Simple Money Saving Tips for Midlife Women

Sharing Is Caring!

Last Updated on April 8, 2023 by Erin

Money Saving Tips for Midlife Women
Photo by Alexander Grey on Unsplash

After years of supporting children and paying off debt, money can be tight for many of us reaching midlife. Or maybe you’re like me and you’re considering a midlife career change and want to get your finances in order. This is the time when we want to start living the good life! The great news is, there are several easy money-saving tips for midlife women to get the most bang for their buck without sacrificing their quality of life.

You don’t even need to be entering midlife in order to start practicing these habits. The earlier the better!

**This post may contain affiliate links. This means if you click and buy, I may receive a small commission (at zero cost to you). Please see my full disclosure policy for details.**

Money Saving Tips for Midlife Women

Track Expenses

First and foremost, take stock of where your money goes each month. Track all expenses and see where money is being wasted or can be cut back. If a gym membership isn’t getting used, it may be time to cancel it.

Once you are able to determine where all your money goes, you can make sure it goes towards things that you truly value, such as travel. Look at all of your accounts, including checking and credit cards. Take note of your fixed and variable expenses.

Fixed expenses don’t change from month to month. Examples include mortgages, utilities, and insurance.

Variable expenses fluctuate each month. Examples include food, clothes, and entertainment.

When I finally sat down and looked at all my expenses, I discovered a few subscriptions that I had forgotten I had signed up for. I was able to cancel those and start saving that money. BillTrim is a free app you can use to negotiate and cancel subscriptions. Give it a try!

Decide on a Budget

Once you’ve got your expenses all laid out in front of you, it’s time to determine a budget. This is one of the best money-saving tips for midlife women to keep in mind.

50/30/20 Budget

A 50/30/20 budget is a fairly common budget to get you started.
50% of budget = needs
30% of budget = wants
20% of budget = savings

To implement the 50/30/20 budget, you need to start by determining your monthly income after taxes. Then, you allocate your income into the three categories as described above. You can use a budgeting app or a spreadsheet to track your expenses and ensure that you stay within your budget.

One potential downside of the 50/30/20 budget is that it may not work for everyone, particularly those with high debt or expenses. In some cases, you may need to adjust the percentages to better reflect your financial situation.

Envelope System

Some people utilize an envelope budgeting system. This method involves dividing your cash into envelopes for different spending categories (such as groceries, entertainment, or transportation) and only spending the money in each envelope for that specific category. This can help you stay within your budget and avoid overspending.

One downside of the envelope system budget is that it can be less convenient than other budgeting methods, particularly if you prefer to make purchases with a debit or credit card. However, you can still use the envelope system budget for certain categories (such as discretionary spending) while using other budgeting methods (such as a digital budgeting app) for other expenses.

Zero-Sum Budget

This is a budgeting method that involves allocating all of your income towards specific expenses, savings goals, or debt payments. This can help you stay on track with your financial goals and avoid overspending.

To create a zero-sum budget, you first need to determine your monthly income. Then, you allocate that income towards different categories, such as housing, transportation, groceries, utilities, entertainment, and savings. You can use a budgeting app or a spreadsheet to track your expenses and ensure that you stay within your budget.

The key to a successful zero-sum budget is to be realistic about your expenses and to prioritize your spending based on your goals. For example, if you’re working to pay off debt, you may need to allocate a larger percentage of your income toward debt payments. Alternatively, if you’re saving for a down payment on a house, you may need to cut back on discretionary spending to allocate more money toward savings.

Tracking Finances

I have been using Empower for a few months and really enjoy how it tracks EVERYTHING for me. On my website dashboard, I can see the budget they recommend for me, my cash flow (income and expenses), and my net worth. There are a lot of other offerings on Empower but the basics are great to get you started.

Knowing your net worth is important because it gives you a snapshot of your financial health. Your net worth is the difference between your assets (things you own, such as savings, investments, and property) and your liabilities (things you owe, such as debt and mortgages). It can guide your financial decision-making and motivate you to work towards your long-term financial goals.

Empower Personal Wealth, LLC (“EPW”) compensates, LLC for new leads., LLC is not an investment client of Personal Capital Advisors Corporation or Empower Advisory Group, LLC.

Take the Time to Shop Around

More money-saving tips for midlife women are to shop around and thrift. Don’t be afraid to compare prices and services. Use coupons, buy in bulk, or sign up for loyalty programs to get the best deals. Admittedly, this is the hardest one for me because I can be very impulsive when I decide I want or need something. It’s just so dang easy to shop on Amazon!

It may also be beneficial to look at different money-saving alternatives. For example, try shopping at thrift stores instead of department stores if your clothing budget needs paring down. Look for money-saving apps that offer discounts on certain services or groceries.

I thrifted a capsule wardrobe using thrifted items and saved over $500! It’s fantastic for your budget but also a wonderful sustainable practice.

Earn Cash Back Whenever You Can

I currently use Rakuten and/or Swagbucks apps when shopping online to ensure I’m getting a good deal AND earning cash back. For example, I was thinking of using a Sephora gift card and I see on the Swagbucks site, I could earn 8% cash back when I shop through their link. Why not make money when buying something I was going to buy anyways?

You could also try making some money online in your spare time. I’ve earned hundreds in gift cards just by taking online surveys when I have a moment.

Scan those receipts!

I have multiple rewards apps on my phone that give me cash back when I shop anywhere. In fact, I have a whole section on my phone dedicated to these types of apps, to make them easier to find. I never want to miss out on free money!

My personal favorite is Fetch Rewards. It’s one of the fastest ways I earn gift cards to places like Amazon and Target. I just take a picture of my receipts and get instant points that turn into cash. They even check your email for online Amazon purchases. No physical receipt is needed! (Hint: if you use my referral code D15XU, you will immediately get 100 points).

My next favorite app is ibotta. You will get $0.25 for any receipt you scan, but you can get even more money for specific items you purchase. Make sure to look through the app to find the items you plan on buying and add them to your list in the app. (Hint: use my referral code ruhdtnu).

The last app I frequently use is UpSide. This app allows you to earn cash back at gas stations and restaurants. When I go to the gas station, I get an alert from UpSide if I can earn cash back for every gallon I buy. It may not seem like a lot at the time, but it can really add up quickly! I try to pick gas stations that I know offer rewards, and you can easily find participating gas stations nearby using the app. (Hint: use my promo code ERIN74588 to get an extra $0.15/gallon bonus).

Change Your Mindset

Finally, try to get into a money-saving mindset. Remember that it’s never too late to start saving money. Your savings will snowball quickly if you really get into it!

Surround yourself with people who have similar saving goals and habits. This can help you stay motivated and accountable. Practice gratitude by focusing on what you have, rather than what you don’t have. This can help you avoid the temptation to buy things you don’t need.

Money Saving Tips for Midlife Women

Create Financial Goals

Create goals around money saving and make sure to stick with them. Dream big! Here are a few examples:

  • build up my net worth to {insert number}
  • save up enough for a down payment
  • pay off your primary mortgage
  • build up your nest egg
  • pay off high-interest debt, such as a credit card
  • build up an emergency fund

A spending challenge or budget challenge can be a great way to get you on track. Here are some examples of popular challenges you can try out:

No Buy/Low Buy Challenge- Set a period of time where you ONLY spend money on essential items. This is great for becoming more mindful about your spending.
Cash-Only Challenge- This can help you stick to a budget by physically limiting your spending to whatever cash you have on hand.
Pantry Challenge- Create meals using only the items you have in your pantry. This will help you save big bucks on groceries and reduce food waste.
Savings Challenge- Set a savings goal and track your progress (ex: $500 in 30 days). This helps you develop savings habits and helps you see the impact you are making.
DIY Challenge- Make your own cleaning products, beauty products, or even furniture! You might discover a new hobby while saving money.

I have a whole blog post about trying a Low Buy Year and it’s the challenge we are working on in our household. It’s been really eye-opening to see all the non-essential things I was spending money on, like decor and random beauty products. It was definitely a non-healthy coping strategy for the amount of stress I was feeling at work. I truly feel like a low-buy challenge is helping me develop lasting financial habits. Download your free printable companion today!

Remember that the key to achieving your financial goals is to set specific, measurable, achievable, relevant, and time-bound (SMART) goals. Start by setting small goals and work your way up as you become more confident in your abilities.

Read Finance Books

Truth be told, I didn’t really become interested in finance until I decided to make a midlife career change. I trusted my husband, who has a business degree and teaches personal finance, to handle everything. I’ve learned many of my money-saving tips for midlife from him!

In order to make the leap, I knew I had to get a handle on what our spending looked like, so there wouldn’t be any financial surprises once I left my job. I expected books on finance to be incredibly boring but boy was I wrong. They are incredibly inspirational! Here are a few of my favorites for you to check out:

Now that you’re saving lots of money, you should definitely look into ways to build wealth in midlife!

I hope these tips were helpful to you! Which of these money-saving tips do you already practice? Do you have another budgeting tool you love?

Don’t forget to share or save this post if you found it helpful 🙂


Money Saving Tips for Midlife Women

Sharing Is Caring!

Leave a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Scroll to Top