Don’t let your mid-life crisis take its toll on your finances
Are you considering night clubbing with your much younger work colleagues, or perhaps buying a new set of shiny red sports wheels, or some plastic surgery? Chances are, you’re hitting middle-age and feeling out of control.
One of the benefits of age is that you have more disposable cash, but don’t let your midlife crisis derail your financial security by going on an impulsive (even though you’re worth it) spending spree.
So, what should you do to when you find yourself reaching for your platinum card to purchase that pair of skinny leather pants? Below are some of our top tips to ensure you don’t blow all your hard-earned cash on things, let’s face it, you really don’t need.
1. Reach out to your financial planner
Even though you don’t really want to make contact with someone you know will dissuade you from making rash purchasing decisions, make that call! It’s probably the best decision your panicked middle-aged mind will make to protect the money you have diligently been putting money away for retirement.
You can definitely work together to meet your unique midlife crisis needs without suffering the financial consequences of reckless spending. Who knows, with proper budgeting and guidance you may be able to fork out for a personal trainer instead of all that costly plastic surgery you originally considered. Your pocket, your health and your looks will benefit.
Tip: It’s a good idea to regularly review and adjust your financial portfolio depending on your changing life stage and requirements
2. Acknowledge the changes you are experiencing around you are out of your control
For years you’ve waited and wished for your stroppy teenagers to finally leave the nest, now that they’ve finally gone, it doesn’t feel as good as you thought it would, does it?
Faced with the reality that life and the world around you is changing, what now seems at a whirlwind pace, is often hard to get to grips with. However, merely acknowledging you’re no longer a spring chicken and constantly reassuring yourself that what you’re feeling is normal, can work wonders towards retaining your sanity.
Tip: Say out loud: “I cannot escape the force of gravity, but I still have a lot of life in me and am ready to enjoy it!” And remember you are not alone! We all have to go through it at some stage in our life.
3. Let go of regrets
So you’re not CEO of Apple and you wish you had applied more sunscreen during those extended holidays at the seaside, but let’s face it, life is too short for regrets.
Tip: Instead of focusing on the past, make plans for the future. Plan a family holiday or even get a new pet to reduce the effects of empty-nest syndrome.
4.Take up a hobby
When I say take up a hobby I don’t mean shopping or even bungee jumping for that matter. Do something for you, something that ideally either improves your physical and mental health or both.
Taking good care of yourself as you get older ultimately means less health and medical aid related expenses.
Tip: Now is probably also a good time to keep socialising and remain active but remember to keep costs within your means
5.Balance risk and reward
Just because you’re getting old doesn’t mean you’re not entitled to spoil yourself and have some fun. However, you need to make sure you balance risk and reward.
This ultimately comes down to putting a price tag on your feelings. For example, let’s take that zooty sports car you had your eye on, just think how much that R800 000 price tag could benefit you in your retirement years.
The reality is that even though your purchases may make you feel better, the instant gratification you experience will not be long-term, and the regret of being saddled with a car you feel like a 30-year-old wannabe driver, will soon settle in.
Tip: If all else fails it may be a good idea to lock your credit cards in the safe and give the key to your children for safekeeping until you come to your senses.