One of the most powerful ways women at every age can break down money taboos and help one another prioritize our financial goals is by talking to each other — swapping tips, sharing what’s worked for us, and encouraging each other along the way.
We’re also firm believers that different groups of women who share similar backgrounds or other uniting factors also have unique insights that can help everyone. One of those uniting factors is lived experience. So we asked women over 50 to give us their #1 piece of money advice for other women. Here are some answers from the Ellevest community.*
FYI: Some responses have been lightly edited for clarity or length.
Financial wellness tips from women over 50:
“You have to intentionally manage your money like your time. If you don’t, it will manage you!” — Shae, 52, from Houston, TX
“We have to be prepared for modern threats as well as age-old issues. A little good planning on my part saved me and my husband last month when his bank account login was swiped by scammers and our joint bank accounts were put at risk. Because I had savings accounts of my own with other banks, my own credit card with another bank, and a small amount of cash at home set aside for emergencies, we were able to get through a couple weeks of hell. Without those three things, we would have been unable to pay for food, electricity, gas, etc., even though we had money in the bank. Being able to say, “We’re OK, we can get through this” was such a great feeling!” — Becki, 52, from Port Carbon, PA
“Track your net worth. Make increasing it a game to incentivize yourself to make better decisions with your money. When you can see in a spreadsheet (or app or however you track it) that assets going up and liabilities going down makes your net worth go up, it’s more real.” — Kelly, 50, from Elberton, GA
“Money = freedom + options. It’s only now, at 54, that I really appreciate that. I’m not ready to retire, but when my company moved and my job ended, I felt like initially I ‘had’ to immediately find a job. (Spoiler alert: I made the wrong choice and it was just a bad fit.) I realized that I don’t have to immediately jump — I’ve saved money for a long time and can use that to fill the gaps while I take my time and find the right match. That’s power. That’s control.” — Melissa, 54, from Toledo, OH
“Money is a tool to a means. We are programmed to believe money has all the power, and this blocks forward movement and progress. The real power is already inside you. When we stop letting money lead our thought process (ie, I need $X to do Y), we free up time and space to lead with possibility instead (what possibilities exist to create this?). Money is a mindset game, and until you change your thinking, money will keep you hostage.” — Tina, 53, from Madison, WI
Financial wellness articles written by Ellevest:
“A Guide to Practicing Financial Wellness”
“31 Ways to Practice Financial Self-Care”
“Negotiate your salary with every job offer or promotion.” — Kara, 51, from New York, NY
Career advice from women over 50:
“Often the most important career decisions are made when you are not in the room. Make sure your worth is well known so you can get paid accordingly.” — Alison, 51, from Alameda, CA
“Si tienes tu propio negocio, dedica un porcentaje para reinversión de mercadería, otro para tus gastos, y otro porcentaje destinarlo al ahorro. Yo cambiaría eso, porque de joven no lo sabía y no lo hice. Ojalá me hubieran enseñado!” — Nora, 50, Buenos Aires
Career advice articles written by Ellevest:
“3 Pieces of Career Advice You Won’t Hear Anywhere Else”
“Tips for Negotiating a Raise”
“17 Networking Tips to Help Supercharge Your Career”
Relationships and money advice from women over 50:
“Talk about it! Ask questions! Normalize talking about money! Don’t be shy or embarrassed to admit you don’t understand a financial term or idea or strategy. Men and women are equals in the workplace and should be equals in financial knowledge, too.” — Kathy, 60, from Atlanta, GA
“If you’re married and have joint accounts, keep a separate bank account just in your name that has at least enough for a couple months of expenses. If your spouse dies, or if you leave your marriage, it may take time to access joint accounts, but bills won’t wait.” — Becky, 53, from Cleveland, OH
“Be prepared and have a plan to support yourself financially until you die; don’t rely on inheritance or a spouse! (That’s the icing on the cake, if it happens. If it doesn’t, at least you have your cake.) And if you’re sharing expenses with someone who earns more than you, don’t pay half, pay your proportion (mine was 40% to his 60%).” — Christine, 56, from Newport, RI
Relationship and money advice articles written by Ellevest:
“What Women Need to Know About Financial Infidelity”
“Estate Planning: What It Is, and Why You Should Start Now”
“How to Split Expenses With Your Partner”
Budgeting tips from women over 50:
“Always spend at your previous income level. It worked for you then, it should work for you now. That way, you’ll always have extra left over! This is how I built my empire, as a low-income actress with extremely unstable income, over the past 30 years.” — Catherine, 50, from Minneapolis, MN
“Stick to your budget!!! Yes, there will be days that you have only a few dollars to make it to the next payday, but if you stay your course and stick within your budget, you will see improvement toward your goals. Maybe not as quick as you’d like, but they will happen!! Just stay the course!” — Anonymous, 53
Budgeting articles written by Ellevest:
“How to Budget with the 50/30/20 Rule”
“Tips to Keep Yourself from Overspending”
“Explainer: The ‘One Number’ Approach to Budgeting”
Financial literacy tips from women over 50:
“It’s never too late to earn more and save more money.” — Natalie, 54, from Seattle, WA
“Learning to use and understand how money works means being able to make more decisions based on what you really want in life. It means being able to make choices that you might not be able to make in relationships if you are financially dependent.” — Theresa, 55, from Charlotte, NC
“I know now that my parents’ fear of money does NOT have to be mine. My circumstances are not the same as theirs. I’ve learned tools to deal with my fears of not having enough. You’re not alone.” — Kathy, “doesn’t even remember 50” 😉, from Hicksville, Long Island, NY
Financial literacy articles written by Ellevest:
“Don’t Let Anyone Tell You You’re Bad With Money”
“15 Ways to Reduce Financial Stress”
“What to Do If Dealing With Money Feels Overwhelming”
Guilt-free money moves from women over 50:
“Set savings goals and celebrate when you achieve them. Buy yourself a nice meal, buy an investment piece of clothing, or make a donation to a cause important to you at significant milestones.” — Jennifer, 51, from New York, NY
Money moves articles written by Ellevest:
“How to Stop Feeling Guilty About Spending Money”
“What the Ellevest Community Splurges On (Guilt-Free)”
And finally, a piece of money advice from many of the women who replied and us as well: invest, invest, invest.
Feeling inspired after all this money advice? Ellevest’s all-women team of financial planners design a plan that works for you, your goals, and your values. Become a client today.
FYI, these entries were sourced from and submitted by members of the Ellevest social community. Our (wonderful) compliance team says, "The entries may not represent an Ellevest client or an actual client’s experience with Ellevest. The information shown is not intended to be a representation, endorsement, or testimonial of Ellevest’s services, nor should it be construed as an endorsement by Ellevest."
If you're a business owner, dedicate a percentage for merchandise reinvestment, another for your expenses, and another percentage for savings. I would change that about my journey, because as a young woman I didn't know this and I didn't do this. I wish someone had taught me!