Money talk doesn’t have to be boring!

Whether you’re a teenager just starting to earn pocket money, or a retiree enjoying the golden years, working toward your financial goals can be a rewarding and fulfilling experience.

It requires a tailored approach at every stage of life – so what exactly can you start doing now to get your finances in shape and set yourself up for a comfortable future?

Let’s explore the common financial goals for each decade, along with tips to help you make the most of your coin!

The Teenage Years (13-19)

Rolling into your teens brings with it exciting opportunities to build on that independence you’ve been craving. Time to build a financial foundation as solid as your favourite beat! Our tips:

  • Seek advice from trusted adults and other sources to learn the basics of budgeting, saving, and understanding the value of money.
  • Start by setting a small savings goal – for example, save $100 over two months to purchase a new pair of shoes or concert tickets. This not only teaches the importance of budgeting and saving but also provides a sense of accomplishment when the goal is reached.
  • Practice disciplined spending.
  • Consider part-time jobs or internships to gain work experience and develop a sense of financial responsibility.

Your Twenties

The twenties are a pivotal time for establishing financial independence. Now’s the time to:

  • Prioritise paying off any high-interest debt (because trust us – these can blow out in a New York minute).
  • Start building an emergency fund. This is money specifically set aside for unplanned expenses like medical bills, car repairs, emergency home repairs, or loss of income.
  • Contribute to savings.
  • Research the most suitable superannuation options and ensure you are regularly contributing to your account.
  • Consider investment options to let your money grow over time. If you feel like a bit of a novice in this area, there are great free resources from qualified financial planners such as Canna Campbell that may provide advice and inspiration.
  • Explore health insurance through a credible source like Compare the Market, and understand the importance of protecting your financial future.

Your Thirties

The thirties often bring increased responsibilities, such as marriage, home ownership, and starting a family. This is a stage where you should:

  • Focus on creating a comprehensive financial plan that includes saving for a home, children’s education, and retirement.
  • Review and adjust your budget as your income and expenses change.
  • Strike a balance between short-term priorities (including luxuries like entertainment) and long-term financial goals (such as setting yourself up for retirement).

Your Forties

Your forties can be a great time to reassess your career and explore opportunities for advancement – including welcomed extra income. You’ve likely been working hard in the workforce for 20+ years, so you deserve it! To make the most of your finances and set yourself up for success, make sure you:

  • Maximise your contributions to superannuation accounts.
  • Review your insurance coverage.
  • Create a will.
  • Continue building your emergency fund. As we age, and as our families grow, it’s never been more important to have this up your sleeve.
  • Consider diversifying your investment portfolio for long-term growth.

Your Fifties

As retirement approaches, it’s time to really fine-tune your retirement plan.

  • Evaluate your savings and make adjustments based on your retirement goals.
  • Pay off outstanding debts, especially high-interest ones.
  • Ensure your investment strategy aligns with your risk tolerance and timeline.
  • Consider downsizing your home to reduce expenses and boost retirement savings.

Your Sixties and Beyond

Once you reach your sixties, it’s time to turn your retirement income strategies up a notch.

  • Consider consulting with an aged care financial adviser to help with exploring options such as your eligibility for the Age Pension, Aged Care, and Retirement Villages.
  • Review your will and estate plan, ensuring your legacy wishes are clear.
  • Review your healthcare plan and options.
  • Continue monitoring your investments and consider how to leave a financial legacy for future generations.

No matter which stage of life you’re at, the key to financial success lies in setting realistic and achievable goals, regularly assessing your progress, and making adjustments as needed. But don’t forget to enjoy the journey! With the right budgeting – and growing that savings fun – there’s no reason you can’t be enjoying holidays and fun along the way.

*This article is intended as general guidance only. Always consult a financial expert for advice suited to your own personal situation.