How to get back on track when life forces a change

Remember, when your income changes, the way you manage money must change too. The simplest way to regain control is to be proactive and make your money work for you.

Step 1: Take stock of your money

• List your essential expenses – Housing, food, utilities, insurance, transport, school fees, and medical costs. These are your priorities.
• Cut back on non-essentials – Subscriptions, takeaways, and luxuries can be paused.
• Review your retirement savings: You may have scattered retirement accounts – old pensions, investment funds, or annuities you haven’t reviewed in years. Now is the time to consolidate, check performance, and adjust your strategy.

Step 2: Get unbiased advice

In times of stress, it’s easy to make fear-based decisions – like cashing out investments too soon or holding onto things that aren’t working. A financial planner can help you:

• Understand your options
• Avoid emotional decisions
• Advise on the best choices for long-term security

Step 3: Find ways to earn

Your biggest assets are your experience and skills, and your network. Opportunities often come from people you already know, and your skills may be more valuable than you think.

• Reframe your expertise – Your knowledge is transferable to new industries and careers.
• Reach out to your network – Let people know you’re open to new opportunities.
• Explore consulting, freelance, or coaching – Many people successfully pivot into different fields using skills they already have.

Step 4: Invest in Yourself

Financial change often requires looking beyond familiar paths. The job market is evolving, and staying competitive and relevant means being open to change.

• Identify growing industries and where demand exists for your expertise.
• Consider upskilling or retraining to stay relevant.
• Keep learning – personal growth can pay off in the long run.

Step 5: Keep moving forward

Don’t believe the myth that if you’re not financially stable by midlife, it’s too late. It’s never too late to restart, generate income, and secure your future.

• Prioritise earning – Through employment, self-employment, or multiple income streams.
• Continue saving – Even small amounts add up over time.
• Stick to your plan – Adapt as needed but stay focused.

Remember, you are not starting over. You’re building on everything you’ve already achieved!