How to Manage Money at Every Life Stage: Your 20s, 30s and 40s
Each individual’s financial priorities will evolve as they move through the various life stages.
For this reason it’s important to review your financial plan on a regular basis so as to ensure that you’re fully prepared and able to meet your financial needs.
This is the first article in a 2-part series, which takes a look at the financial management priorities of each life stage, noting the most important financial services and products to be considered at each point in one’s life.
This article explains how to manage money during your twenties, thirties and forties.
First Life Stage: 20′s and 30′s
• Finished studying
• Have started working
• Looking to purchase first vehicle / property
Financial needs for single 20 – 30 year olds:
| Savings / Investment:
Financial needs for 20 – 30 year olds with a spouse and/or children:
|All of the above, PLUS Risk:
Second Life Stage: 30′s and 40′s
Financial needs for 30 – 40 year olds:
Savings / Investment:
The information in this article provides an indication of what should typically be planned for during one’s 20′s, 30′s and 40′s.
However, as each individual’s situation differs it is recommended that you talk to your financial planner to ensure that you address these priorities according to your specific circumstances.
Venter, E. 2012, Case Studies, lecture notes distributed in Postgraduate Diploma in Financial Planning Module 4 at Stellenbosch University, August 2012.
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