Your 40s and 50s can be a busy time — you’re likely advancing in your career, watching your children grow up, and starting to think about retirement.
This will help ensure your finances stay top of mind and you remain focused on what you’re trying to accomplish.
To get started, collect information about all your monthly income and expenses, or everything coming in and everything going out.
There’s no set amount of money to save for an emergency fund, as it depends on your situation. But thinking about how much money you would need to replace lost income for three to six months isn’t a bad place to start.
An emergency fund is typically for big financial emergencies, whereas a rainy day fund is for smaller unforeseen expenses.
A debt-consolidation loan or one of the best balance transfer credit cards could help you gather all your debt in one place so it’s easier to manage.
Budgeting and refinancing can make it seem like you have more money, which you technically do. But this is money that should be put toward your financial goals instead of unnecessary purchases.
If you want to build your credit, use different credit products on a regular basis. But make sure you use them responsibly.
Retirement may be years away, but it’s still recommended that you start saving for retirement when you’re young.
It’s recommended to buy life insurance when you’re young and healthy because you’ll have a better chance at getting the most competitive rates.
You could earn passive income from investing in real estate or start a side hustle as a dog walker. The opportunities are out there, so look for ones that make sense to you.