Being over 40 is a weird stage in life to be at. You’ve probably gone through the stages of buying things you don’t need, yes THOSE dumb items you thought you wanted! But you’ll also be thinking about saving for your retirement too, so it can be a real balancing act knowing what to do with your money.
So here are 5 ways to make money in your 40’s work better for you.
#1 – Watch What You Spend
Sounds obvious but it’s easy to spend money on things you really don’t need. You might be earning reasonable money, so it’s easy to buy more things each month.
However, you really need to be thinking about making that money work for you in other ways. Especially if what you are buying has no chance of making you your money back, even if you sold it. It’s a time for cutting back, not splashing out.
#2 – Earn More Money
Another obvious one but are you doing all you can to make more money in your 40’s? With the internet now on almost every device, it’s such an easy time to make it work for you.
There are lots of ways to make a part time income online. You can buy and sell things on eBay, fill in surveys, be a social media freelancer, write articles, create images and the list goes on and on.
Just spend 10-20 minutes a week, looking on Google for money making methods and try a few. Who knows where it might take you!
#3 – Reduce Any Debts
If you have debts (let’s face it, most of us do!), then now is a good time to start paying off a little more each month. Should you carry those debts into your 50’s and 60’s then you might have them until you die.
By paying off some extra each month, you’ll reduce your monthly spend, reduce your overall debt and will make life much easier once they are gone.
#4 – Think About The Family
Whilst this one isn’t about saving or making you money over 40, it is still about your finances. You need to make sure that your family is covered should something happen to you. Be sure to have life insurance, so that your funeral will be covered and your family is not put under financial strain.
Have a will drawn up too, as that will make things easier and clearer for them. The last thing they will need is more uncertainty and a will should make the legal process easier on them too.
#5 – Plan Your Retirement
Another useful thing to do is to have a plan for when you want to retire and what you want to do. Often this will put some plans in motion and force you to sort out your finances. Why not go travelling when you retire? Set some money aside or start saving now. Look forward to retiring, instead of worrying about it!
Those are just a few ways you can start to make money in your 40’s work for you, instead of against you.
About – Over 40 Squad, created by Tony Newton, are a team of passionate writers and editors who specialize in creating information specifically for the over 40’s.