7 Financial Goals to Set in Your 20s
Become financially aware
Understanding how finance works can help you make better choices with your money. Thanks to the internet and new education platforms, learning has never been easier. You can choose from a variety of media, including podcasts, blogs, videos and articles to keep yourself informed.
Plan your budget
It's essential to know where your money goes every month. Creating a budget helps you track and control your day-to-day expenses. It also helps you keep track of your savings and investments, so you can see how financially healthy your everyday choices are.
Save for emergencies
You never know when a health or personal emergency is around the corner, or the kind of hole it could burn in your pocket. Start saving a little every month to be prepared for anything life throws at you.
Save up for short- and long-term goals
Setting short- and long-term financial goals can boost your financial productivity. From building an emergency fund to saving up for your child’s education, these goals dictate important milestones in your life – so smart planning is essential.
Settle high-interest debts
If you accumulate debt at 2% interest per month, you may end up paying much more than the amount you borrowed as a loan. Trying to settle your high-interest debts early should be at the top of your list of priorities.
Plan for retirement
When you’ve just started working, it might seem bizarre to be thinking of retirement. But the earlier you plan and invest, the less you’ll have to worry later – and with a good retirement plan, you could see your money compounding every year.
Once again, the earlier you start saving, the bigger your corpus, the quicker you’ll achieve true financial stability.
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