my own financialjourney.
It's called aging your money,and it's one of the most
powerful strategies I'vediscovered for creating

(00:24):
financial stability, especiallyfor those of us who have
experienced inconsistent income.
Welcome to Low Income Rich Life, the podcast that helps you
prepare for a secure andfulfilling retirement, even on a
limited income.
I'm your host, kevin Bass.

(00:44):
Each week, we'll explorepractical tips and strategies
for getting out of debt,lowering expenses, living a
simpler life and finding truecontentment.
Whether you're nearingretirement or just starting to
plan, join me as we navigate thejourney to a brighter future.
Let's discover together how tomake the most of our golden
years without breaking the bank.
Before we jump in, I have someexciting news.

(01:07):
I'm currently working on a newworkbook that will walk you
step-by-step through the processof aging your money.
It's called Low Income RichLife Financial Security Through
Aging your Money, and I'll begiving you a sneak peek later in
the episode, so stay tuned.
So what does aging your moneymean At its core, aging your
money is about creating a bufferbetween when you get paid and

(01:28):
when you pay your bills.
The idea is to stop livingpaycheck to paycheck by using
last month's income to coverthis month's expenses.
But here's the thing Aging yourmoney can happen in many more
ways than just stacking cash inyour bank account.
You can create a buffer in yourfinances by paying your bills
ahead of time too.
For example, instead of waitinguntil the last minute to pay

(01:49):
your utility bill or rent, youcan start paying those bills a
month or more ahead.
This way, even if somethingunexpected happens, like an
income drop or emergency expense, you've already got those
essentials covered, and that'sthe key.
Aging your money isn't justabout having more cash.
It's also about reducingfinancial stress by getting
ahead of your obligations.

(02:10):
In my own life, one of the waysI did this was by paying fixed
expenses, like our light bill,months in advance.
This created a buffer where,even if I didn't have income for
a few months, we weren'tscrambling to figure out how to
pay our bills.
It's a way of stretchingtoday's dollars to cover
tomorrow's needs and, like Imentioned earlier, this doesn't
always have to be done with cashsitting in the savings account.

(02:32):
It can be done by proactivelymanaging the timing of your
expenses.
One of the first things I didwhen my income was seasonal was
start paying our fixed expensesahead of time.
When that winter income startedrolling in, I began paying
bills months in advance.
At one point, I had our lightbill paid for six months ahead
and let me tell you that was agame changer no more stressing

(02:55):
out about whether I'd haveenough money to cover next
month's bills.
Another key strategy I used wasbuying household essentials in
bulk.
Back in the day, I used Jetcomfor this.
It was a fantastic platform forbuying things like toilet paper
, shampoo and dish detergent inlarge quantities.
I'd turn a spare bedroom ofours into a stockpile with six

(03:16):
months worth of supplies.
That was another form of agingmy money making sure I had
enough to cover our householdneeds for an extended period
without having to dip intofuture income.
Unfortunately, in 2016, walmartacquired Jetcom to, as they put
it, boost their e-commercepresence, although I have my own
thoughts on why they bought itand then eventually shut it down

(03:38):
.
But regardless, by 2020,walmart had it shut down and
shifted their focus entirely toWalmartcom.
So, unfortunately, jetcom isn'taround anymore, but there are
plenty of great alternatives forbuying household items in bulk.
If you're looking for bulkbuying options, like I used to
do, here are some alternativesto Jetcom.
Number one Walmartcom.

(04:00):
Since Walmart absorbed Jetcom'se-commerce capabilities, you'll
find many of the same optionsfor buying bulk right on
Walmart's website.
Number two Costco and Sam'sClub.
Both offer a wide range of bulkhousehold items at discounted
prices.
For a wide range of bulkhousehold items at discounted
prices, you can shop in-store oronline, making it convenient to

(04:20):
stock up on everything fromcleaning supplies to pantry
essentials.
Just a word of caution when yougo to Costco or Sam's Club,
just be mindful and check theprices on things, because a lot
of times people will buy thingsin bulk at Sam's Club when, in
all actuality, it may be moreexpensive there than it would at
just buying a regular size itemat, say, your local Walmart.

(04:42):
So just be mindful of that.
Number three Boxedcom.
This is an online servicethat's quite similar to what
Jetcom used to offer.
It focuses on bulk items anddelivers them straight to your
door perfect for householdslooking to save time and money.
Now, my own personal researchon Boxcom was that I didn't find
their prices to be supercompetitive compared to Walmart.

(05:05):
Number four Amazon Subscribeand Save.
Amazon's subscription serviceallows you to regularly receive
household essentials in bulk.
Often they'll give youdiscounts for subscribing to
multiple items.
So, while Jetcom is no longeran option, these platforms
provide a great way to keephousehold costs low while
continuing to age your money.
So what are the psychologicalbenefits of aging your money?

(05:27):
Here's where it gets even morepowerful.
Aging your money isn't justabout dollars and cents.
It has a real psychologicalimpact.
When you know that your billsare paid ahead of time and that
you have a cushion, itdrastically reduces your stress.
You stop waking up in themiddle of the night wondering if
your next paycheck will beenough to cover your rent or
your utility bills.
It gives you mental peace andallows you to focus on bigger

(05:49):
financial goals.
But there's more to it thanjust peace of mind.
Chronic stress can affect yourhealth.
When you're under constantstress, your body releases
cortisol, a hormone thatprepares you for the fight or
flight response.
While cortisol can be useful inthe short term, chronically
elevated cortisol levels canlead to serious health problems,
including weight gain,particularly around the old

(06:10):
abdominal area.
Stress-related cortisol spikescan also slow your metabolism
and make you crave sugary orfatty foods, which worsens the
cycle.
So by managing your money andreducing financial stress, you
could actually be improving yourphysical health as well.
Now let's talk about how people,regardless of their income
level, often get trapped in thepaycheck to paycheck cycle.

(06:30):
It's a vicious loop.
You've got bills coming inevery month and for many of us,
it feels like our paycheck isgone the moment it hits the bank
.
Does that sound familiar?
One reason for this is thatunexpected expenses can hit hard
when you're living on a tightbudget.
An unexpected car repair ormedical bill can throw
everything off.
When you don't have a financialbuffer, you end up relying on

(06:52):
credit cards or loans, whichonly add more stress.
Another contributing factor isthat many people don't have
access to financial education.
They may not know how to budget, set aside money for future
expenses or even prioritizetheir savings, and this lack of
knowledge can affect people atevery income level.
That's why I'm so passionateabout this topic.
Aging your money gives you aroadmap out of this cycle.

(07:14):
Now let's talk about how myworkbook is going to help you
implement this in your own life.
The workbook Low Income RichLife Financial Security Through
Aging your Money is designed tobe practical and step-by-step.
You don't need to be afinancial expert to use it.
You just need to be willing totake control of your money one
payday at a time.
The workbook includes abudgeting section that not only

(07:35):
helps you track your income andexpenses, but also encourages
you to start aging your moneygradually.
Here's how it works With eachpayday, you'll be encouraged to
pay a little extra towards nextmonth's bills, so instead of
just covering what's due thismonth, you'll start building a
cushion for the following month.
Over time, this approach willhelp you slowly create a buffer.

(07:56):
You'll no longer be scramblingto pay this month's rent with
this month's income.
Instead, you'll be one stepahead, paying bills before
they're due and using lastmonth's income to cover today's
expenses.
The Paycheck AllocationWorksheets in the workbook will
guide you through the process ofmapping out which bills you'll
pay each payday and how toprioritize any extra funds

(08:17):
toward aging your money orbuilding your emergency fund.
This workbook isn't just aboutnumbers.
It's about helping you createfinancial stability.
The goal is to break thepaycheck-to-paycheck cycle and
give you the confidence thatcomes with knowing you're in
control of your money.
I'll be going into more detailabout the workbook in a future
episode, where I'll walk youthrough how to use the tools and

(08:38):
strategies inside to transformyour finances.
So if you're feelingoverwhelmed by your finances or
stuck in that paycheck topaycheck rut, I encourage you to
take one small step today.
Look at your budget and see ifthere's one bill or even one
expense you can pay ahead oftime.
Start small Maybe it's yourutility bill or just a streaming

(08:58):
subscription.
That one action will startaging your money and give you a
little bit of breathing room.
As always, thank you for tuningin today.
Remember, this journey is aboutprogress, not perfection.
You don't have to be afinancial expert to take control
of your money, and if you foundtoday's episode helpful, please
share it with someone who mightbenefit from learning how to
age their money.
And don't forget to stay tunedfor more updates on the workbook

(09:21):
.
Together, we can work towardfinancial stability one step at
a time.
Be sure to join us on ourFacebook group at facebookcom
slash groups slashlowincomerichlife, or you can go
to lowincomerichlifecom slashjoin the group.

(09:42):
Thank you for joining us on thisepisode of Low Income Rich Life
.
I hope you found today's tipsand strategies helpful.
If you enjoyed the show, pleasesubscribe rate and leave us a
review on your favorite podcastplatform.
Your feedback helps us reachmore listeners and improve the
content we bring to you.
Don't forget to visit ourwebsite at lowincomerichlifecom

(10:04):
for additional resources, shownotes and links to everything we
discussed today.
You can also join me on ourFacebook page for more updates
and retirement tips.
Remember, a truly rich life isnot about how you spend your
money, but how you spend yourtime.
I'm Kevin Bass, wishing you aprosperous and joyful retirement
journey.
Stay well and stay inspired.
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