It is always a good time to have good personal finances, however, the sooner you work on some goals, the greater results you will obtain, so we present you the financial goals that you should achieve according to your age.
You are currently pursuing a bachelor’s degree, you have just finished and you are at the beginning of your working life.
It is very likely that you have not yet started a family or that you are just in the process, so your financial commitments are not many yet, so your financial goals should focus on:
Be financially independent, that is, stop depending on the financing of your parents or family.
Carry out financial planning and manage all your expenses.
Starting a savings fund, either to cover certain major expenses or an additional one for retirement, even if it seems so far away yet.
Create a good credit history, especially if in the future you want to take out a loan to buy a house or a car.
At this age you are already consolidating your career, you have some experience so you can access better salaries.
It is also likely that you have already started a family, with young children who demand a lot from your budget:
Avoid over-indebtedness, especially since it is very likely that you are looking to access a mortgage loan at this time.
Know your budget and avoid unnecessary expenses, so you can allocate those resources much more intelligently, either in savings or in paying debts.
Keep your retirement savings and start investing it for the long term to prevent your money from losing its value over time.
Have an emergency fund with which you can cover the expenses of between three and six months, in case of any contingency.
This is your most productive time at work, since you have enough experience and contacts, it is time to take advantage of the additional income.
Your children will be of school age or about to enter university, which represents a heavy expense:
Invest in your property, it is part of your heritage. Maintain it constantly to prevent it from deteriorating.
Increase the investment of retirement savings, the objective is that you have saved at least three years of your monthly income.
Invest in training, even if you already master an area, there is much more to continue learning, so you stay updated and you will have more options to access higher jobs.
You start preparing for retirement, your children are probably older and have already become independent or are in the process, so you will have some additional income that you used to allocate to them:
Pay off all your debts , you must also finish paying the mortgage if you have not finished yet.
Increase retirement savings, while you still have income.
Invest in your health, from taking much more care of your daily diet and exercise, to regular visits with doctors to avoid chronic problems in the future.
The time has come to retire and start enjoying everything you have built, so income will be limited to what you have saved for retirement and what you have in the Afore:
Avoid debts as much as possible, if they get out of control it will be more difficult to liquidate them.
Manage your savings to last as long as possible, consider that there are still many years ahead.
Keep some investments, which allow you to continue generating a certain margin of income.
As you can see, everything is a matter of planning and starting to set financial goals, no matter what age you start at, the important thing is to maintain discipline from now on.