(NC) - To stay on the right track for each decade of your life, you need to stop moving your money problem around - raiding one pot to pay a debt in another pot. Start by stashing away your credit cards and live within your means all 31 days of this month.
In Your 20s
Pay off your debt and clean up your credit score. Stick to a lifestyle that allows you to pay down your debt and save a little too. Understand how your credit score is calculated and learn how you can improve it. A great rating will reward you with low interest rates and a bad one will taunt you like a bully.
In Your 30s
Save for a down payment for a home and build an emergency cash fund. If you don't have the five per cent or so, you're not ready to own. Start by setting up automatic monthly transfers from your chequing account to an account designated for your home ownership goals. And don't forget to build a cash reserve too - eight months worth is what most money experts recommend.
In Your 40s
Save for retirement first, and then for your kids' education. Take advantage of your employer's retirement plan contributions, and start putting away 10 per cent of your income toward your retirement goals. If you can't afford that, contribute what you can.
In Your 50s
Speed up your mortgage payments. Now is the time to increase your mortgage payments. You'll save money on interest and head into retirement without large, looming bills. It's a win-win combination.
In Your 60s and 70s
Live comfortably through your golden years - you've earned it! Travel the world and enjoy hobbies you could not pursue while you were busy working and saving. Fulfill your deep sense of purpose through philanthropy - become an activist, volunteer with a local organization or sponsor a child in need through an organization like Christian Children's Fund of Canada. You can even meet your sponsored child, and see first-hand how your support helps children who need it the most.
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Senior Living Editor’s note: While the Christian Children’s Fund of Canada is the author’s preferred interest, other philanthropic interests can be just as fulfilling. We recommend you choose the charity that most meets your personal interests and preferences.
Berwick Retirement Communities has made a very clear statement about how this small, family-owned BC company intended to elevate the quality of life for its residents..jpg)
Know what your options are when it comes to End of Life decision making. Listen to our audio interview with funeral director, Susan K Veale as she tells her story and her recommendations surrounding cremation and funeral planning.