As you go through life, many of your priorities and needs can change.

Early on, when you’re establishing yourself in your career, your financial focus is likely to be quite different to what it will be a few decades later when you’re more settled.

You might also consider the role that flexibility plays as you go through life? Things often change as we age, and remaining flexible can be a big help.

Here are a few things to ponder.

Priorities change

As we age, it’s common for our financial priorities to shift.

When people are young, they’re often in a building phase, where they’re working on their careers, working towards buying a home and starting out in investing.

Over time, those priorities often shift. Many of the goals set as a young adult might have been achieved. Maybe our career is more settled, and we step away from work a bit, or we start to shift from an accumulation phase of investing into enjoying the fruits of those investments a bit more.

Later in life, it’s likely that access, control and adaptability will matter more.

That might mean wanting investments that are easier to access, being able to adjust plans if circumstances change, or simply having the freedom to travel or spend more time with family.

How flexibility can play a role in managing income and expenses

It may be that as you get older, your income starts to look a bit different.

You might shift from employment into self-employment, which could alter your level of income and the way you receive it.

Some people move from full-time work into contracting, consulting or part-time roles as they start thinking about retirement.

When income becomes less predictable, a flexible approach to planning can help. Allowing some room within your overall plan to adjust spending may make changes easier to manage.

If you’re starting to draw down your investments, having a clear plan in place can make the process feel more manageable and reduce uncertainty about what may be sustainable to spend.

A comprehensive financial plan that brings together your investments, insurance and expenses can also provide clarity and confidence, while allowing room for flexibility as your circumstances evolve.

A flexible approach to your planning and goals means you don’t have to worry about getting things “wrong” – there are many ways that you might be able to adjust your settings to get to the outcomes you want.

Strategies may need to change

It’s often the case that the things that work for us when we’re young, no longer serve us so well as we get older.

Sometimes that’s because of internal factors, such as our own priorities changing.

Other times, it’s because external factors have changed the bigger picture.

In the earlier stages of life, the focus may have been on growth or putting long-term structures in place. Later, having greater choice in how you spend your time and money may become more important.

Maintaining a flexible mindset and being willing to adjust when circumstances change can be an important part of supporting your overall financial wellbeing.

There’s no one-size-fits-all approach to financial planning or strategy.

Being flexible to move with the changes that you encounter across your health, work, family and goals can help you stay on track.

Like to talk?

If you’d like to check that your goals remain appropriate, and have room to grow with you, get in touch with the SHARE team. We can help you get a good overview of your current situation, and what your plans might mean for the future.

Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.