With the situation of been made redundant in your 50’s makes life very difficult especially when you don’t have any savings. To replace my existing job is virtually impossible, so I have had to make a few drastic changes, like start my own business which I have done, the problem is I am working a lot harder and longer hours for less money.
When you are younger you feel pretty invincible, strong fit and long lasting and if things don’t work out there is always tomorrow to do something else. I am starting to run out of tomorrow’s.
I have 10-15 years to finish paying my mortgage among other things.One of the worst debts that I have added to my list is three credit cards which I have had for many years, when you are earning good money and can pay everything at the end of the month you don’t really worry to much about the inevitable. I have suddenly realised that time is short and major action is required.
Need to cut down on unnecessary spending and become frugal with my money,( hope that is the right term to use)
Through out my younger days I have come across many instances on saving money prepare for older age investing etc, my late father in law taught me a few things on how to work with money, a very wise man, the problem is I have not followed through on his advice.
I guess I better start right now, not tomorrow.
