HOW TO TAKE CONTROL OF YOUR FINANCES AT ANY AGE

You can’t rewind the clock, but you can take control of your finances at any time – we show you how.

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DIRTY 30S
It's time to get serious about your financial future. There's no better time than now to start planning for the rest of your life. If you're money-savvy and plan well ahead, you can set yourself up for refreshing financial freedom later in life. But watch out for the following stones in the road:

1. Not being in tune with your partner
Finances can cause conflict in relationships, so have the money talk early. Discuss your income, debts and savings, spending habits and financial goals. Make joint decisions about managing your money long-term, including whether to combine your finances or keep some parts separate.

2. Not paying bills on time
This is a big no-no. Tardiness can destroy your credit rating and make it tricky to get a home loan or car finance when you need it.

3. Not investing in yourself
Improve your earning potential by upskilling. If your company offers staff development then make use of it, or you can enrol in online classes and try methods of self-improvement to land that pay rise.

4. Not putting money aside
Emergencies and old age may seem far off but the secret to having money later in life is saving early - so get into it right now! Don't save what's left over each month: switch your mentality to save first and then spend what's left over. Your future self will thank you.

IF YOU'RE MONEY-SAVVY AND PLAN WELL AHEAD, YOU CAN SET YOURSELF UP FOR REFRESHING FINANCIAL FREEDOM

FLYING 40S
Although these may be your best-earning years, you might find yourself becoming part of the 'sandwich generation' that raises children while also looking after elderly parents. Juggling your finances is particularly important during this time, so avoid the following mistakes:

1. Not monitoring funds
With so much going on, it's easy to splurge. At this stage you need to understand the exact in- and outflow in your accounts. More so, keep a budget and follow it as a road map to your financial goals.

2. Not updating insurance
Insurance is a huge purchase, but it's also necessary to keep you and your loved ones safe and protected. This is the time to reassess all your policies - from your home-, building and car insurance to life and disability. Adjust where needed.

3. Not keeping your retirement fund retirement
Never dip your retirement savings. Ever. It may seem an easy fix for covering big expenses during this life stage: your children's education, car repairs and home renovations or paying off your bond. But don't do it! These years are crucial for growing your nest egg.

NIFTY 50S

You'll still be active and productive during your fifties. Depending on finances, you may also be thinking of winding down. Swipe your card right, and watch out for these mistakes to avoid spoiling your anticipated retirement dreams:

1. Not embracing change
Don't panic if your finances are not in great shape - you can still turn things around through thoughtful changes. For instance, try renting out parts of your property for extra income or downsizing to save on rates, electricity and living costs. Then, invest this batch of money that you have freed up.

2. Not prioritising your finances
Think twice about funding your adult children at the expense of your own future. It may be smarter, and more realistic, for them to take out a student loan or the like for their dreams. Remember that if you lend out money earmarked for retirement, you risk falling short and becoming financially dependent on your kids.

3. Not taking care of your health
Consider your physical fitness and mental health to be very necessary investments. This will help you to stay productive and reduce medical expenses at a later stage in your life.

By: Silke Colquhoun
Photos: Gallo/Getty Images, Supplied