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Financial Goals for your 20's

Your 20s is the ideal time to lay the foundations for a sound financial future.

More and more people are using their 20s to explore new skills and training, travel, socialize and make the most of their responsibility-free years. In saying that, your 20s is still a great time to set the stage for your financial future.
Whilst turning being a married home owner with kids at 30 is no longer the financial milestone it once was, you can still spend your 20s preparing for the road ahead.

  1. Climb the property ladder

Purchasing your first home when you are younger can help accelerate your future finances. It is important for those in their 20’s to learn about lending requirements for investing in their first home.

  1. Don’t be excessive with your credit card

Credit card debt can result in sky-high interest payments, which can hurt your attempt to save. Swapping to low-interest balance transfers is often smarter than making minimum repayments, as interest-free periods can help you get your finances back on track.

  1. Live within your means

Budgeting is a vital skill that can help you take control of your finances. Sheila Freeman and Helene Richards, co-authors of co-authors of Money Management for Women believe "Getting together a budget or money plan is the best way to get into the habit of living within your means."

  1. Start Saving

Develop a saving habit that can bridge the gap between your current financial situation and your long-term goals. Putting a proportion of your money into a high-interest savings account can help earn you a decent financial return.

  1. Ramp up your super

Making voluntary contributions into your superfund is one thing to consider, as this can help boost how much you will have once you eventually retire. That $10 a week you put in now could make for a comfortable retirement outlines.

  1. Start an emergency fund

During our lives, we all face unexpected challenges, such as a job loss or an accident that requires taking time off from work. An emergency fund means you will be able to help absorb the fallout from these types of unexpected life events.

  1. Protect your income

Income protection is vital, in the instance that are forced to give up your job.

  1. Meet with a financial advisor

Although speaking with a financial adviser isn’t a high priority for most young people, scheduling an appointment before you turn 30 can help with future plans.

  1. Write a will

Many young people underestimate the value of their assets, which include things like savings and personal items. Preparing a will means you make it clear what you would like to happen to any assets you might have, in case you die.

Taking control of your financial destiny before you turn 30 is a powerful achievement. If you have a plan in play early in life, the long-term outcomes become much better.

If you’re looking to plan for your financial future, contact us today to setup a financial planning session.

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