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How to be financially fabulous in your 40’s

How to be financially fabulous in your 40’s

We’re offering 10% off Life Cover for people aged 40-49 up until the end of May. Which got us thinking, what does financially fabulous look like in you’re 40’s?

These days being in your 40’s means you may not even be half way done. You’re hopefully fit and active, and working hard. You’re probably earning more money than you’ve earned before. If you’ve got kids of any age your life probably revolves around them but hopefully your parents are still healthy and active so you’re not having to care for them just yet.

Which probably means money flows out the door as fast as it flows in! Not thinking about your financial health could have some serious consequences for the other half of your life, but if you put in some effort now you’ll reap the rewards.

We came up with 4 steps to financial 'fabulousness' in your 40’s.

Step one: Spend within your means. No matter how much money you earn, it’s easy to lose track of what’s coming in and going out. Everyone can benefit from a regular spending check. Internet banking makes this super easy. If you don’t have a surplus after you’ve paid for all your expenses, it’s clearly time to make some adjustments to your spending (or increase your income). If you do have a surplus, then think about your long term financial goals (see Step 2).

Step two: Have goals! If you’re not striving towards anything financially, it’s easy to let money flow in and out. If you want to be financially fabulous set some short, medium and long-term goals. They might include anything from paying off your credit card, saving for a family holiday, paying off your mortgage or saving for a comfortable retirement. Once you know what you want to achieve work out how you can achieve your goals.

Step three: Check your progress. There’s no point having goals if don’t actually work out if you’re achieving them. Which means you need to check your progress every now and then, annually is good. If you aren’t as close to achieving your goals as you had hoped, don’t be discouraged. Instead, work out where you are veering off course and the steps you need to take to get back on track. If you’re happy with your progress, you might like to think about whether you could reach your goals faster. And once you’ve reached your goals, set some new ones.

Step four: Be prepared. Sh*t happens and life changes. Make regular reviews a habit. Ask yourself what’s changed and what needs updating. Are you still able to achieve the goals you set? Have you got access to money if for some reason you can’t work? Find your insurance policies. Are they still relevant and meeting your needs? If you’ve had significant changes in the last 12 months, chances are your insurances will need to be updated.*

Everyone likes feeling fabulous. Being financially fabulous in your forties takes a little bit of effort but will set you up for the ‘more than half of your life’ you’ve still got to live.

If you're aged 40-49 take out Life Cover before 31 May and we’ll give you an extra 10% off for the duration of your policy. Get a quote here

* If you’ve had children, got married or divorced at Pinnacle Life we may be able to increase your cover, without asking for updated health information, check out our special events increase.

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