Midlife Crisis on a Budget: How to be a Financially Responsible Consumer

By on February 4, 2019

A midlife crisis can manifest in many different ways; some people don’t experience much unease as they approach their 50s, while others are suddenly haunted by the notion they’re halfway through their lives. Decisions, regrets and desires all flood to the surface, and as relationships end, careers change and life is distinctly different than it used to be, people struggle to feel in touch with their identity.

While movies often portray the midlife crisis as a period of wild spending, real-life crises aren’t so glamorous, especially if you’re on a budget. Rather than turning to expensive purchases, you can’t afford to feel happy again, think about how you view your midlife crisis.

For starters, it doesn’t have to be a bad thing. This sudden desire for change or growth can be a wonderful opportunity to branch out of your well-established comfort zone. You can expand your horizons and explore plenty of new things during your midlife crisis without breaking the bank.

Set Up a Savings Account

It sounds counter-intuitive, but setting up a savings account in your late 40s can provide a sense of security and stability. Chances are that you’re in a far better position to put away money now than you were in your 20s, so take advantage of that and start saving up for your retirement or something special.

You may want to call it a vacation fund. Consider taking a trip to somewhere completely unexpected and off-the-grid. Realize that your midlife is exactly that – the middle, not the end.

Used Models for Splurges

If you’re looking to buy a new motorcycle or shiny sports car of your dreams, look at used models. Pre-owned motorcycles and cars can save you thousands of dollars and are just as good as new. You don’t have to put yourself in debt or waste precious savings to score a hot, new ride. Even if you think you can afford a massive monthly payment right now, consider how useful that money could be elsewhere. You could use the money you’ll save from buying a used model to do renovations on your home, buy a vacation property, or save for retirement.

Bargain shopping doesn’t just apply to vehicles, either. You can completely transform your look with second-hand designer goods that are last season or a bit older. They still have the same luxurious appeal, but they cost half the regular sales price.

Ask for Advice

Going through a midlife crisis doesn’t have to be a secret. You don’t have to live in denial or make massive financial mistakes just to prove yourself. Instead, feel free to let your closest friends and loved ones know that you’re going through a period of change and want to make some new investments. Ask for their input, respect their opinions and discover new ways to make wise financial decisions in your life that will serve you well beyond this period.

About Anica O