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

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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: