Skip To Content

Smart moves for your 20s, 30s, and beyond

Every stage of life comes with a new set of financial hurdles.

Here are the top smart moves and money mistakes for your 20s, 30s, 40s and 50s to help you achieve your best financial future.

 

20s


Priorities – establishing financial independence and minimizing debt

Smart moves

  • Only borrowing what you need​

  • ​Paying attention to your credit score

  • Paying your bills on time and in full

  • Saving up for big purchases

  • Establishing an emergency fund

  • Opening a retirement account
     

Money mistakes

  • Carrying a balance on your credit card

  • Missing payments

  • Putting off saving for retirement

  • Taking on too much student debt

  • Spending more than you make

  • Not setting financial goals
     

 

 

30s


Priorities – purchasing a home, protecting your financial assets, saving, and investing

Smart moves

  • Creating a budget with your spending and saving priorities in mind

  • Increasing your emergency fund

  • Paying down high-interest debt first

  • Putting at least 20% of your income towards retirement

  • Setting up an RESP for your kids

  • Diversifying your investments
     

Money mistakes

  • Buying more house than you can afford

  • Financing big purchases with a credit card

  • Not ensuring that you and your family have adequate insurance to help you deal with unexpected financial challenges

  • Not saving money for future goals or the unexpected

 

 

40s and 50s


Priorities – maxing out your contributions, estate planning, helping kids with their education

Smart moves

  • Unlearning bad financial habits

  • ​Increasing your emergency fund

  • Paying yourself first – set up a regular contribution plan to your investment and savings account

  • Trimming your lifestyle

  • Maxing out your retirement contributions

  • Focusing on saving and investing for the future
     

Money mistakes

  • Overspending on your children at the expense of your financial health – find the right balance for your family

  • Not protecting your income stream

  • Putting off estate planning

  • Feeling like you have to do this alone – consider finding a financial planner to help you plan for retirement
  • Forgetting to enjoy yourself!

 

Take the next step — contact us to continue on your journey to your best financial future:

Related articles

Woman sitting outside smiling
Investing, Saving

Advice from an expert: Your retirement questions, answered

Read More
Couple sitting on a couch looking at a laptop
Investing, Saving

Your RRSP questions, answered

Read More
Family walking on a bridge together
Investing, Saving

Will you save more with a Regular Savings or GIC?

Read More

Cookie Consent

We use cookies on our site to improve your experience.