Midlife can be demanding. Having moved onto – and, perhaps, up – the housing ladder, started a family and settled down, you would think you might have earned an easy ride.

Yet midlife demands on your time and money can make you feel you are being pulled in a hundred different directions. Between supporting your family and saving for your retirement, there are many pressures on your life and finances… before even getting to spend your hard-earned gains on the things you want!

The good news: it’s possible to strike a balance between spending and saving.

Sort your savings

A clear savings strategy is the bedrock of financial freedom. When the costs start mounting, go back to basics and put spare money towards your future. Consider a stocks and shares ISA for long-term goals. And don’t forget to have an account you can access instantly for emergencies.

Have a plan

To enjoy your spending to the full, it’s a good idea to plan ahead. This is especially true with your retirement; know (and start acting towards) your plans as early as possible. Think too about taking out protection to ensure your financial security (and that of your loved ones) isn’t thrown off course by illness or death.

Spend (wisely)

When you’re squirrelling cash into your pension and feel like every outgoing is a bill, it’s important to take a breath and remember: ‘life is for living.’ That isn’t an invitation to be reckless; it’s about finding a balance between future financial security and enjoying your life now.

If you want to take your family on a memorable summer holiday, don’t deny yourself. Instead, cut back on the things that bring less joy. Ask yourself how much that extra streaming subscription would really enrich your life.

The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.

‍