Midlife women have been fed a particularly toxic narrative about their money. American women were not allowed to have bank accounts until the 1960s. They were not allowed to have their own credit cards until 1974. We are still paid 20% less than men for work of equal value. Is it any wonder that many of us think we are “bad with money.” But in our society, money is power and ignoring money is a luxury women don’t have.
Not having control over your own money can lead to power imbalances in relationships. It can leave you stuck in marriages and jobs you hate. You have to have your own money and you need to understand how it works.
We are not princesses, waiting for someone to save us. We are Queens. Queens save. Queens invest. And Queens start businesses that thrive. Queens do not give their money power away to a spouse or financial manager. They figure it out.
If you have one goal this year, make it to get on top of your money.Here are our top 10 tips for getter better with your money in midlife.
1. Understand Your Money Type
Take a moment to identify your financial personality—are you a saver, spender, avoider, or worrier? The Klonzes are the pioneers in the area of financial psychology and have an assessment for you to figure out your money type (click here). Understanding your money type can help you recognize habits that support or sabotage your financial goals.
2. Address Past Money Trauma
Financial setbacks or challenges from the past - especially from your childhood - can shape how you view money today. Reflect on your experiences, and if necessary, seek support through journaling, therapy, or support groups to heal from financial anxiety or fear.
3. Set Clear Financial Goals
Define what financial success looks like for you. Create specific, measurable goals for the short term (e.g., saving for a vacation) and long term (e.g., retirement). Write them down and revisit them regularly to track your progress.
4. Learn the Basics of Investing
Investing isn’t just for the wealthy—it’s for anyone who wants to grow their money over time. Explore options like stocks, mutual funds, real estate, or small business investments. Start small and seek professional advice if needed. Women are great at saving and budgeting but investing is what makes us wealthy so it’s key that you focus on this area.
5. Balance Investments with Treats
Don’t fall into the trap of complete deprivation. Budget for indulgences or experiences that bring joy, while prioritizing savings and investments. A balanced approach keeps you motivated and prevents burnout. In our book, The Selfish Season, we talk a lot about investments vs treats.
6. Automate Your Finances
Make saving and investing effortless by automating them. Set up automatic transfers to savings accounts, retirement funds, or investment platforms. This approach removes the temptation to spend and builds wealth consistently over time.
7. Educate Yourself About Money
Knowledge is power. Read books, listen to podcasts, or take online courses focused on financial literacy. Look for resources tailored to women and midlife concerns, such as planning for retirement or navigating caregiving expenses.
8. Create a Budget That Reflects Your Values
A budget isn’t just about cutting back—it’s a tool to align your spending with your priorities. Track your expenses, identify areas to adjust, and make sure your budget supports your goals and values.
9. Join Financial Communities or Groups
You’re not alone in this journey. Find or create a community of women who support each other’s financial goals. Whether it’s a book club focused on personal finance or an online forum, sharing knowledge and experiences can be empowering.
10. Embrace Financial Resilience
Life is unpredictable, but building a financial safety net can give you peace of mind. Establish an emergency fund, revisit your insurance coverage, and consider creating a will or estate plan to protect yourself and your loved ones.
Midlife is the perfect time to take charge of your financial future. By understanding your habits, addressing past challenges, and staying informed, you can build a healthy, empowered relationship with money.
