Home » Top Money Tips At Any Age

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.