The juggle of your forties – OMG!

5 am: wake up, coffee, emails, make school lunches, put on a load of laundry and go to the gym. Wake up the kids, get them ready for school, leave the house by 7:45, drop them off and go to work.

Tailor late-night committee, board or networking meetings around kids sport, music or drama pickups. This sometimes means the family not getting home until after 7pm.

Make dinner, monitor homework and devices, maybe do a little extra work. Kids off to bed, a quick Netflix TV show and off to bed only to do it all again in the morning.

The weekend generally includes grocery shopping, sports, friends (the kids not yours), work and dinners.

When are you spending time to look after your finance and to grow your wealth? What happens if one of you falls ill and cannot work for a couple of months? How are you going to pay high school fees and still do everything you want? What will you have to show for all the years of crazy (but enjoyable) hard work?

As life tends to get busier, it is important to spend time looking after your personal wealth, making sure your money is working for you.

So, what steps do you need to take to make sure you are on track?

Understand where you are now. List all your assets and liabilities on a spreadsheet. 

  • Don’t forget to include your super funds and HECS debt.

Calculate how much you are spending or more importantly, how much you can save. 

  • This is the money you need to put aside to build your wealth.

Work out your personal goals. 

  • Holidays
  • Private schools
  • Upgrade your home
  • Early retirement. Retire early

Put together a plan about how you are going to get there?  Taking into consideration your income, expenses, goals and time frame. 

Understand when you are going to retire and how much income would you need to live a comfortable retirement. 

If you have put the above in the too difficult basket, maybe you need a professional to help you model out your future financial life. Financial Life Modelling maps out your entire life. It enables you to sleep soundly knowing you have a plan in place and your short and medium-term goals will not leave you in an uncomfortable retirement position.

At the end of the day, you want to make sure you are not eating smashed avocado now, only to find yourself living off baked beans with the lights off in retirement.


Katie McDonald provides personal strategic advice to executive families, whose lives are busy juggling family, work, mortgages and holidays.  With over 15 years educating women in financial literacy Katie also enjoys improving women’s financial outcome and security.