10 Money Tasks to Complete Before You’re 40 How to Avoid a Mid-Life Money Crisis

The irony of having disposable income when you’re in your twenties or even thirties and not disposing of it wisely becomes apparent when you hit your forties. For many people at that time of their life there is a family to feed and educate, mortgages and bills to pay, and retirement to plan for. They quite often rue the days of spending their wage on partying, shopping and holidays and wish they had been a little more strategic with their spending. We see it quite often. People hit the big four-oh (!) and realise their finances are hurting them rather than serving them. So we thought we’d put a list together of ten tasks you can complete in your twenties and thirties to minimise the likelihood of a mid-life money crisis. 1. Pay off bad debt Credit card debt, personal loans, store credit, HECS loans – whatever the debt is, get into the habit of paying off bad debt completely. Don’t get sucked into the interest only vortex. You’ll end up with a debt headache at age 40, the very time you need that money for things like school fees and kids dental bills. 2. Set up an emergency fund This is so simple to do. Set up a separate savings account and direct debit a percentage of your income into it regularly. Only touch it in emergencies. This helps you to stop relying on credit card (more bad debt) to get you out of tight and unexpected financial situations. 3. Pay debts and bills on time Many people are surprised by how a bill paid late here or...