5 Vital Financial Moves For Parents In Their 30s And 40s

4. Do Retirement Savings

If you have kids, you may be feeling the need to put your retirement savings on hold in favor of saving for college tuition. Well, as the old saying goes: You can borrow for college, but you can’t borrow for retirement.

During your 40s, it’s critical to understand how much you should be saving for retirement and help ensure that it comes first. So you should probably only consider putting money into junior’s college fund if you’ve paid off bad debt and student loans, have a solid emergency fund and your retirement savings are on track.

5. Splurge, But Within Limits

Find contentment with who you are and what you have, and attempt to live simply. This doesn’t mean that you can’t get out and enjoy yourself with the occasional treat or vacation, but it does mean that you need to train yourself to live within your means, and save up for those fun extras.

Develop a sense of yourself, and contentment with that, and you will be less tempted to spend yourself into debt in order to keep up with friends and family who appear to be living large.