Feel you've left your financial planning too late? 5 steps to get you back on track

Bruce Whitfield talks financial planning with personal financial adviser Warren Ingram, executive director of Galileo Capital.

Many of us leave our financial planning for the future a little bit late.

And some may draw up a financial plan well in time, only for life to happen in a way that throws everything out.

Think of poor investments, a costly divorce... there are a myriad circumstances that can put a spoke in the wheel.

Bruce Whitfield asks personal financial adviser Warren Ingram about the options when your financial planning has not gone well.

Ingram refers to a Mike Tyson quote, in view of opponents having a game plan to beat the boxing legend because he was so predictable.

Tyson said: "Everyone has a game plan until they get hit."

While we might think we're all unique, in Ingram's experience it's common for people to start taking financial planning seriously around the ages of 48 to 55.

"That's usually when people reach out to a financial planner... It's then I get these frantic messages along the lines of 'I've left it too late', 'I don't know what to do', 'should I just work until I die'..."

Warren Ingram, Executive Director - Galileo Capital

Ingram points out that life expectancy has risen, and many of us can expect to live until we're 85-90.

Along with that, retirement at 65 is not compulsory, he emphasizes.

"You can do something, you can take action... I think it starts with changing your attitude to what you can do and how long you can do it, and the steps you can take to rectify your position."

Warren Ingram, Executive Director - Galileo Capital

Ingram shares his advice for correcting course when you feel your financial planning has not worked out, and it's all too late.

Steps to take when your financial plan has been derailed:

1. Identify the Reasons

Determine why your financial planning has gone off track. Was it due to unexpected expenses, a change in income, poor budgeting, or lack of savings? Pinpointing the reasons will help you address the root cause.

2. Revisit Your Goals

Review your financial goals and see if they need to be adjusted, based on your current situation. Prioritise your goals and focus on what is most important to you.

3. Stay Positive and Persistent

Remember that setbacks are a part of life, and it's important to stay positive and persistent in your efforts to improve your financial situation. Keep focused on your goals and make small steps towards financial stability.

4. Explore Additional Income Sources

Look for ways to increase your income, such as a side hustle or freelancing. If possible, find a way to generate extra cash flow. This will give you additional funds to get your plan back on track.

5. Work on Your Emergency Fund

Build or replenish your emergency fund to cover unexpected expenses and financial setbacks. Having a safety net can prevent you from going further off track in the future.

To hear Ingram's advice in detail, scroll to the top of the article