Building foundations for success in the future!

It has been a busy week for me, and I am feeling particularly tired. I am currently working a lot of hours and rarely have time to myself. Saving for lots of different things, especially during this cost of living crisis, is proving more challenging than I expected, even with me being in an enviable position. Like all of you, I am feeling the pinch, with my living costs going up daily, and there doesn't seem to be any end in sight. I was using my time here in the UK productively, saving hard for the future but at present the targets I set for myself seem to be slipping away, as I try and keep my head above water. This is not a great period to be alive and like everyone, I am fearful for the future. 

Just yesterday I checked the value of my pensions, as I do from time to time, and was shocked at the collapse in  their value. In a little over four months, my main pension has fallen 20% and all the gains made over the last three years have been lost; now that is scary, especially when I want to retire in four years time. I understand pensions and investments do fluctuate, it's just part of the course, but the figures I am seeing just indicate a continual decline, unlike anything I have ever seen before.

Equally, the various share holdings I own have also dramatically declined and fallen even further than my pensions. With most of my cash tied up in a high interest savings account, I am fortunate not to have invested too big a portion of my money into higher risk financial products. However, the state of the World economy is still a worrying concern for my future, and I am keeping a close eye on all my investments. We are being hammered from all sides; higher taxes and bills, as well as rising inflation that is dangerously out of control. 

My current thinking is to continue putting as much money away as I can, especially with such a bleak outlook moving forwards; that isn't really going to change. My desire to buy a property is of course my overriding ambition, but after taking advice, I am aware that this isn't the right time to do so. As the crisis gets worse, it looks likely, that house prices will crash in the very near future and I want to be able to pick up a bargain when the time is right. Whether we buy here or abroad, I just have no idea, but by the time I reach my 55th Birthday I hope to finally have a home of my own. 

It is important for me to have goals, which I work towards daily. It gives me focus at especially difficult times. As a person, I have always been terrible with money, so this is the first time I've actually made a positive impact on my finances. I am mindful, nevertheless, of the challenging months ahead, and I am extremely concerned at the possible implications of a continued collapse in financial markets. This is the time I should be building for the future, instead I am battling to stay afloat. Darrell and I are far luckier than most, not having to pay bills, but we do have a lot of outgoings to contend with, and they are just getting more and more burdensome daily. Like everyone else, though, there is very little I can do about it.

The last four years have had their high and low points; the lack of personal space does take its toll, especially recently. Spending the majority of my time at work or held up in a single room doesn't do wonders for my mental health, but I am aware that the sacrifices I am making now should pay dividends in the future. On the plus side, my financial astuteness has increased beyond measure. I have saved more money than I ever have done in my life, and my current circumstances have allowed me to build the foundations for success in the future.

Both Darrell and I are also fortunate to have chosen our friends, far more wisely, than we have done in the past. We no longer have the hangers on, the people who just take, borrow and never pay back and more importantly, we no longer suffer fools gladly. I have a very small group of close friends and never trust anyone I don't know well enough. Yesterday, I went out with a small group of work colleagues, and we had a fabulous night; a rare occasion when Darrell and I spent time with others outside our family circle.

My finances have always taken a severe battering because of other people, which is why we have to be so careful these days. No longer easily influenced or afraid to say no, I am happy to have decent people back in my life. I was such a bad judge of character in the past, that I could never see the impending disaster waiting in the wings. The more I desired the company of others, the more money I spent, and all I am left with today is a bag full of regret and some pretty terrible memories to boot. These people are firmly in the past, but their destructive influence still lingers. I do suffer with anxiety and from time to time I do become particularly inward, self reflective and depressed; Something I am aware could be rearing its ugly head once again today.

It appears it's time to batten down the hatches, just like we did during the pandemic. Working extra hard is necessary right now, since none of us really knows what will happen next. There has been so much thrown at us in recent times, that we just have to do our best to survive each oncoming storm. I know, after attending Cognitive Behavioural Therapy in the past, that it is important to deal with each event or trigger as it happens, breaking down difficulties into smaller packages. Rather than panicking over the bigger picture, I am accepting the inevitable and dealing with each element separately, which I hope will see me through.

Each of us have a difficult road to tread at the moment, and I am no different to you. All I can do is help others when I can, donate to foodbanks, make sure I listen to friends who need help, give them a shoulder to cry on and a voice of reason. Yes, we are all suffering, but we must remember those who are worse off than us. Reach out, be available and above all keep fighting, even when the battle seems lost!