Gulf Winds Federal Credit Union Blog
Decisions in Your 20’s and 30’s to Support Your Financial Future

Decisions in Your 20’s and 30’s to Support Your Financial Future

As we know, financial independence doesn’t happen overnight. Debts take a long time to pay off, and investments don’t yield high returns until they’ve had time to mature. Because of this, the earlier you start to take control of your financial situation, the better off you’ll be.


Start Early and Get Aggressive

Ages 20-30 are the perfect time to begin thinking about your financial future. The terrors of teen-dom have passed, college is behind you, and you’ve likely secured a job that supports your lifestyle. People at this age typically have fewer demands on their income than when they get older. Younger folks typically have fewer medical bills and are still a ways off from worrying about college tuition for their kids, for example. 

Best of all, time is on your side: Contributions made to savings, investments, and retirement funds now will have plenty of time to grow:

  • Plan out your future: Do you want to buy a house? Do you share income with a spouse? Are there kids on the way? Take an accounting of what noteworthy costs are upcoming to get an idea of where you stand.
  • Pay down your debts: Naturally, getting out of debt should be a priority for a stable financial future.
  • Save early, save often: Take a small portion of your paycheck each month and deposit it to start building your retirement fund.
  • Max out contributions to any employer-sponsored retirement plans, such as your 401(k). Employer-match contributions are, in essence, free money.
  • Be aggressive with investments: Fund managers typically recommend that young investors select a mix of high-risk and low-risk investments. These options tend to be more lucrative for investors who have the time to ride out the ebbs and flows of the market.

Above all, approach each of your financial decisions deliberately and with care. While those in their 20’s and 30’s often struggle with credit card bills and student loan debts, these factors shouldn’t stop you from establishing strong financial habits that will support you all the way to retirement.


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