That’s not to say I haven’t thought about it, I worked in a financial advisors when I was younger and understand the need for it and the investment it could become when choosing the right policy – I just thought it doesn’t really apply to me yet.
My mantra has been to live as carefree as possible to try and mitigate stress levels and keep it chill. Previous hardships have granted me the apparent excuse to disregard any semblance of future-proofing my life!
The tipping point
That was until recently when my girlfriend, Bryony, bought her own home. An absolutely amazing achievement for anyone, especially considering she’s only 25 – she’s well below the average age of a homeowner and I am IMMENSELY proud.
Her amazing achievement has made me completely revisit my own life choices and reevaluate my priorities. At the end of the day, I ain’t getting any younger and I turn 30 in less than three months.
I have to fix up and look sharp in every aspect of my life, which starts with finances. After taking a long hard look at my average spending over the past 12 months I was shocked with how I was aimlessly cruising through life.
Saving wasn’t an option and eating out was almost a weekly occurrence – I was living well beyond my means in every sense which was a damn good reality check. The good news was that I could easily make the changes to my lifestyle that enabled me to save, clear debts and look towards the future.
But what if it all went wrong?
Underprepared for life!
It turns out that I’m not alone in my lack of preparation for life!
A recent study by Post Office Insurance shows that the average UK family could only sustain their lifestyle for less than two months (only 46 days!) if they were to suddenly lose their main income.
Not only this, but one in four UK adults do not feel their household has a contingency plan in place if they were to lose their income for 4 weeks!
The fact of the matter is, I’m probably less prepared than average but it’s in the best interest of those around me to have the contingencies in place.
Now I’ve controlled my spending and have a clear vision for the future with spending projected until the end of December, I’m now able to factor in some additional outlay for life insurance.
Having tried out the Post Office’s life insurance calculator the other day I realised how viable life insurance actually is, a third what my car insurance and half my breakdown cover. Let that sink in for a second.