You may have planned your finances in the past but your circumstances and needs have changed so it’s time to review it all again. Don’t forget that you’ve probably worked for the same amount of time as you have left in your career, so if you’re not in control of your financial future, here are five financial commandments you should follow right now!

Now that you are forty, it’s time to become financially fabulous., You have a steady job, your net worth is on the up and your lifestyle choices are probably quite stable.

You may have planned your finances in the past but your circumstances and needs have changed so it’s time to review it all again. Don’t forget that you’ve probably worked for the same amount of time as you have left in your career, so if you’re not in control of your financial future, here are five financial commandments you should follow right now!

1) Revisit your investments

As you get older and more secure in a job, your monthly salary starts to increase which means that you have extra money to put away each month. This is a good time to take a look at the investments you made in your 20s and 30s and see if you can add more money to them, especially to your retirement plan. Our advice to you is to also start an emergency fund that you put money into every month in case of an emergency such as you losing your job.

2) Make sure you are adequately covered

None of us like to admit that the older we get, the more health problems we may experience, which is why you should take a look at increasing your medical cover by upgrading to a more comprehensive plan or taking out gap cover. Also, it is a good idea to evaluate other insurance policies you may have such as life insurance or disability insurance to see if they still sufficiently suit yours and your family’s needs.

3) Reduce your debt

We have spoken about this topic numerous times but we cannot stress enough how important it is to get rid of any debt you may have. To find out how you can do just that, read our blog “6 simple ways to get you out the dreaded debt trap”

4) Update your estate plan

If you created your estate plan (including your will) over 5 years ago, it is a good idea to take a look at it and make necessary changes. Your circumstances have changed over the last few years; your family may have grown or you may have gotten a divorce, which means you need to update your will. If you have not yet created a will or trust, now is a good time to do just that.  By having a comprehensive estate plan, you don’t have to worry about those left behind if you should pass away unexpectedly.

5) Start saving for university fees

As a parent, you want to give your child the best education possible and with the lending criteria in South Africa becoming stricter, there is no guarantee that your child will be able to get a student loan, which means that you will probably have to financially support them. This is why we recommend that you start saving as early as possible for their education. You can do this through investments such as stocks, unit trusts, education policies, high-return investments to name a few.