Hi friends and thanks for stopping by to read: Missed the Early Bird Savings Train? Don’t Worry, There’s Still a Ride for You. Yeah, that’s a bit of a long title!
So let’s just jump in as a follow up or continuation or a wrap up to a couple of other posts from earlier this year.
We’ve all heard it: “If you start saving and investing in your 20s, you’ll retire rich!” Well, that’s wonderful for the folks who had stable jobs, no detours, and no divorces. But for a lot of women, life didn’t work that way.
Some of us were raising kids on one income, some were working low-paying jobs, some were caring for parents or partners, and some simply never had the luxury of extra money left over at the end of the month. By the time we’re in our 50s or 60s, we’re told it’s “too late” to catch up.
That’s simply not true. We may not retire with millions, but we can build security, choices, and freedom. Here’s how.
1. Forget the 3–6 month emergency fund myth
Most financial experts say to save three to six months of living expenses. Let’s be honest. If you’re a single, lower-income woman, that advice feels like a bad joke.
For years, my “emergency fund” was maybe $1,000, if that. The only way I ever got a bigger cushion was through major life changes – selling my house in a divorce and later receiving an inheritance. Otherwise, I’d still be struggling without a safety net.
So don’t feel like you’re failing if you can’t stash away thousands. Start with $500. Then maybe a month’s worth of rent. Build it brick by brick, as life allows. Even a small cushion keeps you from reaching for credit cards when life throws a curveball.
2. Use the programs you’ve got
Even if you didn’t start early, you still have access to programs that give your savings a boost.
- Canada: RRSPs (tax-deferred growth), TFSAs (tax-free withdrawals), CPP and OAS for guaranteed income.
- United States: 401(k) or 403(b) plans (especially if there’s employer matching), IRAs, and Social Security.
👉 I’m not an expert in U.S. programs, but they serve the same purpose as Canada’s: giving you tax breaks and retirement income even if you start late.
3. Find money in small places
If you’re still living paycheck to paycheck, “just save more” isn’t helpful. But there are ways to carve out bits of money:
- Cancel subscriptions you forgot you had.
- Shop insurance rates or phone/internet packages.
- Downsize housing if possible (a huge one for many women post-divorce or after kids move out).
- Take on small side gigs: pet sitting, tutoring, freelance work, seasonal retail.
Even $50 a month redirected to savings makes a difference over time.
Let’s just talk financials from house and pet sitting here. Most of the time it’s a free exchange and no money changes hands. However, things are a little different in Canada where I’m legally allowed to earn a few bucks and some home owners are paying me. And some house sits, particularly farm sits, are more complicated and more time consuming (equals a few extra bucks) than looking after cats in a condo in Toronto.
There is money to be made in house sitting or dog walking, but not big money. This is definitely a case of finding small money. House sitters can maintain their own residence if they want, and take on side gigs when homeowners go on vacation. But this tends to be very local, sporadic work.
I prefer to be an international housesitter and see the world!
4. Invest for stability, not drama
When you’re older, you don’t need wild swings in your portfolio. Look at:
- Dividend stocks or dividend ETFs for steady income.
- REITs (real estate investment trusts) for exposure to property markets without being a landlord.
- Balanced funds or index funds for modest growth without chasing risky bets.
- Safe cash options: bonds, GICs in Canada, CDs in the U.S.
A healthy mix gives you both peace of mind and the chance for growth.
5. Redefine what wealth means
The truth? You might not retire with millions. And that’s okay. Wealth at this stage isn’t about bragging rights. It’s about freedom.
Wealth means:
- Not panicking every time the car needs repairs.
- Being able to buy healthy food and enjoy small pleasures.
- Having enough to live independently without relying on others.
Turning 50
When I turned 50 my father told me that now was the time to put the jump on to trying to save as much money towards my retirement as I could.
Yeah, right.
I had a big mortgage on a house that should have been named the albatross. Just about everything that could have broken down or needed replacing happened during that time of home ownership.
And how did my next decade go? I was mostly unemployed or underemployed.
Divorce. Sold house. Barely any equity, tens of thousands. Because that’s my life story when it comes to home sales. Breaking even. Maybe. Making a profit? Never. I hate hearing about people who buy houses and sell them 5 years later and make hundreds of thousands in profits.
Why was I never bestowed with that kind of good luck?
That’s a good reason for me not to be too keen on home ownership ever again.
Reality?
So a bad decade. And then a glimmer of hope that things are starting to look encouraging for income, Covid hit. Yup, goodbye to work. Well, I had a little work. Maybe $1,000/month income or so.
Maybe zippo.
It would be nice to be in a situation where I have income, can pay all my bills, and have money left over for savings, investment, retirement, and emergency fund.
Dream on.
The reality, if I was lucky, was to have the income cover all my monthly expenses. I know all about living paycheck to paycheck. I don’t know anything else.
The more grim reality is not having enough income to cover all those monthly expenses. Yeah, who hears me? Now it means taking on credit card debt, getting a bank loan, or maybe overdraft protection. And then always trying to play catch up and never getting ahead.
Turning 50 and now is the time to save as much money as I can for my retirement? Sigh…
My life has never been that easy. Sadly, some of us are destined to live hard lives. It took me into my 60s to turn it around. The freedom part, that is. Still waiting for a deluge of money to drop in my lap.
Choices
I choose not to own a home!
And while I’m at it, I choose not to have debt. It took me decades to pay off that debt. The goal now is to stay debt free!
I choose to live an unconventional life. Becoming a senior nomad and a solo female traveller isn’t a lifestyle choice for everyone. It works for me.
My choices run along the lines of where should I travel to next? Can I find a house sitting job in that place? Should I look for volunteer opportunities that include a free place to live? Or can I find a safe little corner of the world where I can find a cheap place to rent for a month or two and just hang out and soak up the local vibe? Let’s not forget food. I have choices of international cuisine to taste test. Maybe not in the world’s fanciest restaurants. I look for the little hole in the wall places frequented by locals.
Certainly beats the alternative choices. Wondering where I’m going to find the money to pay the rent or mortgage. Looking for another job when I should be enjoying my retirement years. Worrying about fixing the car. Well, yeah, that kind came back to bite me in the ass! Working a job and paying bills sure cuts into having fun!
Missed the early bird savings train?
I’ve felt the need to keep pushing the point on a few posts. This one: that you’ve got to start saving early, in your 20’s, to have any chance of retiring rich.
Then we’re back to dissecting the definition of being rich.
For me, it’s not worrying about paying down credit card debt. It’s about having a little extra money in the bank to cover an emergency. Or maybe a trip to Mount Everest! Ha ha! You know, the one I referred to about climbing Everest in flip flops.
There’s a richness in finding freedom. For me that’s not worrying about paying rent or mortgage. It’s about finding housesits so I can have a roof over my head – for free! In exchange for looking after a homeowner’s prized possessions: their pets and their house.
This richness has given me the freedom to become a nomad. An international housesitter.
One could say, I’m not missing the boat anymore! At least not intentionally. I sure hope I don’t arrive too late at the dock. Or the train station. Or the airport. These are the types of schedules I have to keep. Just getting to my next destination.
Now that’s rich!
Maybe I don’t have boatloads of money, but I’m seeing the world on my terms.
✨ Bottom line: You didn’t miss the boat. The early bird might have gotten the worm, but you’re still catching a ride. And you’re not too late to build a future you feel good about.
Published by Cheryl @ The Lifestyle Digs on May 7, 2026.
