Gone are the days when women did not own property or money they could call their own. Today’s women are career women, business women and of course independent women, and they therefore need to make some very important decisions, to ensure that they are financially stable after 40. While 40 is a fabulous age, it also comes with another level of responsibilities. Retirement is closing in when you cross 40, and it is therefore, important to make decisions with that fact in mind. Some financial mistakes can be forgiven at 20, but not at 40. This shows you that 40 is a critical age thinking of yor future and where you will be financiall when you retire.

It is time to clear all your loans

It is expected that you may have taken up several loans during your 30s, perhaps to buy a dream car, own a home or even to further your education. Learning to consolidate your debt and manage your money is essential for a healthy retirement. Time to clear all those loans or make your way to finding new ways to spend and budget to get that loan paid off. This is with the assumption that you already started paying them off at your late 30s, and it is now time to clear them. The last thing a woman over 40 would wants is to see auctioneers coming for all the property she has worked so hard for in her earlier years. Pay the loans and set yourself free.

Keep up the saving culture

Remember retirement is approaching. Everybody wants a peaceful after-retirement life, with no more hustles to make all that money. After retirement, you should sit down and enjoy the fruits of your labour. Therefore, keep on saving with that pension scheme that you joined while at 30. If by any chance you have not started saving, this is the time. Join a pension scheme that will enable you to save a certain portion of your income every month.

Start a business if you are in employment

You will want to be kept busy even after retirement, lest you will end up lonely and depressed. Therefore, this is the time to think of a business plan and implement it. Build it in the meantime, awaiting your retirement.

Spend only when it is necessary

The time to throw your money around is long gone. This is the age where you make sound decisions before spending on something that is frivilous and really not needed. This way, your saving habits will become better and you will save more.

Finally, concentrate on what you love doing. Even at the work place, focus your energy on the things you love and forget about the things that give you nightmares.