With the busy hustle and bustle of modern life and all the daily digital trimmings, it’s not surprising that some things fall through the cracks, right? “Of course”, most of us might answer, or with an affirmative and active “Yes!” But ask yourself, “Is it acceptable for this to happen to my finances?”… To your hard, earned, cash?
While minor mistakes can be costly, when perpetual and consistent, they can be horrific!
I’m not talking about not being prepared for the amazon prime bill here! No, instead, issues with more substance. Somewhere between Netflix running away and a scene we can all recognise from daily newspapers – in an avalanche of consequence!
That’s why we’re here! Content Strategies aims to highlight some shortcomings and grant you the knowledge to plug some gaps! We don’t and won’t give you advice on how to run your finances. Besides, most of you past age 21 will have several financial consultants on their own or a friend’s or family’s phone book!
However… we can bring you the areas of concern, show you areas of interest, inform you, educate, and entertain along the way.
Through this process, together, we can beat off any issue and find a way back to freedom & financial independence.
Do you make the most of your money? Whether you’re employed, self-employed or not in the employment arena, the costliest mistake is not regularly looking for the best deals for all our regular outgoings. ‘Frugal Living‘ can be an answer for some! Whether you’re living a frugal or an indulgent life, typical savings from switching insurance companies are in the region of over £300 for car cover and £70 on your buildings and contents. You can read our article on “Frugal Living” for similar details.
Simple age checks, and you may be able to recognise some areas of concern.
For example, you may realise your circumstances as the following:
In your 30’s:
You may regularly check the salary benchmark for your job. It is tough to renegotiate your salary, but following a well-selected time and a potentially successful business venture in your workplace, it’s worth asking for a meeting.
In your 40’s:
Motherhood potentially widens the gender pay gap – Women take home about 15% less than men. Are you one of these ladies?
TIP: For Parents: Have you had a career break? If so, you can check out how much you’ve paid into retirement provision at gov.uk.
No strategy to clear your mortgage, and too complacent about your pension, you may have been considering whether to switch to a repayment loan.. Unfortunately, downsizing might be your only option later!
Should you be falling behind in retirement provision, you’ll potentially want to consider what is the minimum contribution from your employer to any occupational scheme.
In Your 50’s:
You may be getting enthused in your career – while fighting female gender prejudice. A common mistake made by people in their 50’s is that they have constantly put other people’s money needs first! In 2022 More than half of all women have not started to save for their long-term future. Indeed, three million over 50’s are out of work.
While feeling attached to your kids enough to let them live rent-free at home might be great. But.. Is it more astute to take them aside and express your love – while letting them take the necessary student loans and holiday jobs? This may free money up for your long-term future, and let’s face it; they’ve their whole lives to pay off some of their debt. Should you otherwise become a financial burden to them in later years?
You may be frustrated from making the point to your employer that you have no children dependant, can travel, and like new challenges. However, finding a career worthwhile for family financial stability is challenging. Some ladies may fall short financially due to thinking they can rely on their partners. Half of all men in the UK fail to provide a widow’s pension when providing an annuity for retirement, and sadly, divorce rates over 65 have been up 80+% in the last decade alone.
Have you been made redundant or compulsory retired and are awash in a sea of uncertainty? Turning to Self-employment for the answer is not as rare as you might think. Over 50’s makes up half of the self-employed workforce. And there is then no compulsory retirement age!
In your 60’s:
Are you setting yourself up in business as a consultant to ensure you can use your range of skill sets? Or, you may be experiencing unnecessary and unwelcome change at a time in your life when you value stability and calm. Do you express serious concerns about the views of new employers and impending forced retirement? Pension shortfall concerns? Does your home mortgage extend into retirement? – is this what you find appropriate to your circumstances?
The statistics are shocking!..
Common Mistakes made in your 60’s, include raiding your pension too early.
Since 2015, some can now take cash from their pensions at 55 yrs. Consequently, more than 1 million pension pots have been accessed and half fully drained with an expectation to live on the residue for 30 – 40 additional years!!
Guilty of not planning a later life career? You are not alone! Yet one in seven plan to work into retirement or beyond 65.
In Your 70’s:
A common mistake is being too risk averse. While in a lower spectrum of global inflation, while a UK citizen, you can expect inflation to half your spending power in retirement and erode your savings over time. While downsizing can reduce your overheads and give a lump sum of cash following the income drop, many people have fallen foul of delaying downsizing too long, resulting in savings erosion and a general loss of potential long-term income.
We bring these and many other worthy news areas to your computer, laptop, or mobile fortnightly! So, Bookmark this page! Watch this space! And look us up…
We are here for you! – Thank you for being here for us!
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