How to skillfully handle cost of midlife crisis

Business Daily Kenya:  M en and women at some point of their lives go through the midlife crises; a period of your life when everything see...

Business Daily Kenya: 

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Men and women at some point of their lives go through the midlife crises; a period of your life when everything seems to go south. Literally! Life can be overwhelming and filled with anxieties about ageing, coupled with physiological changes. It’s the phase in life when you begin to question and re-assess your choices so far. For most people this causes a lot of emotional stress with feelings of regret having lost precious time and feeling as though you have not realised your full potential, both professionally and personally. Whatever way it shows up, this crisis will likely place an extra strain on your wallet.

What you need to know is the spirit to help you prepare both psychologically and financially for the midlife crisis. Here are the common ways the life changing phase affects one’s finances.

OVERACTIVE SOCIAL LIFE

One way to reclaim the feeling of being young again and relevant is to socialise more with more raucous crowds in nightclubs, discos, and concerts. There is no harm in socialising. However, this sudden desire to get more social comes with a heavy price tag. It means more expenses in the form of bills, shopping and general entertainment. If you find yourself losing control over extra expenses, tame yourself by looking for ways to socialise that are fun, but are less costly. You may want to also consider scaling up your savings well before your midlife crisis hits to enable you to afford your ‘new lifestyle’.

EXPENSIVE HOLIDAYS

Another common sign of the midlife crisis is the urge to get out and explore the world. People in their midlife crisis often get insured book cruises, expensive holiday stays, and several once-in-a-lifetime kind of experiences. This may not be a bad idea. However, it can be damaging to your financial health. Plan ahead by having bucket list early in life and do some number crunching. Incorporate this into your financial plan you won’t regret it when the time comes.

CAREER CHANGES

It’s not uncommon for people in their midlife crisis to do a complete turn around in the career, and quit their jobs. While it’s not a bad idea to start afresh ensure you plan way in advance. Do the necessary math; especially if you are considering starting up a small business. Do not make impulse decisions based on excitement, as in the end it may cost you far more than you had bargained for. If the step may seem too drastic, tone it down by making little steps as you work your way up to the full transformation.

-Maya Hayakawa

The post How to skillfully handle cost of midlife crisis appeared first on Mediamax Network Limited.

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