Saving Money In Your 50s? What I’m Just Figuring Out As A Beginner

4 min read

I’ll be honest—when I hit my 50s, financial planning was the last thing on my mind. For most of my life, I had focused on earning, spending, and hoping for the best.

But then reality struck. I hadn’t built a solid foundation for my future, and that carefree approach suddenly felt reckless. It was time to take control.

I only wish they had taught financial literacy in school. Had I understood the basics—how to budget, save, and invest—I could have avoided so many mistakes. Instead, I found myself playing catch-up, but as the saying goes, better late than never.

Getting Smarter (Not Richer) About Money

Demand for financial education among women is high and that doesn’t surprise me. I devoured books, took online courses, and scoured finance blogs for advice.

The first step? Getting a clear picture of my finances—my income, debts, and expenses. It was uncomfortable, even daunting, but necessary. One of the most valuable lessons I learned was that you can’t set financial goals for the future until you know where you stand today.

Ask yourself: “How much do you actually spend in a day, a month, a year?” A useful starting point is the 50/30/20 rule:

• 50% of your income goes toward essentials (housing, bills, groceries)
• 30% is for discretionary spending (travel, dining out, shopping)
• 20% is for savings and debt repayment

This simple formula helped me see where my money was really going—and where I could make changes.

Financial Literacy Is Power

The more I learned, the more I felt in control. I found insightful content from HerMoney and good resources on saving and investing from  organisations like WISER (the Women’s Institute for a Secure Retirement), WIFE (Women Institute For Finance Education) and The National Endowment for Financial Education (NEFE) .

If you prefer a good read, “The Charles Schwab Guide to Finances After Fifty” by Carrie Schwab-Pomerantz is an excellent primer.

And yes, I even turned to social media. According to a OnePoll survey, 20% of people aged 45-54 now rely on social media for financial advice in Uk, a shift largely driven by the cost-of-living crisis. It turns out I wasn’t alone in my search for answers.

Start with a Budget (It’s Not as Boring as It Sounds)

A budget isn’t about restriction—it’s about understanding where your money goes. Tracking my spending revealed a few surprises. I hadn’t realised how much was slipping away on unused subscriptions and impulse buys. By cancelling just one streaming service and a handful of subscriptions, I freed up £150 a month.

Apps like Credit Karma and YouNeedABudget make tracking personal finances easier, turning budgeting from a dreaded chore into a powerful tool.

Build Your Safety Net

Most financial experts suggest having at least six months’ worth of expenses in an emergency fund. Ideally, a year’s worth. I started small—setting aside just £100 a month into a high-interest savings account. Within a year, I had built a cushion that gave me financial peace of mind. Unexpected expenses—like car repairs or medical bills—no longer felt like a crisis.

Beyond Budgeting: Building a Plan for the Future

Once I had the basics down, I knew I needed a long-term plan. I started thinking about my financial goals beyond just paying the bills.

Did I want to travel in retirement? Help my children financially? Own a home with no mortgage? Having a clear vision of what I wanted my future to look like helped me create a roadmap to get there.

Increasing savings

Even small, consistent contributions to savings accounts or investment funds make a difference. Cutting unnecessary subscriptions—whether it’s streaming services, magazines, or unused gym memberships—can also add up to significant savings over time.

Shopping smart by opting for affordable brands, using cashback apps, and taking advantage of sales can stretch your budget even further.

Planning for retirement

This was a wake-up call. I needed to take retirement planning seriously. So, I sat down, crunched the numbers, and figured out how much I’d need to retire comfortably. This wasn’t just about saving—it was about creating a strategy to catch up and secure my future.

First, I determined how much money I’d actually need. Retirement expenses aren’t just about covering the basics; they also include the lifestyle I want to maintain—vacations, dining out, and any ongoing costs like car or home maintenance.

Next, I focused on choosing the best retirement plan for my needs. It wasn’t just about saving but deciding where to put my savings for maximum growth.

Finding additional income: Every bit helps

I started freelancing, using my skills to take on small projects that fit into my schedule. Whether it was writing, consulting, or offering services online, I found that there were plenty of ways to earn money on the side.

Platforms like Upwork and Fiverr made it easy to connect with clients, and soon, I was making extra cash doing things I actually enjoyed.

At the same time, I turned my clutter into cash. I went through my home and sold unwanted clothes, furniture, and electronics on platforms like Facebook Marketplace, Vinted, and eBay. Items I hadn’t used in years were suddenly putting money in my pocket.

It felt like a win-win—decluttering my space while boosting my income. Looking for extra ways to earn money not only helped me financially but also gave me a sense of control and confidence.

Final Thought: It’s Never Too Late to Take Control

For much of my life, I assumed that as long as I could pay my bills, I’d be fine. But now, I realise financial independence isn’t about survival—it’s about security and freedom.

If you’re in your 50s and feel like you’ve left it too late, don’t panic. I’m proof that even a late start can lead to meaningful change. The key is to start—today. The financial freedom I’m working toward now is the peace of mind I’ll enjoy tomorrow. And that, to me, is worth every penny.

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