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Top Money Tips At Any Age

Where your money focus is depends, in part, on where you are in your life.

Here are some helpful financial management tips by decade:

20-30 years old:

  • Maintain a meticulous budget. Apps like Mint.com can help you track expenses.
  • Set up an emergency savings account with 3-6 months’ worth of living expenses.
  • Transfer credit card balances to a 0% card and focus on paying it off.
  • Begin paying down student loans and other debt.

30-40 years old:

Top money tips at any age

  • Contribute to a retirement account. Maximize employer matching plans.
  • Build assets by investing in stocks, bonds, and real estate.
  • Keep a low credit card balance with an eye toward increasing your credit score.
  • Open college savings accounts for children.

40-50 years old:

  • Review and realign savings goals for your current lifestyle. Use a life expectancy calculator to help reach retirement goals.
  • Create a plan to pay off your mortgage by the time you retire.
  • Protect assets and earning power with supplemental life and disability insurance.

50-60 years old:

  • Track monthly spending. Make adjustments as needed to prepare for retirement.
  • Consider circumstances like geriatric parents who may need financial help.
  • Put extra effort toward eliminating debt. Pay off credit cards in full every month.

60+ years old:

  • Ensure all investments are in low-risk plans to protect assets.
  • Manage money
  • Maintain access to credit so you’re ready for unexpected expenses.
  • Downsize as appropriate.
  • Focus on investing in things you’re passionate about, but avoid taking on new debt.