First things first
A proper emergency fund ensures that if “stuff” happens you won’t have to borrow or use credit cards.
Down with debt
Debt doesn’t go away, so we recommend attacking it sooner than later. Start by getting organized using an account aggregator, and/or budgeting tool. Next, consider the alternative “snowball method” of paying down the smallest amount of debt first, rather than the one with the highest interest rate. Small victories can lead to sustained success.
You can’t borrow for retirement. Either you have the funds or you have to keep working, so making retirement savings a priority is recommended.
Get in the game!
Start saving a little bit with an employer sponsored plan or IRA, and then look for opportunities to increase over time. Don’t forget to take advantage of company matching contributions.
After the foundation is built, you may want to fund other goals like kids education, a home purchase or a big trip. Set up a plan to save, invest or borrow to fund those goals.
Lastly and importantly, take the time to put in place a contingency plan including life insurance and basic estate documents. This is really for your family, and though you are young things can happen, making this a key part of any solid financial plan.
The advice provided is general advice only. It has been prepared without taking into account your objectives, financial situation or needs. A professional advisor should be consulted before implementing any of the options presented.
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