As you navigate your 40s, you may begin to realise just how complicated your finances can get at this point in your life.
Whether you’re looking for ways to grow your money, protect what you’ve already earned, or even get a head-start on planning for retirement, Novo Wealth can help you take the responsible path to financial freedom.
In your 40s, you’re likely busier than you’ve ever been before as well – maybe with your job or a growing family.
As a younger adult, you may not have had the best financial control and it can be easy to spend or get into debt by “fun things”. But with smart planning, you can enjoy the fun things in life without negatively impacting your finances.
If you’re looking for simple but impactful ways you can improve your finances, here are three tips that might help you:
1. Set a Budget and Actually Stick to it
You can never go wrong with a budget – even in your 40s. An effective budget that you create now can help you better manage debts or your mortgage and help you prepare for a financially secure retirement.
Set a budget based on your basic monthly expenses and the amount of money you need to set aside for savings and other areas of life. This way, you keep on track with your budget and start to achieve your big financial goals sooner.
2. Investigate Opportunities with Your Super
Your superannuation fund is a valuable tool. You can no longer afford to just let it sit there without worrying about if it will be enough to fund your retirement.
There are simple ways to grow your super balance including:
- Making voluntary contributions (this may also help you minimise your tax)
- Changing your investment option to a growth portfolio
- Consider managing your own super through an SMSF
If you are interested in ethical super funds, we can look into these options together to make sure you aren’t sacrificing your returns and you don’t lose any valuable super along the way.
3. Protect Yourself and Your Money with Insurance
While growing your money is essential, protecting that money you’ve earned is just as important.
Your ability to earn an income is an incredibly important asset that you have but unfortunately, many of us take it for granted and forget to protect it before it’s too late.
While you may be fit and healthy now, you never know what the future holds. Unfortunately, accidents can happen at any time and such accidents may even force you to have to stop working – temporarily or permanently.
While we can’t control the future, we can protect ourselves against the unexpected with personal and life insurance cover.
In your 40s, you may like to consider purchasing or increasing your insurance cover in one or more of the 4 types of personal insurance:
- Term Life Cover
- Total and permanent disability cover
- Trauma Insurance
- Income Protection Insurance
Ready to Improve Your Financial Fitness?
Your 40s are a fantastic time in your life where you can make life-changing decisions to achieve financial freedom!
Get started with these 3 simple tips and secure yourself a brighter future.
If you need some advice or want to take the next steps, contact Adelaide’s leading ethical investment advisers at Novo Wealth. We help our clients with personalised, holistic financial plans to help them take the responsible path to manage their finances.
Move towards your financial freedom while remaining true to your values with Novo Wealth’s financial planners. Contact us to get started!
IMPORTANT: This information is general in nature only. It does not take into account your individual circumstances. We recommend that you seek professional advice before making any investment decision.