<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=1594118447410323&amp;ev=PageView&amp;noscript=1">


You are now leaving the Independent Bank website. Linked web pages are not under the control of Independent Bank, its affiliates or subsidiaries. Be aware the privacy policy of the site to which you are going may differ from that of Independent Bank. Independent Bank provides external links as a convenience and is not responsible for the content or security of any linked web page.

Click “OK” to continue or “Cancel” to go back

Ok Cancel
x Want to chat? How can we help you? open chat

Financial Goals

Financial goals you must have in your 20s, 30s, and 40s

hand drawing graph chart and business strategy as concept

Setting financial milestones is essential, but it's easy to feel confused about exactly when you should be achieving major financial goals. What should you be focusing on in your 20s, 30s, or 40s? Worry not, we have the answers. Follow these simple financial goals for each decade of your life, and you should be sitting pretty by the time you are ready to retire.

Finances in your 20s

Getting your financial health in order should begin as soon as you step foot out of college and into a full-time job. If it seems daunting, don’t worry. There are a few simple things you should focus on during your 20s to set yourself up for a financially healthy adult life.

  • Create a budget: Creating a budget is the easiest way to avoid overspending.
  • Pay down credit card debt: Credit card debt shouldn’t be a fact of life. You should aim to utilize no more than 30% of your credit limit at any given month. If you are using more than 30%, your focus should be on paying down your debts.
  • Start a retirement account: Retirement might seem like a long way off, but the sooner you begin saving, the more money you’ll have when the time finally rolls around.

Finances in your 30s

Your 30s are an exciting time. You and your friends are getting married, building families, and buying property. It’s also the decade where advancing your career is likely to happen. With all of the fantastic things happening, it can be easy to forget to keep your financial health in check. To do so, make sure these four financial goals are on the top of your list.

  • Pay off your student loans: Paying off student loans is a huge achievement, and it will ease your monthly output. Make it a goal to have your student loans wholly squared away in your 30s.
  • Protect your life: Life insurance can be purchased through a variety of avenues, but it’s imperative to have some.
  • Buy a house: Homeownership is not only the American dream, but it’s a substantial investment. Whether you are purchasing a home or a condo, it’s a great way to make your money work for you.
  • Establish an emergency fund: An emergency fund should cover at least six months’ worth of bills. Make sure it is easily accessible in case you need it.

Finances in your 40s

Your 40s might seem like the prime of your life, and in many ways, they are. By 40, your career path is probably set, and you should be moving smoothly through life, but there are a few financial goals you should ensure are completed during your 40s.

  • Focus on planning for retirement by putting between 8% and 15% of your salary aside.
  • Make sure you have absolutely no debt other than a mortgage and vehicle payments.
  • Make sure your will and estate are in order.
  • Keep an eye on your retirement accounts. You should ideally have 3 times your salary saved by this point. If you don’t, it’s time to get saving.

If you are over 40 and still feel like you haven’t figured out your finances yet, that’s okay. A financial advisor is a great tool to utilize to get your economic well-being in order.

Join our newsletter!

Latest posts

Buying a Vacation Home

4 Things to consider
Read More


Are they a good investment? 
Read More

Using a Credit Card

5 Things to avoid buying with a credit card
Read More

Debt Repayment

How to develop a winning strategy
Read More