Decade by Decade Financial Goals

by Adam on August 22, 2017

Regardless of what stage you are at in life, setting yourself financial goals can help you to be more secure about your future and enjoy a more comfortable retirement.

couples need to work together with moneyThough everyone is different, this guide is here to give an overview of some goals that you can set yourself in each decade of life. Remember, it is never too early to start thinking about these things so let’s get started.

Your 20s

Many people are not thinking too deeply about finances in their 20s, but one thing that you can do is to live within your means. Don’t get yourself into debt trying to be exactly like your parents and remember that it took them years to get into the situation they are in now. Start to build and emergency find in case of any unforeseen circumstances and focus on building your credit history as you will need it in the future.

Your 30s

What is a Junior ISA This is the time that you may be looking to start a family and you can get more information about family and money here. Try to pay off as much as your debt as you can and channel the excess cash that you have into a retirement fund. You may also be looking to get on the housing ladder so start looking into the down payment you will need and also the mortgage repayments.

Your 40s

At this point, you are likely to have accumulated more valuable possessions so the first thing that you need to do is make sure you are properly insured. And the most valuable thing of all to insure is your life as you don’t want to leave your loved ones behind dealing with financial hardship. You can also look at rebalancing your investments and see if there is anything that can be juggled around to meet your future goals.

Your 50s

Retirement will probably be much more on your mind at this point so you will want to start by catching up on any contributions that you may have missed over the years. You can also start to map out a retirement plan in more detail so you know exactly what you will be able to afford during your golden years.

retirementYour 60s

As people are living longer and longer, you may decide that you don’t want to wind things down just yet. However, you should be aware of the different financial implications of continuing to work beyond the age of retirement. Indeed, more and more people are continuing to work into their 60s and flexible working is becoming increasingly prevalent in today’s economy.

This guide gives you are rough overview of the different decades of life and what you can do with each of them from a financial point of view. As we said at the start, everyone reaches different stages of their lives at different times so take this article as a rough starting point which can give you a helping hand.    

 

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