42 Years with no plan and savings - What to do now

Profile Picture
By: sanderspatricia29
on 25th May,2017

Turned 42 but still don’t have any idea to save money? Take these 20 steps immediately.
42 Years with no plan and savings - What to do now

It is never too late to make a fresh beginning. So what if you’re 42, have crossed your prime, have no financial plan and savings? You can change the scenario by taking these 20 steps in the next 6 months.

Step 1

Stop daydreaming. Start planning. Evaluate your monthly income and daily expenses.

Step 2

Once you have noted your expenses in the spreadsheet, start thinking which expenses you want to eliminate.

Step 3

Stop buying breakfast, lunch and dinner. Stop buying coffee and drinks.

Step 4

Stop buying gadgets unnecessarily.

Step 5

Create a budget that you’ll follow every month.

Step 6

Think about a realistic amount you aim to save every month. You have no savings. So, you need to save a good amount every month.

Step 7

Give up your impulsive shopping habits.

Step 8

Open a retirement savings account and start contributing an amount every month.

Step 9

Calculate how much you owe on your debts.

Step 10

If you have no debts, then you’re not in trouble. But if you’re in debt but have no money, then start negotiating with creditors after saving a negotiable amount. You can attack the high-interest debts first.

Step 11

Build an emergency fund gradually. Save 10% of your income or more every month. A good emergency fund is the one which can help you sustain for 6 months.

Step 12

Enroll in a debt settlement or a management program to pay off your debts fast. This will help you save money considerably.

Step 13

Open a 529 savings account if you have kids. This will help you cover the cost of your kids’ higher education without heavily depending upon student loans.

Step 14

Consult a good tax planner so as to know about the tax laws, deductions, fines, penalties, fraud, etc. File your tax returns on time.

Step 15

Check your insurance policies. Compare your existing insurance plans with others. Change your insurance plan or increase your coverage if required.

Step 16

Sell unwanted items to get extra money. You can sell unwanted or extra items in ebay or similar other sites.

Step 17

Pay your credit card bills, utility bills, rent, etc. every month. Stay within your credit limit to have a healthy credit score.

Step 18

Calculate your net worth every month. You can calculate your net worth by dividing your total assets by debts. Compare your net worth with the previous month. If it doesn’t improve, then you need to change your financial yet again.

Step 19

If you have a mortgage, then make regular payments every month. If you can’t, then think about refinancing or mortgage modification.

Step 20

Withdraw $200-$300 from the ATM every week. Keep it in mind that you have only this much amount to spend on food, clothes, transport, and other expenses. If you save money in the week, then rollover the leftover money to the next week.


These are the first 20 steps you need to take for giving a proper shape to your financial house. Doesn’t matter if you’re 42. You’re late but you still have time to plan and save money. Explore articles on saving money to get ideas. If you have more doubts, post your question in DebtCC Answers.

No votes yet

Page loaded in 1.353 seconds.