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One minute you’re a high school student, about to embark on your first part-time paper route. The next, you’re in your thirties, up to your eyeballs in credit card debt and without a plan for retirement. It doesn’t matter whether you go to college and get a great career or whether you come right out of school and into the workplace: anyone can have a terrible time with their finances. The good news? There is always time for a second chance.
It is never too late to hit reset when it comes to your finances, and whether that means you strip back your platinum bank account and revert back to a basic checking account, or whether that means you finally pay into a pension, you can start over. Your age really doesn’t matter when it comes to the health of your financial situation, but we’ve got a mini guide for you below that tells you exactly how you can reset your money management skills, no matter what decade you are in.
A lot of people float through their twenties as eternal children, partying with friends, finishing out college degrees and establishing themselves in the workplace. Thirty sneaks up on us all so quickly that all the debt you’ve been racking up, all the spending you’ve been doing to set yourself up after college and all the partying you’ve been doing very quickly catches up with you.
Thirty is a financial milestone for most who want to buy a home or get married or even have a baby, and the best way to get back in the financial game is to make a budgeting plan and stick to it. Assess your income and your outgoings, review how you spend your money currently and learn to deal with your debt. Once you manage these, you can create a retirement plan that works.
Turning forty is a milestone for most, and it often signals the beginnings of the middle of your life. You could have spent the last ten years spending your money on your house and your family, and sometimes that means spending beyond your means. Revealing a shaky financial picture after your thirties is never easy to cope with, and it can cause a little bit of a panic when it comes to your future. There’s every chance you haven’t got much cash squirreled away, so you need to start getting real about your retirement plans. Get a program opened and start paying down money each month for it, and while you’re at it start rethinking the way you have been living and start staying within your means.
Regardless of what decade you are in, you can pull back your finances and make the future work in your favor. You don’t have to spend your time in panic mode, wondering about your retirement and pension age. All it takes is a little head shake so you can get yourself ready and raring to go with your finances. No more burying your head in the sand; it’s time to grow up!