What should I do with my money in my 40's?

40 year olds finance tips Apr 14, 2021


No one really likes getting older but it is a fact of life and realistically you need to plan for the day that you eventually get to retire, ride off into the sunset and enjoy your golden years. If you’re in your 40’s you’ve still got 20 years before your retirement and you still have a decent amount of time to plan for it.

If you don’t have a pension it might be time to look into it. If you do have one reviewing it now may ensure you maximise its efficiency.


There are two elements to this part. You either own a house currently or you don’t. Either way planning for your future accommodation needs is important. Renting is becoming more common place it’s quite expensive to rent for your lifetime especially in densely populated areas. If renting long term is not for you then looking at buying a house might be the solution.

If you currently own and a house and have a mortgage you should review it every 2 to 3 years to ensure you are not unnecessarily overpaying on interest rates.

Adjust your savings

In most cases people are making more money in their 40’s compared to their 20’s and 30’s so they should review their savings goals.

Life Insurance

It’s maybe something you don’t like thinking about much like a will (which is also something you should think about). As you get older in life your life insurance needs will change. If you have young kids you might want to increase it but if your kids are over 18 it might be time to reduce it slightly as they’re now independent.

Learn a new skill

This isn’t a financial tip but often people get so focused on finance that they forget that learning a new skill is a great way to improve yourself. Learning a new skill is great to keep both the body and mind engaged, as we get older, we tend to sit on our laurels but it’s also important to continue being mentally and physically active.


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