Starting proper financial planning at 45

[littlematchstickgirl]

As the title states really - I'm 45, divorced (almost) and need to start financially planning properly. I should have done this before, but I didn't. So I'm starting now - I'm on my own (with shared children) and need to get cracking!!

I've asked a few questions over the last few months and had some really helpful advice. Thank you to everyone who has advised already

• I have a workplace pension - max contribution with employer contributing their max too. No AVC's as yet but need to think about this soon.

• I have opened (after advice on here) a S&S ISA and now contribute a monthly amount (not massive, but something)

• I have an emergency fund in cash savings - instant access, working on increasing that, so it can cover a few months wages, so I feel more secure

• I have a mortgage, when I bought out soon to be ex-DH

• No debt

What else should I be considering please? Trying to be mindful with spending, especially as utility bills are rocketing. Thank you in advance for your help!

Life insurance, private medical insurance. Update your will following divorce.

Savings for the kids. Junior ISA, you can even start a pension for them if you can afford it.

Do the full budget checkup on moneysavingexpert and see where you might be overpaying on bills.

I agree, protection insurance.

Life Insurance, Income Protection.
I would keep going with getting the emergency fund done.
I would then look at overpaying the mortgage so you reduce the loan to value.
AVCs to workplace pension can be useful, especially if a higher rate tax payer.

You could invest in learning about investing and cash flow planning in retirement. Podcasts, YouTube videos, books and audiobooks, and online courses.

I'm no expert but sort of ish in a similar situation re/ late.

I'm also looking to increase immediate savings.
After that I would be looking fo boost s and s investment.

As pp said invest time on getting that right.

Thank you all. Some good advice - I should have become more financially savvy years ago, instead of spending...