We should look after not just our physical health but also our financial health. In the long run, it serves us well for our future.

 There are circumstances we will face after menopause that will require us to focus ever greater on our financial health.

Our financial health is a scorecard of our:

• Savings
• Spending
• Retirement plan
• Debt
• Asset value

The Importance of Good Financial Health

We all know the importance of having good physical health. Equally important, are we practicing good financial health? Are we prepared to deal with the shock of losing our income, or worse, an unexpected catastrophe? How devastating this would be if it happens after menopause.

With technological advancements, humans are living longer. Technology use may prolong life. We need to factor this into our plans to ensure that we have enough saved for these extra years, in particular after menopause.

Resources are also limited. With the explosive growth of India and China during the last 20 years, we have seen prices of commodities and food rise to meet the demand from these territories. The Coronavirus pandemic has also shown us just how fragile is our global supply chain. It is indeed causing concern. We are supplying more people with less nutrient-dense foods. 

Preparing for Disasters

Disasters are occurring with greater frequency and strength due to climate change. Furthermore, climate change is creating migrations from coastal areas to further inland. Most importantly, insurance premiums will rise as a result of the destruction.

The latest data on savings rate show that people are paying more attention to their financial health for the right reasons. This pandemic has shown us that many of us were unprepared.

Studies have shown that in the event of an emergency, individuals have less than US$1000.00 to cover unexpected expenses.

Budgeting and Saving

Pay closer attention to your savings by budgeting based on your income. Try not to spend more than you earn.

Save something for retirement regardless of how small it is.

Hold back from increasing your debt level if not necessary.

Make better use of free online tools available to help with budgeting, planning, saving goals, retirement. 

There are never any guarantees in life, but a good financial score will help to guide you on the right path to financial freedom as you age.