It’s Never too Late to Sort out your Finances

It’s Never Too Late to Sort Out Your Finances
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Women’s Money Mentor, Julia Scott CA, tells us why it’s never too late to sort out your finances.

“The best time to plant a tree was twenty years ago. The second-best time to plant a tree is now”   Chinese Proverb.

As a Money Mentor for women, I find that the number one concern women have is that they’ve left it too late to prepare for retirement. They’re so concerned with the belief that they’ve missed-the-boat that they don’t take any action. This in turn fulfils their prophecy that they’ve left it too late.

I’m happy to say, that it’s never too late to sort out your finances. The most important thing to do is to START and to do it TODAY. But where do you start?  Financial terms, tools and products are overwhelming to many – yes, even finance professionals. But there are so many things you can do to improve your financial situation and mindset towards it, before you even get to see a finance professional. I’ve put together this short list to inspire you.

1. Plug the leaks

Time is money. The longer you leave that unused subscription in place the more it costs you and the further you are from reaching your financial goals. It’s like throwing money away!

Go through last month’s bank transactions and identify any subscriptions, membership fees, or regular expenses you no longer use or receive value from. If you have an iPhone, you should also review Settings/AppleID/Subscriptions.  Turn off the subscriptions you no longer require.  I’m sure most of you just found at least $60 a month right there. That’s $720 a year you could be saving or investing for your future.

2. Earn more than you spend

Are you spending more than you earn? Old school finance professionals focus on prescribing cutbacks and creating a tight budget, but I don’t believe in budgets – they’re depressing and not conducive to an abundant money mindset.

By all means cut out the expenses you don’t receive enjoyment from (that’s a given) but focus your real attention on increasing your income. Brainstorm all the ways you can make more money.

Start a side hustle, go for a promotion, or make money from assets you already own. Many successful women only started their businesses or careers at 50+. All you have to do is see the opportunities already in front of you. Think digital.

Remember, there is a limitless supply of money out there in the world and you having more does not mean someone else will have less. Money is like the ocean – abundant. Money is simply a neutral tool to exchange value. Ask yourself “how can I add value to the world?” and do that to attract more income into your life.

I have a free Net Cashflow Calculator available here.

3. Know where you stand

What’s your current financial position? Fear preys on uncertainty. When you don’t know where you stand financially, your mind will fall back into negativity bias and start imagining things as worse than they really are. This creates a sense of worry and anxiety, which feeds your financial paralysis!

The easiest way to clear fear is to gain knowledge. So, gather information of your current financial circumstances. Start by listing out your assets and liabilities (debts).

I have a free Net wealth Calculator tool available here.

4. Know where you want to go

Yogi Berra said, “If you don’t know where you’re going, you’ll end up somewhere else”.  Every woman needs a goal. I can’t emphasise this enough. Goals are powerful. You might remember from my last article, you’re 42% more likely to reach your goal just-by-writing-it-down and reviewing it regularly. That’s massive.

Get yourself a piece of paper or a journal and start letting your imagination go:

  • What exactly do you desire your financial future to look like?
  • How much money will that take?
  • How much would your living expenses be per year?
  • How much money would you like to give to others?
  • Describe your perfect day in retirement. What do you do? How do you feel?

It’s ok if this doesn’t feel attainable right now– that’s the point!

The important thing is to s-t-r-e-t-c-h your imagination on what’s possible for you. You’re allowed to think big. You’re allowed to have whatever you desire. But before you can set a plan in place to get there, you need to know where that is!

I have an awesome resource available here to help you draft your goals.

5. Pay yourself first 

Look after the money you do have and treat it right. Start to:

  • Automate your cashflow so that a % of your income goes into a quality diversified investment portfolio or superannuation fund every month.
  • Always have at least 6 months of living expenses in a separate savings account so that you have the freedom to say ‘no’ when you want to leave an unwanted workplace, relationship or location.
  • Review your insurances annually.
  • Track your income daily – what you focus on grows.
  • Declutter your wallet or purse – energetically you will feel more caring towards your money and this will elevate your money mindset.

So, there you have it. Five tasks you can start today to sort out your money.  If you’re still having trouble starting, then the problem is most likely procrastination.  Procrastination means you have an energetic resistance around completing the task. This is common when you’re doing something you wouldn’t normally do. Our brains are wired to stick with the familiar so it sees new tasks as a threat to your self-confidence and beliefs and it will do anything to stop that threat.

All you have to do to clear this concern is to remind your brain that completing this task is a good thing, that it will be easy and that you know how to do it. I teach my clients to fix their posture and literally say aloud “This is easy. I can do this.”. Then I ask them to visualise themselves completing the task and tap into how good it feels to have succeeded.

You are more capable than you think. Remember, things are always working out for you now. The past is the past and the future hasn’t happened yet. There is every likelihood that the future is positive as long as you allow it to be possible for you.

Julia Scott, founder of Love Luck Wealth, is an intuitive money mentor and finance professional for women. Working with Julia helps you to earn more and build wealth with ease and flow. Connect with Julia at

Legal Note: Information provided by Love Luck Wealth is factual in nature and does not take into consideration your personal financial situation. It is for educational purposes only and does not constitute financial advice nor financial product advice in any way. Remember, the value of any investment can go down as well as up. Before acting, you should consider seeking independent personal financial advice that is tailored to your needs from an appropriately licensed or authorised financial adviser.