While many may say that money cannot buy happiness, money still plays a significant role in our lives. Without money, we basically cannot have roof over our heads, food on the table, clothes on our back and a whole lot of other necessities that we need money to pay for. It is of utmost importance that when you start handling your money, especially when you start to work you know your financial priorities as well as the stages to go through in order that you will be financially independent way into your golden years.



When you are around 20 to 25 years old, this is usually the stage when you just enter the workforce or have been working already but not that long. Take full advantage of your young age and save money. Saving between 10% to maybe 20% (if you like) of your monthly income would be ideal. It is also during this stage that you should start to build up your credit standing by applying for a credit card and regularly paying for it. These years though are not all about being stingy to save. This would also be time when you would be having lesser financial obligations giving you the chance to do things that you want like maybe traveling, etc. Take the chance while you are still very young but of course save a considerable amount of your money for future use.

When you are between 26 and 30 and have just followed saving money in your early 20s you should have a modest savings by now. You could afford more or less to put them in other types of investments aside from your regular time deposits (though they would always seem to be the safest). Continue to save and give some thought into your long term career goals. You cannot afford to still be job hopping during this stage especially if you are nearing 30.

Moving into the age above 30 would require you to be spending on a wedding, on a home or raising a family of your own. If you have a good credit history, you could get a loan with the bank for your house. Now would also be the perfect time to get a health insurance plan. When you are approaching 40, you will be at the peak of your earning so work hard for your retirement to have enough to live comfortably during your retirement years. Work towards paying off your debts and preparing for future medical expenses. You should have enjoy your golden years.