I thought of this title when thinking about the well known saying “why put off until tomorrow what you can do today?”. Sure, my version is not the most catchy nor the most profound but it helps to make a point.

I have spoken before about the opportunity cost of spending money on luxury and discretionary items and this is really a variation on that theme to emphasise the point that the decisions we make today will affect our financial futures.

I met with a new client the other day who was in a very well paid position, well paid enough to be a 50% tax payer but he had become acutely aware that he and his wife were “living for the now” and had missed out on a numbers of years to secure their financial futures and was now faced with a decade to make up for lost time before his earnings power would reduce.

A decade may sound like plenty of time but think of what you would have missed out on by not starting sooner, the benefits of compound interest for a start.

Sure, I know fast cars and expensive holidays are more exciting than pensions, ISAs and offset mortgages but what price self actualisation? The knowing that you have the finanical freedom to do what you want when you want to, to work because you enjoy it, or don’t work becuase you don’t have to. The feeling created knowing that you have no money worries. That you have financial independence.

Spending on the nice to have products and services will provide a temporary high but there will always be come down. The realisation, as my client had, that there was little to show for the enjoyment. This may come soon after the enjoyment or at the end of your career when it really is too late to do anything about it.

I’m not saying that money is not to be enjoyed, we all work hard after all. My message is that it should be prioritised. The satisfaction will be so much greater in the long term.

Financial Planning can help you with your decisions by analysing what actions you need to take with your money to achieve your life priorities. It may be that you can’t achieve your goals immediately but if you know that your money is working hard enough to help you achieve them the working day frustrations may just diminish.

If you would like to receive financial planning advice to understand how you can be financially free click here.

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