savings

6 tips for financial planning in your 40s

Savings » 6 tips for financial planning in your 40s

Financial planning in your 40s
Previous
1 of 7
Next
Financial planning at 40-something © auremar/Shutterstock.com

Financial planning in your 40s

If you're in your 40s, you could be considered either a late baby boomer or a member of Generation X. Either way, you're at a time in your life when you're putting youth aside and should be doing some financial planning for your future and your family's future.

A dilemma faced by people in their 40s is that they typically need to be saving for college tuition for their kids and putting money into a retirement account while simultaneously buying a house or saving for a down payment. Financial experts can help you sort out where your savings should be going in your 40s.

"Not having a financial plan is actually just having a really bad plan," says Alexa von Tobel, founder and CEO of LearnVest.com in New York. "Every financial plan is specific to the individual, but you should look at your income and set priorities for paying off debt and saving for different needs."

These financial planning tips are meant to help 40-somethings find balance in their hectic lives of spending and debt.

Previous
1 of 7
Next

advertisement

Money and investing tips for all ages Your approach to saving and investing changes as you get older. Find out how to manage the moving parts.
Show Bankrate's community sharing policy
          Connect with us
advertisement
Make $1 million after age 70
advertisement
Partner Center
advertisement

Connect with us