Have you ever actually sat down and thought about a financial plan? Not in a scary, spreadsheets everywhere way. Just in a real life, how do I want my future to feel kind of way. Whether you’re new to nannying or you’ve been doing this forever, money planning matters more than people like to admit, especially if you want to live comfortably and not stress about what comes next.
I want to walk through some of the big financial and career things to think about in your 30s, 40s, and 50s. It’s less about doing everything perfectly and more about setting yourself up well. Building a solid base, finding your niche, and eventually thinking about what your next chapter could look like.
That said, everyone’s situation is different. Truly different. So if you ever feel unsure or stuck, talking to a financial planner who can look at your specific situation is always a smart move.
Your 30s: Set Your Foundation
As your career starts to grow, your financial goals should grow with it. This decade is about building strong habits while you’re also leveling up professionally and increasing your earning potential. What you put in place now has a ripple effect for decades to come.
Hone in on Your Specialty
In your 30s, this is usually when things start to click professionally. You begin narrowing in on what you’re really good at. Maybe that’s newborn care, travel work, household management, or stepping into a family assistant role. This is also often the time people invest in more education, certifications, or specialized training. And it’s not just for the resume. In most major markets, nannies who specialize, whether that’s newborn care, ROTA travel roles, household management, or family assistant work, often earn 10 to 30 percent more than generalist roles. In some high demand specialties, the jump can be even higher depending on the family, location, and responsibilities. Getting clear on your niche doesn’t just build confidence. It directly impacts what you can reasonably ask for and actually get paid.
Prioritize Rest and Routines
In your 30s, building consistent routines is one of the best ways to protect yourself from burnout. This work is physically and emotionally demanding, and rest isn’t optional if you want longevity in the field. Giving your body and mind time to recover helps you stay focused and regulated. When you’re well rested, everything works better, including your health, your emotional bandwidth, and your ability to show up fully at work. A sustainable career depends on this more than people like to admit.
Create a Budget
It can be difficult, if not impossible, to reach your financial goals without knowing where your money is being spent. If you don’t already have a budget in your 30s, now is the time to create one. A budget helps you align your spending with your financial goals. A few popular budgeting apps include Monarch Money, YNAB, and Rocket Money.
Build Your Emergency Fund
Your 30s are a great time to build your emergency fund. You should aim for three to six months of non-negotiable expenses in a high yield savings account. Non-negotiable expenses include your basics, like your rent or mortgage payment, groceries, car payment, and insurance. Luxury items, like going out to eat or online shopping, should not be included. Ally Bank and SoFi have great high-yield savings rates.
Tackle Debt
If lifestyle creep got to you in your 20s, your 30s are an ideal time to get your debt in check. Start by paying off all high-interest debt, like credit cards and personal loans. Then, move on to other long-term debt, like car payments. Check out Dave Ramsey for resources on how to tackle debt.
Open Retirement Accounts
You might already have opened retirement accounts in your 20s, but if you haven’t, make it a goal in your early 30s. The process doesn’t have to be complicated and can be done online in a few minutes. For example, Fidelity has a user-friendly platform for IRAs and HSAs. For information on contribution limits, check out the IRS’s website.
Diversify Accounts
As a part of increasing your retirement contributions, diversify your accounts in your 30s. Consider opening IRAs, HSAs, and 401(k)s. As a nanny, you might not be able to contribute to a traditional 401(k). However, you have other options, like a Solo 401(k), SEP IRAs, and SIMPLE IRAs. Check out Fidelity for retirement plan options.
Your 40s: Stay Consistent
As you enter your 40s, consistency is key. From lifestyle creep to burnout, it can be hard to see the finish line. In your 40s, it’s important to stay on track with your financial goals. Here’s what you should prioritize:
Leverage Your Experience
If you worked towards expanding your credentials and knowledge in your 30s, your 40s will be your prime earning years. Leverage your experience to maximize your earnings and use your background to strengthen your offerings.
Pursue Work-Life Balance
After a few decades of working as a nanny, it’s important to find a work-life balance. You might be slowing down and preparing for retirement, meaning boundaries are important to protect your work-life balance.
Increase Retirement Contributions
Compound interest will be your best friend in your 40s. Make it a priority to increase your retirement contributions, whether that be an extra $100 a month or an additional 1% of your gross income. Automating transfers can help you meet your retirement goals. Check out this compound interest calculator to determine how much you should increase your investments by to reach your goals.
Diversify Investments
In your 40s, review your portfolio holdings. Are you diversified? Look at your allocation to stocks, bonds, and other assets to balance risks and rewards. As you near your late 40s, you might not want to hold risky investments. Instead, you might want more of your portfolio allocated to stable, less volatile investments. Here’s a great resource for finding your ideal asset allocation and risk tolerance.
Plan for the Future
As you enter your 40s, future expenses should be on your radar. Do you want to buy a new home? Buy a vehicle? That dream vacation? How about paying for your children’s education costs? Being able to afford future expenses relies on proper planning in your 40s. Fill out this retirement expenses worksheet from Vanguard to estimate your costs.
Create a Will and Other Legal Documents
Ensuring your legal documents are squared away is an important component of financial planning in your 40s. Review or update your will, create healthcare proxies, and select guardians for minor children. FreeWill is a great resource to create a will and legal documents online.
Your 50s: Shift Your Strategy
Entering your 50s is less about slowing down and more about stepping fully into the expertise you’ve spent decades building. This is the stage where your experience carries real weight, your boundaries are clearer, and your career can be shaped intentionally around sustainability, flexibility, and long term well being. Nannying is meaningful, demanding work, and this chapter is about honoring that reality while positioning yourself for a future that feels secure, supported, and aligned with how you want to live. As you look ahead, here are the key things to focus on as you prepare for what’s next.
Practice Run Retirement
In your 50s, many caregivers begin thinking more intentionally about sustainability and pace. This can be a natural time to explore reduced hours or more flexible roles, while also starting to imagine life beyond full time caregiving. A strong retirement plan isn’t only financial. It’s also about purpose. Building interests, routines, and passions outside of work now helps ensure the next chapter feels balanced and fulfilling.
Eliminate All Debt
Carrying significant debt into retirement can create unnecessary financial and emotional strain. In your 50s, it’s important to focus on reducing or eliminating debt where possible, including working toward paying off your mortgage if that aligns with your situation. Lowering fixed expenses can create more flexibility and peace of mind as you transition into retirement and free up resources for things you want to enjoy, like travel or time with family.
Adjust Your Portfolio
The market can fluctuate at a moment’s notice. As you are nearing drawing on funds, you don’t want to have your portfolio dip by 20% due to volatile holdings. Shift your portfolio to less risky holdings, like bonds, in your 50s.
Check Social Security Earnings
Social Security benefits are based on work credits. In your 50s, it’s important to check your work credits to make sure you have enough to maximize your benefits. This can be done directly on the Social Security Administration’s website.
Leverage Catch-Up Contributions
The IRS wants you to retire comfortably, which is why they allow catch-up contributions once you turn 50. Take advantage of these additional contribution limits to pad your retirement accounts.
Estimate Retirement Spending
Your 50s are a great time to estimate your retirement spending. Will you need to pay for marketplace health insurance? How much money do you need each month to live comfortably? Will your lifestyle change once you retire? These are all important questions to answer prior to retiring.
Getting Started
These financial strategies aren’t one size fits all. Effective planning looks different for every caregiver and evolves over time. That’s why connecting with a financial planner throughout your career, not just at the end of it, can make a meaningful difference. Whether you’re in your 30s building a foundation or in your 50s refining your strategy, having professional guidance helps you make confident, informed decisions.
Stay Connected
At Pink Nannies, we believe long term success in this profession deserves just as much care and intention as the day to day work itself. If you have questions, connect with us on Instagram or Facebook and explore more resources on our blog.
Do you have what it takes to be a Pink Nanny? Apply now.
