Financial Planning Strategies For Your 20s, 30s, 40s

Posted on Wednesday, January 11th, 2017 at 10:55 am

Regardless of age, it is important to implement financial planning strategies within your spending habits. Whether you are a student saving for your post secondary education, you have just started your career or are close to retirement, here are some saving ideas you should consider while you’re in your. . .



These are the best time to start saving, especially while you still have a minimal amount of expenses. In this scenario, you have the advantage of directing all of the money you make to where you need it most. Track your spending habits and re-evaluate where your money is going. For instance, how much money do you spend when you go out? Would that money have covered your monthly phone bill? Put these temptations towards a savings account.

As for you students, direct almost all of your money towards tuition. Work full-time every summer and try to obtain a part-time job during the school year. Contribute larger payments towards your debt to reduce stress after graduation. If you do not have tuition expenses, this does not mean you should excessively spend money. Save up for your future. You could even contribute payments towards a Registered Retirement Savings Plan. Saving for a home, car or retirement may seem like goals that are decades away but saving now will allow you to achieve these goals much more quickly.


By now you should have a better understanding of how to wisely spend your money. Plan out various savings accounts. Consider buying a home. Buying property may be hard to save up for at first, but is beneficial in the long run since house pricing values usually increase. Also buy a car rather than leasing it. Leasing will cause you to lose more money in the long run since you will not end up owning a vehicle.

If you have a significant other, ensure talk to about how the two of you should be managing money. Evaluate who earns what and how you can spend money for one another’s benefit.

Lastly, when you feel like you are directing your money in all the right areas plan out how much you can contribute towards your Registered Retirement Savings Plan. People with children often make the mistake of putting their children’s Registered Education Savings Plan over their retirement. But if you do not think of yourself, your children may end up having to support you.


These are usually some of the most stable years of your life. You may already have a home, car and a jump start on your RRSP. So what now? Continue saving and try to see if you can contribute even more towards your retirement or child’s postsecondary education. While you’re at it, build an emergency fund. You never know what could go wrong. For instance, you may have a plumbing emergency, your car window breaks or you experience a job loss. It is always better to have simple plan as opposed to having no plan at all.

In all your hard work, do not forget to treat yourself once in a while. Buy yourself a watch, save for vacations, or any event you will remember for a life time.  Your money is a result of your hard work; make sure to direct it in all of the right places.



L. Shabudin | The Edge Blog

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