top of page

Let's Talk Money....

Writer's picture: Lisa HammerLisa Hammer

As a Certified Money Coach, Accredited Financial Counselor, and co-founder of Bolder Money, a financial coaching platform that provides personalized, compassionate financial guidance, my coaching team has helped hundreds of women in midlife navigate their finances. There are two themes that stand out to me in the way these women approach money, and what they experience:


First, women in midlife are ready for change. Many of them are experiencing significant transitions in their lives, and are at a point where they want to learn how to thrive financially. They recognize that they’ve followed financial behavior patterns and beliefs that are different from what they will need to set themselves up for financial independence and freedom in later years.


Second, it’s almost as if a veil lifts, and the goals that seemed far away (retirement, traveling the world, leaving a legacy for children) appear closer than ever. Science has proven that when we connect with our future selves, it’s easier to take action that gets us closer to our ideal future, and women in midlife are more connected to who they want to be when they grow up.


Feeling ready to take steps to prepare for their financial future and clearly envisioning that future puts women in midlife in a great position to level up financially. Let’s talk about how!

  1. Stop giving a shit what other people think about your life. Does this feel like a weird money action step? Maybe, but it’s critical. The shame and guilt we feel from comparing ourselves to others or thinking there was some expectation for our lives that we missed will hold us back from taking healthy financial steps. For example, someone with debt following overspending while parenting little ones or starting over with nothing after a divorce can tend to feel like they’ve done everything wrong with money, and that feeling can keep us from moving forward into building healthy financial habits. So the very first thing to do is to explore what you are thinking about money, and how it’s impacting your choices. Then, if you don’t like what you find, do the opposite. Feel like you’re financially unqualified? Start looking at and reading about money, and saying out loud to yourself “I’m in my financial badass phase.”

  2. Review your spending. Now that you’re feeling ready for change, the first practical move you should take is getting really clear on where your money is going, and why. Clear out anything you are spending on out of guilt, or impulse, and really try to focus on what is aligned with your values and future goals. Love to travel? Great, make room for it in your spending plan. Need to improve your overall health? Awesome, focus on that, and cut back on things that aren’t supportive of this goal. Need to pay off debt or catch up on retirement? See where you can reroute money to those goals, and consider taking on a side hustle to get there faster.

  3. Get rid of high interest debt. NOW is the time to leave as much room as possible in your monthly earnings for investing and preparing for retirement, and having a good portion of your income going to pay off credit card debt will keep you from doing that. Use step 2 to find as much money as possible to put towards your debt, and assess if you need to increase your income to pay off your debt faster.

  4. Boost your income. Being in your financial badass phase means looking around at what you’ve accomplished, the skills you’ve developed, and how that is (or is not) reflected in what you are being paid. Benchmark your salary or prices to others in your industry, and make bullet points to communicate an increase to your clients, or advocate for why you deserve a raise to your boss. And don’t forget - a mid-life career change can do wonders for your income, and your financial future.

  5. Make investing a priority, and take advantage of retirement benefits. If you haven’t already, start maximizing your retirement contributions ASAP. This means contributing at least $22,500 to your 401k in 2023 if you are younger than 55, PLUS the $5,000 catch-up contribution in 2023 if you are over age 55. Additionally, depending on your income level, you may also be eligible for additional retirement contributions to a tax-advantaged IRA as well. If you’re self-employed and haven’t been contributing, now is the time to start an SEP IRA or solo 401k.

If this feels like a lot to take on, start small. Set aside 45 minutes every week, get some coffee (or some wine) and dive into a money date with yourself. Future you will thank you.


Amy Schultz

Co-Founder, Bolder Money

Recent Posts

See All

Comments


©2022 by Scaling the Hill. Proudly created with Wix.com

bottom of page