Sometimes we need a set of goals to work towards to keep us motivated, and better plan for our future. If you’re looking for a set of financial milestones you can strive for before hitting 30, read on. Here are 4 key milestones to aim for in your 20s. Hitting each and every one of them will surely put you in good standing for the next decade of your life.
1. Be debt free.
Pay off those credit cards well before you hit 30 and you’ll be starting a new decade debt-free. Sure, everyone likes to buy things they really don’t have the money for. But hopefully by the time you’re in your late twenties you’ll come to realise that the immediate benefits you get in living your life this way will almost always be overshadowed by the financial hardship that inevitably follows. If you can pay off any study debts by 30 too, you’ll be well on your way to a comfortable financial future. If you find that you have too many credit debts at the same time, talk to the folks at Fox Symes. The experts at the FSA Group(Fox Symes and Associates) can really help you consolidate all your debts into one convenient payment.
2. Live within your means.
By the time you hit 30, you should have mastered the art of living within your means. In basic terms, this means spending less money each week than you have coming in. Ideally, you should be putting a little money aside each week for a down payment for your first home. Sure, you may have the occasional splurge, but sticking to a weekly budget below your means is a sign of maturity and a beacon of a bright financial future.
3. Owning your first car.
If you own your own car by the time you hit 30, then you’re definitely on track to a future of financial security and independence. Owning your very own car is one of the first major investments most of us make in our late teens or early twenties. And you really should have paid off whatever car you’re driving by your late 20s.
4. House deposit saved.
Although the housing market is booming these days, and owning your very own home is becoming increasingly difficult for young couples and families, it’s still certainly possible. By the time you hit 30, having a significant amount of money in the bank that you can put towards a deposit on a new home will certainly put you in a good position for the next decade of your life.
The 20s can be a tough and difficult time for most people. In between all the partying, studying, working and relationship dramas, finding time to plan for your financial future can seem scarce indeed. However, by keeping the above 4 financial milestones in mind, you can stay on track and motivated to do the very best for your future.