In your 40s, you're likely hitting your peak earning years and beginning to seriously evaluate your strategy for saving, whether it's for retirement or your children's future.

In 2023, Americans in their 40s managed to save over $6,930, according to data from New York Life. While that's lower than the $8,911 people in this age group aimed to save last year, it still puts them second on the list of age groups who managed to save the most in 2023. Only people in their 30s managed to stash away more, with an average of $9,807.

But this isn't necessarily surprising given the competing financial burdens those in their 40s are juggling, from student loans to paying for child care, says Marguerita Cheng, a certified financial planner and member of CNBC's Advisor Council.

"It could be kids activities, it could be child care, or it could be college, all those areas take a lot of people's cash flow."

Here are three tips from Cheng on how people in their 40s can save more this year. 

1. Take advantage of dependent-care FSAs

Given that child care can be a big expense in your 40s, Cheng recommends opening a dependent-care flexible spending account.

A dependent-care FSA is an employer-sponsored, pre-tax benefit account that you can use to pay for child-care expenses like daycare, after-school programs or summer day camps.

With a dependent-care FSA, your employer withholds a specific amount from your paycheck to go toward these expenses.

Annual contributions to dependent-care FSAs are capped at $5,000 per household or $2,500 each if you and your spouse file separately. Because the contributions are made with pre-tax dollars, the account helps lower your taxable income for the year, ideally leaving you with extra cash to save.

2. If you have student loans, explore new payment options

A lot could have changed in your life during the three-year pause on student loan payments that ended in October 2023. Talk to your loan servicer and see what payment options are available to you, especially if you had kids recently and now have increased expenses, Cheng says. 

"Look at what tax benefits you have available to help offset that cost," she says. "Because your situation may have changed and change isn't always bad."

Different repayment plans include the Saving on a Valuable Education plan, which is based on your income and the size of your family. For undergraduate loans, this plan currently caps monthly payments at 10% of your discretionary income, but will drop to 5% in July.

Another option is the graduated repayment plan, which starts with low monthly payments that increase every two years to guarantee you pay your balance off within 10 years.

Student loan payments can also lower the amount of taxes you owe. The student loan interest deduction allows you to deduct up to $2,500 a year in interest paid on student loans.

3. Consider professional development opportunities

After being in the workforce for decades, people in their 40s might not consider professional development relevant to them.

But you could boost your income — and savings — by taking advantage of chances for professional development and learning, especially if your employer offers them, says Cheng. One of her clients with a background in communications recently completed a certificate in data analytics, which allowed him to increase his income.

"Improving your skills can mean that maybe you increase your income, which can help you save a little bit more," says Cheng.

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