Life Goals: Financial Essentials For Your 20s
Here are several financial steps you may want to consider taking right now:
1. Create a budget.
Figure out where you stand: how much you earn, how much you owe and how much you regularly spend. Then create your budget and stick to it.
2. Pay off consumer debt.
Pay off a credit card with an interest rate of 20% and you just earned 20% on your investment. If you can’t pay cards off quickly, try a consolidation loan.
3. Start a savings program.
Make it a habit to save and invest. Contributing to an employer plan that offers tax-saving benefits is a good first step.
4. Determine personal insurance needs.
Accidents and illness can be financially devastating. Make sure you have both life insurance and disability income insurance through your employer.
5. Protect belongings with insurance.
Check out a homeowner’s policy or renter’s insurance as an inexpensive way to protect your possessions against theft or fire.
6. Create a Living Will.
If you should become seriously ill, a Living Will can assist your family in making medical decisions according to your wishes.
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