It's Never Too Early To Focus On Your Financial Goals

It’s a fact of life – with age comes responsibility. By the time you're a young adult in your 20s or 30s, chances are you've been immersed in the realities of adulthood. While you're excited by all the opportunities and experiences life has to offer, you're also keenly aware of the emerging financial responsibilities weighing on your shoulders. It’s time to take charge of your future – and your money. 

From a financial perspective, many young adults in the millennial generation (born between 1981 and 1997) face a unique set of challenges right now: maneuvering a highly competitive job market, paying off significant student loan debt, finding an affordable place to live, dealing with the high costs of food and gas – a list that makes it difficult to find financial stability. 

These challenges often lead to poor money management – and young adults coping with these situations often find themselves in debt, stressed out, and dependent on others. Fortunately, good money management skills can make it easier to clear these hurdles, move on to new opportunities, and accomplish personal goals.

Figuring Out Financial Goals

Setting goals is an important part of life – particularly when the goals pertain to money. Over time your goals may change, which likely will require you to adjust your finances. If you haven’t already figured out your goals for the future, you can start the planning process by answering the following questions:

  • What are my short-term goals (e.g., new car, luxury vacation)?
  • What are my intermediate-term goals (e.g., buying a home, starting a business)?
  • What are my long-term goals (e.g., saving for my child's college education, retirement)?
  • How important is it for me to achieve each goal?
  • How much will I need to save for each goal?

Once you have a clear picture of your future goals, you can establish a budget that will help you allocate funds toward achieving them. This is also a good time to meet with a financial advisor and create a financial plan based on your goals to help you save enough money for the future lifestyle you envision.

Next steps

When it comes to focusing on your financial future and accomplishing your goals, there are a variety of decisions that enter into the planning process.

These three articles may provide further insight as you consider your many options: