5 Ways To Stay Frugal While Going Through a Midlife Crisis
Written by
Nicole Spector
Edited by
Molly Sullivan
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Luxury sports cars. Cosmetic surgeries. Vacation homes. Each of these is a stereotypical example of a lofty purchase people may make when going through what we’ve come to identify as a midlife crisis. The visible symptoms of a midlife crisis may be materialistic, but at root, this is an existential experience — one that is packed with self-centered malaise.
Spending money, regardless of whether you have it, is a very common way to deal with uncomfortable feelings, so it’s no wonder that people go berserk with extravagant buys during a midlife crisis. Even if you have the money, reckless spending can come back to haunt you. How can you cope with a midlife crisis while staying frugal?
Practice Mindfulness
“When going through a midlife crisis, you mustn’t try to cloud your emotions and thoughts with excessive spending,” said Aaron Razon, personal finance expert at CouponSnake. “Instead, accept and acknowledge your feelings, then allow yourself the opportunity to process and work through them healthily and constructively, even when this approach may be painful and uncomfortable.”
Practicing mindfulness is one of those things that become effortless once you’re in the habit of doing it for a while but can feel awkward when you start. Try breathing exercises designed to settle your mind, conducting body scans to target areas of tension and just paying nonjudgmental attention to your surroundings.
Implement the 48-Hour Rule
The 48-hour rule is one that many personal finance experts swear by. It’s the antithesis to and potential cure for impulse shopping. If you come across a spending temptation, make yourself wait two full days before permitting yourself to buy it.
“The truth is that the dangers to your financial health that would be averted by waiting 48 hours before making nonessential purchases, can hardly be overstated, especially while going through a midlife crisis, because at this time, emotions become prone to heightened sensitivity,” Razon said.
Once the 48 hours pass, you may realize you don’t need — or even badly want — whatever you were thinking of buying.
Shop Secondhand
If your midlife crisis has you craving designer goods, you may be able to get them without breaking the bank. Shop at thrift stores and consignment shops.
“When your midlife crisis results in you buying something, at least try to get it at a steep discount secondhand,” said Melanie Musson, a finance expert with Insurance Providers.
Seize the Opportunity To Reassess Your Priorities
A midlife crisis isn’t an enjoyable experience (what “crisis” is?), but it can be an opportunity. You can use this reflective time to make profound changes in your life. For example, you may think about all the things you’ve splurged on in the past and consider those that didn’t bring you the happiness you banked on. Or you may get serious about what a fulfilling retirement looks like and begin to put the financial pieces together to pave the way for it.
“The truth is, while a midlife crisis may present some of the best opportunities to reassess priorities and make meaningful changes in your financial life, especially even when it comes to frugal living,” Razon said.
Work With a Financial Advisor
Working with a financial advisor can help you manage a midlife crisis with a level head. A financial advisor can help you recognize when and where splurging is totally OK. They can also help alleviate any anxiety you may be feeling about the future, as it pertains to your lifestyle.
“Your financial advisor will help you stay aware of where your money is going, as well as help you develop a personalized plan to achieve your financial goals,” Razon said. “This will help you gain clarity of your financial situation, making it easy for you to stay mindful of your financial decisions and practice frugality, even during emotional ups and downs.”
Feeling like the future is winding down is one of the common feelings experienced during a midlife crisis. A financial advisor will remind you that there’s still a road ahead of you and that you need to be thinking long term, regardless of your age.
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Sources
- Aaron Razon, CouponSnake
- Melanie Musson, Insurance Providers
