What Stages You Must Have Another Look At Your Financial Priority?

“Expenses do change with time” 

Indeed, you will never spend the whole life with a similar financial plan. With time, you and your needs get changed. Let’s understand this by a simple real-life example. You can easily relate to it. 

For instance, you are an eighteen-year-old young aspirant that is going to make his future bright with securing a job. You need a good package because you have to save and spend money on goals such as buying a house or a dream car. 

After a few decades, when you reached at the age of a middle-aged person, you think that you should start your own business. And now you have a different strategy and planning to stand a successful business. Now, the last stage is the retirement life. In this period, you have to cut a lot of expenses. 

You can see that you have to re-evaluate your financial plan three times in a life. To make clearer, we have divided it into three categories:                                                                  

E  Employed 

E  Self-employed or running a business 

E  Retirement life

You can instinct that the financial plan you have made, when you were young, is not reliable in case of retirement life. You have to bring changes with time so that you do not have to face any type of financial crisis. You may not have any idea about how to RE-EVALUATE it and what type of change should you bring with time. 

If you are searching for those steps, then you are in the right place. We have shared some steps that you should add to your financial plan. One more thing you must remember is that each category is internally connected to other. Let’s start...


This is the time when you just done graduate and secure a job. It is the beginning of a new life because you are now independent and have to take a lot of steps to make your future better and better. If you are blindly exhausted your money, then you are doing a big mistake. 

There are a few things you should add to avoid unnecessary spending.

  1. Emergency fund: It is a type of saving that will help you stay away from various types of unknown expenses. 

  1. Saving account: In this, you have to deposit money for long term goals. It may be starting a business or buying a dream house. 

  1. Avoid addiction: If you drink alcohol or smoking, then you should avoid it. In this way, you can save a lot of money and can live a healthy life too.

  1. Investment: This is the age when you can bear the loss. Suppose you have invested money on the market but you did not receive what you were expected. But with this, you can learn the life lessons that will help you in the future. 

  1. Enjoyment: Sometimes, people forget to enjoy youth life that makes them regret the whole life. You must spend some money on travelling or trip. 

You can see in this part, all you need to save money for future and unexpected expenses. Now let’s move to the second part (middle-aged).

In this part, you can use your experience to do something big like stand your own business. And the most important thing that you have to consider before you start your business i.e. without affecting your other financial aspects. LET’S have a look at what you should include in your budget plan.

Saving: You have to save money for your retirement. 

Sell unnecessary stuff: If you make your mind to start your own business, then spending money with consciously is one of the most difficult tasks. One small mistake can lead you to many problems. It would be better if you sell some equipment to arrange money that can help you to pursue your dreams. 

Basic frugal living: You indeed have to make a lot of sacrifices and one among them is “cut the expenses”. You may have enjoyed your life when you were young but now the conditions and challenges are different. It depends on you that what type of expense you can remove that could not affect your financial life negatively. 

Now, let’s move to our third category and that is “Retirement life”  

It is the time where you will spend according to your savings. Though, it does not mean you do not have to create a budget. It may be a light budget, not the strict one. All you have to mention some basic expenses such as:

  • Medicine

  • Food and clothes

  • Travel cost

There is one thing that you may rupture your budget plan and that is ‘UNEXPECTED EXPENSES’. It is something that can introduce at any part of your life. You do not have to worry because there are many ways through which you can cope-up with it. 

You can try variety of options but none of them can provide you instant help as 2000 pound loans provide you. All you have to approach direct lenders in the UK who can assist any individual whether you are young or a retired person. 

You can see, as you pass through three different stages of life, you have to face different challenges and conditions. All you have to create an effective financial plan for stability at each stage. 

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