I can’t tell you how many evenings I’ve spent at my kitchen table, sipping a cup of tea, and crunching numbers to make sure my finances are on track.
Maybe it’s the single-mom worry, or the freelance writer’s anxiety, or just the reality of getting older, but there’s a point where I think we all ask ourselves: “What if I run out of money someday?”
I’ve seen friends, family, and even colleagues lose sleep over this.
And frankly, I get it—outliving your savings can feel like a looming storm cloud that follows you around, whispering fears whenever you start making big life decisions.
But here’s a comforting thought: you don’t have to passively accept this fear. By taking deliberate, proactive steps, you can fortify your finances so you can live the life you want—without being petrified of your future bank balance.
I spent several years in digital communications before transitioning to my current life as a writer, and something I’ve picked up along the way is that knowledge is truly power.
Having a plan—and acting on it—makes a world of difference. Sometimes that plan comes from reading a helpful article, hearing a reassuring story, or talking to a trusted expert.
So, in the spirit of sharing, here are five key moves I’ve found can help keep those “outliving your savings” fears in check.
Let’s dive in.
1. Reevaluate your monthly needs
Before I can talk about fancy strategies or big financial leaps, let’s start with the simple stuff: knowing what you need to live on each month.
It sounds obvious, I know, but so many of us gloss over the details because budgeting can feel tedious or even a bit scary.
Trust me, I’ve been there—printing out stacks of bank statements, highlighting transactions, and telling myself, “I’ll tackle this tomorrow.” But the truth is, clarity is everything.
Once I finally took a clear-eyed look at where my money was going, I identified expenses I could trim without sacrificing the things that truly make life enjoyable.
Why does this matter? Because if you don’t know your monthly burn rate, you can’t effectively plan for the long haul. Even small adjustments can make a big difference over decades.
There was a fascinating study that showed how consistent budget awareness correlates with reduced financial stress later in life.
So consider blocking out some time—maybe an afternoon when you can really focus—and get into the nitty-gritty of your expenses. Separate the “needs” from the “wants.”
Look for subscriptions you’re not using anymore. As soon as you know the exact numbers, you’ll have a clearer picture of how much you really need to save or invest to sustain yourself in the future.
2. Diversify your income streams
We’ve all heard the phrase “don’t put all your eggs in one basket.” It rings especially true when we talk about savings and income. Relying on a single paycheck or a single source of revenue can be risky.
After all, one job loss or industry downturn can throw a wrench in your entire financial plan.
I learned this the hard way. Years ago, when my then-company went through massive layoffs, I realized just how vulnerable I was. Overnight, I went from having a stable income to scrambling for freelance gigs.
The silver lining was that it opened my eyes to the importance of multiple income streams. Now, in addition to my writing work, I do occasional digital communications consulting, which helps smooth out the unpredictable nature of freelance life.
But it’s not just freelancers who benefit from this. Maybe you have a traditional 9-to-5 but could add a side hustle that taps into your hobbies—like selling handmade crafts online or offering tutoring on weekends.
Or perhaps you have an investment property. Even a small trickle of money from different sources can snowball over time, providing more financial security down the road.
As Seth Godin once said, “Instead of wondering when your next vacation is, maybe you should set up a life you don’t need to escape from.” Having multiple income streams is part of that life—it grants you more flexibility and less worry about a single point of failure.
3. Plan for future healthcare costs
I don’t know about you, but I’ve noticed that so many of us underestimate how much medical expenses can add up—especially later in life.
From routine check-ups to potential chronic conditions, healthcare can become a serious financial burden if you’re not prepared.
This might not be the most exciting point to discuss, but it’s a reality check that can’t be ignored. I recall reading a study (I believe it was from Fidelity Investments) suggesting the average couple might need hundreds of thousands of dollars just to cover medical costs in retirement.
That figure alone made me take a deep breath and reevaluate my own approach.
For me, planning for healthcare expenses has involved looking into private insurance options, exploring Health Savings Accounts (HSAs) where possible, and—this might sound simple but is often overlooked—maintaining a healthy lifestyle.
The fewer medical issues we face, the fewer bills we rack up, right?
If you happen to be employed, take full advantage of any health benefits your company offers. And if you’re self-employed like I am, research affordable plans and budget specifically for healthcare.
Sheryl Sandberg once said, “Taking initiative pays off. It is hard to visualize someone as a leader if she is always waiting to be told what to do.”
That applies here too—being proactive about your health, and its potential costs, is a leadership move for your own life.
4. Stay relevant by continuous learning
You might have read my post on career pivots and the importance of lifelong learning.
This point circles back to that theme: the best way to ensure you don’t outlive your savings is to keep earning money for as long as you comfortably can. And to do that, you need to stay relevant.
One of my biggest wake-up calls was realizing that the skills I had a decade ago weren’t enough to keep me competitive in today’s job market.
While I was fortunate to pivot into writing, I still make it a priority to sharpen my skills—whether it’s learning new content management systems, understanding social media trends, or taking short courses in related fields.
Ongoing education doesn’t mean going back for a pricey degree. It can be as simple as attending workshops, watching tutorials, reading industry blogs, or engaging with mentors.
The idea is to keep your mind agile and your skill set up to date.
According to a report by the World Economic Forum, over half of all employees will require significant reskilling and upskilling to stay relevant in the coming years.
So whether you’re on the cusp of retirement or decades away from it, investing in your professional development is a long-term strategy for financial stability.
5. Embrace flexible living
Perhaps most crucially, let’s talk about lifestyle. When I say “flexible living,” I’m not suggesting anyone give up daily comforts. Rather, I mean being open to shifting your life circumstances if it helps protect your financial future.
For some people, this could mean downsizing to a smaller home once the kids are grown. For others—like my friend who just moved to a quieter part of England—it could involve relocating to an area with a lower cost of living.
I’ve even met individuals who decided to rent out a spare room or apartment on Airbnb for extra income. It all depends on what aligns with your priorities and comfort level.
I once considered a short-term job in another city that would pay a premium. That meant I’d temporarily live apart from my son, which wasn’t an option I wanted to pursue.
But the experience did make me think about how being flexible—geographically, logistically, even in terms of daily habits—can create avenues for financial security you might not have considered otherwise.
Robert Greene famously wrote, “The future belongs to those who learn more skills and combine them in creative ways.” I’d argue that it also belongs to those who know when to adapt their lifestyles to support long-term goals. It’s not about giving up your identity or your passions.
It’s about making tweaks so your money can stretch further for the things that truly matter.
Wrapping up
I’ve always believed that facing financial fears head-on is far more empowering than letting them run your life.
Here at DM News, we strive to offer insights that spur real change, and I hope these five moves spark a fresh perspective for you.
Whether you start by combing through your budget, looking for extra ways to earn, locking down your healthcare plan, refreshing your professional skills, or reimagining your living situation—every step you take now can pay off down the road.
Sometimes it’s about small shifts that build up over time; other times, it’s about making bolder moves that set you on a new path entirely.
And remember: you’re not alone in this. There’s a whole community of us thinking about the future and taking action to secure it.
With the right mindset, a dash of creativity, and the willingness to adapt, you can move forward with confidence—even when those storm clouds of worry threaten to appear.
If you’ve made it all the way here, thanks for reading, and I’d love to know your thoughts. The conversation on financial peace of mind is one that never really ends, and I’m always eager to learn and share more.
After all, the journey to a secure, fulfilling future is ongoing—and I’m right there with you, every step of the way.
