It is never too late to start saving and making better financial decisions. If you are committed, set goals, and are willing to sacrifice some instant gratification, you can turn your financial portfolio into something to be proud of. You will probably have to give up eating out several times a week, or reduce your entertainment spending, maybe stay at less luxurious resorts when you travel, or maybe it means shutting off the cable television and cancelling your gym membership. You have to be willing to make the sacrifices now in order to reap the benefit later, which is not always easy, especially when we are used to a certain lifestyle. The good news is that you will adjust and the sooner you start, the sooner you will see results, which will help keep you on the path to financial stability.
The first step, after you make the decision to do whatever it takes to get ahead, is to set your goals for the future, then figure out how you are going to get from where you are now, to where you want to be in 5, 10, and 20 years. If you are unsure about how to do this, or where to begin, consult a financial planner. A financial planner can help you figure out how much you need to save, what types of investments are right for your needs and goals, how much insurance you need, and more.
Even if you have not made the right choices regarding your financial stability and future, you can still teach your children to start right. Help them set up and manage at least a savings account and set goals as soon as they get their first job. Let them learn from your mistakes.