Hi friends, and thanks for stopping by to read why “Saving Early Helps Make You Rich” is Lousy Advice if You’re Already Older!
If I had a dollar for every time I heard, “Start saving when you’re young and you’ll be rich when you retire,” I might actually be rich by now. The problem? That advice is useless if you’re already past 50 and wondering how the heck you’re supposed to “catch up.”
This is one of the reasons I write articles like this. Because I can’t find financial advice for people who are like me – older, single women who live paycheck to paycheck on low-income jobs. I can’t relate to articles that feature two income households, where one, or maybe even both, incomes are in the 6 figures.
And quit it already with the advice to start saving and investing in our 20s. That boat has sailed for us!
Women, especially, get this message rubbed in our faces. We hear it on podcasts, in financial blogs, from the well-meaning young man at the bank. And it can feel like the unspoken message is: “Well, you should have thought of that earlier. Too late now.”
But let me tell you something. While saving early is wonderful if you’re 22 and just got your first job, it’s lousy advice if you’re already older. Here’s why.
1. Life didn’t exactly line up neatly
For many women, life didn’t go in a straight line. Maybe you were raising kids, working low-wage jobs, or taking care of parents. Maybe you faced divorce, layoffs, or just plain bad luck. You weren’t “failing at finance”. You were busy surviving.
The truth is, a lot of financial advice is written for people who’ve had uninterrupted careers and higher incomes. That’s not most of us.
2. Guilt doesn’t pay the bills
When you’re in your 50s or 60s, you don’t need guilt-tripping. You need practical strategies. Thinking, “If only I’d started at 25…” doesn’t put money in your pocket. In fact, it makes you freeze up and feel powerless.
3. It’s never too late to take control
Here’s the good news: starting late doesn’t mean you’re doomed. You may not have decades of compounding interest on your side, but you do have experience, resilience, and the ability to make smarter choices now.
- Cut expenses that don’t add value. You don’t need to coupon your way to oblivion, but trimming subscriptions or downsizing housing can free up real money.
- Boost your income creatively. Side hustles and part-time gigs become our reality as we age. Sometimes a few hundred dollars extra each month makes a huge difference.
- Save what you can, where you can. It might not be six figures, but small, consistent contributions matter.
- Protect yourself. Health insurance, avoiding high-interest debt, and keeping an emergency fund will do more for your security than worrying about missing out on 30 years of investing.
4. Wealth isn’t just dollars
For women in midlife, wealth is also about freedom, choices, and dignity. Maybe you won’t retire at 55 with a beach house. But you can retire with peace of mind, independence, and a life that feels good.
And honestly, let’s stop pretending money is only about numbers in an account. Relationships, community, health, and joy are wealth too.
5. Rewriting the narrative
So, the next time some financial guru says, “The secret is to start saving early,” you can smile and say, “That’s great advice for 20-somethings beginning their working life with a high paying job. But I’m living proof that starting later doesn’t mean game over.”
Because here’s the truth: you’re not too old, it’s not too late, and you don’t need to be rich to live well. What you need is realistic advice, small consistent actions, and the confidence to believe your financial story isn’t finished yet.
✨ Bottom line: “Save early” is great advice if you’re young, but if you’re already older, don’t waste your energy feeling behind. Start where you are, with what you have, and focus on building the future you want – on your own terms.
Becoming a financially savvy single woman
I have a series of posts about becoming a financially savvy single woman. Every now and then I add another to the line up!
Please click on these titles for more information and advice that you may need if you find yourself suddenly single or if you’ve just never learned how to take care of yourself financially.
Part 1 Single Women and Banking
Part 2: Single Women and Choosing Basic Financial Services
Part 3: Single Women and Investing
Part 4: Single Women and Busting Debt
Part 5: Single Women and Paying Bills
Part 6: Single Women and Debt Reduction
“Saving early helps make you rich” is lousy advice if you’re already older!
I found a couple of books written by financial advisor David Bach that helped me. I won’t provide you Amazon links, just the titles. You can buy if you like, or perhaps you can save money and check them out at the library.
The books are Start Late, Finish Rich and Smart Women Finish Rich.
Now, I wasn’t too “smart” when I bought Start Late, Finish Rich. I picked it up at a Barnes & Noble in the states. The American edition. Not realizing there is also a Canadian edition. The book is essentially the same, except each country’s edition talks about the specific savings programs that are available. A few little tweaks. Eventually I bought the Canadian edition so David Bach earned extra royalties off me!
Saving early isn’t the only path to riches. There is practical financial advice for older women to thrive, even on a limited income. Are you ready to start your journey?
Think of the reward – finding financial freedom!
Published by Cheryl @ The Lifestyle Digs on January 22, 2026.
