8 Ways to Make Money Your Work for You in Your 50s

Your 50s are a crucial time to plan for your retirement and secure your financial future.

You may have some savings, investments, or assets that you have accumulated over the years, but you may also have some debts, expenses, or uncertainties that you need to deal with.

How can you make money work for you in your 50s and achieve your financial goals? Here are some tips and strategies that can help you.

1 Assess Your Current Financial Situation

The first step to make money work for you in your 50s is to assess your current financial situation. This means taking a look at your:

  • income,
  • expenses,
  • assets,
  • liabilities,
  • and net worth.

You can use a spreadsheet, an app or a good ol’ notebook to track and analyse your financial data. You should also review your credit report and score, as they can affect your ability to borrow money or access certain financial products.

Some questions that you should ask yourself are:
  • How much money do you earn from your job, business, or other sources?
  • How much money do you spend on your living expenses, such as housing, food, utilities, transportation, health care, insurance, taxes, etc.?
  • How much money do you save or invest each month for your short-term and long-term goals?
  • How much debt do you have, such as mortgages, car loans, student loans, credit cards, etc.
  • What are the interest rates and terms of your debt
  • How much money do you have in your emergency fund, retirement accounts, investment accounts, or other assets?
  • What is your net worth (the difference between your assets and liabilities)?
  • What is your credit score and what factors affect it?

By assessing your current financial situation, you can get a clear picture of where you stand financially and identify any gaps or issues that need to be addressed.

2. Reevaluate Your Financial Goals and Priorities

The next step to make money work for you in your 50s is to reevaluate your financial goals and priorities. Perhaps your financial goals have remained the same over the years. If you want to be serious about ramping up your finances, then reevaluating and setting new and improved goals will help you.

Make a list of the things that you want to achieve or accomplish with your money in the short term (within a year), medium term (within five years), or long term (beyond five years). Some examples of financial goals are:

  • Paying off debt
  • Saving for an emergency fund
  • Saving for a vacation
  • Saving for a home purchase or renovation
  • Saving for a child’s education
  • Saving for retirement
  • Investing for growth or income
  • Starting or expanding a business
  • Giving to charity
  • Leaving a legacy

3. Create a Budget and Stick to It

Using a budget has been proven to assist in:

  • Managing cash flow
  • Controlling spending
  • Saving more money
  • Paying off debt faster
  • Achieving financial goals in the desired time frame

To create a budget, you can use the 50/30/20 rule as a guideline. This rule suggests that you allocate 50% of your income to your needs (such as housing, food, utilities, etc.), 30% to your wants (such as entertainment, hobbies, etc.), and 20% to your savings and debt payments (such as emergency fund, retirement account, credit card payments, etc.). You can adjust these percentages according to your personal situation and preferences.

4. Pay Off Your Debt

Debt can be a huge burden on your finances as it can eat up a large portion of your income. According to the NCR, there are approximately 27.05 million credit active consumers in South Africa. Of these, 10.02 million have impaired records. Failure to pay off your debt carries severe consequences. Oftentimes, these consequences have lasting negative effects on your livelihood. Debt review assists consumers who cannot manage their monthly repayments by providing a secure affordable option.

5. Save for Retirement

  • Retirement can be a rewarding and fulfilling time, but it can also be challenging and stressful if you are not financially prepared. Here are a few pointers to assist you in making retirement as financially comfortable as possible:
  • Estimate how much money you will need to retire comfortably based on your desired lifestyle, life expectancy, inflation, taxes, and health care costs.
  • Calculate how much money you have already saved or invested for retirement in accounts such as pension plans, provident funds, and retirement annuities.
  • Determine how much money you need to save or invest each month to reach your retirement goal.
  • Choose the best retirement savings or investment vehicles for your situation.
  • Contribute as much as you can to your retirement accounts each month.
  • Diversify your portfolio across different asset classes (e.g., stocks, bonds, cash, etc.) and sectors (e.g., technology, health care, etc.) to reduce risk and increase returns.
  • Rebalance your portfolio periodically to maintain your desired asset allocation and risk level.
  • Review your retirement plan regularly and adjust as needed based on changes in your income, expenses, goals, and market conditions.
  • By saving for retirement, you can make money work for you in your 50s by building a nest egg that will provide you with income and security.

6. Invest Wisely

Investing is the process of putting your money into assets that have the potential to grow in value over time. However, investing your money requires time, research, and patience. It can be a risky business if you do not know what you are doing. Consulting a financial advisor before investing your money will assist you in understanding the nuances around investments. Read our blog on which questions you should ask your financial advisor for peace of mind.

7. Increase Your Income

You might be thinking, how could I possibly increase my income at 50? Well, the best time to do anything is right now. Here are a few ideas that could help you increase your income:

  • Negotiate a raise or a promotion at your current job
  • Seek new opportunities or challenges in your career
  • Upgrade your skills or credentials through education or training
  • Start a side hustle or a freelance business
  • Create a passive income stream through online platforms, products, or services
  • Sell or rent out your unused or unwanted items or space

8. Reduce Your Expenses

Reducing expenditure is a necessity on the road to financial freedom. By cutting down your expenses, you will be able to reach the important goals faster, even if it means that you cut out a movie subscription and opt in for reading great money building books. Here are a few ways to help you reduce your expenses:

  • Identify and eliminate any unnecessary or wasteful spending, such as subscriptions.
  • Compare prices and shop around for the best deals on goods and services
  • Use coupons, discounts, rewards, or cashback programs to save money on purchases
  • Opt for DIY or homemade solutions instead of buying or hiring professionals
  • Switch to energy-efficient appliances and devices to lower your utility bills
  • Use public transportation, carpooling, biking, or walking to save on transportation costs
  • Cook at home instead of eating out or ordering delivery
  • Plan ahead and buy in bulk or seasonally to save on groceries
  • Downsize or declutter your home or office to save on space and maintenance costs


Reaching financial freedom at any age requires planning, discipline, and action. The steps above can assist you in improving your financial situation and achieve the financial goals that you have set for yourself. The best time to start anything is right now.

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