The financial milestones by age: Are you on track?

Whether you're just getting started on your financial journey or looking ahead to the golden years, there’s always a new goal on the horizon. So, what should you be ticking off your money checklist as you move through life? Let’s break it down.

In your 20s: Laying the foundation

Your 20s are all about building good habits and setting the groundwork for future financial success. Think of it as your warm-up lap. This is the time to:

• Create a budget and stick to it: Use a budgeting tool to track your spending and savings. Tools like our Mozo budgeting calculator can help you manage your income, especially if you're starting your first full-time job or side hustling.
• Start an emergency fund: Life is full of surprises, and having a financial safety net will protect you from unexpected expenses.
• Pay down debt: Whether it’s student loans or credit card debt, make a plan to pay it off sooner rather than later. Compare low-interest credit cards to find better deals on your repayments.

In your 30s: Growing your wealth

Your 30s is where you start to hit your stride. With career progression and (hopefully) a boost in income, you’ve got more financial muscle to flex:

• Buy a home: Whether it’s your first property or an investment, owning real estate is a key milestone. Check out the latest home loan deals to help you make that leap.
• Invest for the future: It’s time to think about growing your wealth. If you haven't already, look into your superannuation, making sure it's working hard for you. Find out how to compare super funds to maximise your returns.
• Plan for kids (if it’s on the cards): Kids come with a price tag. From baby gear to childcare costs, you’ll need to account for all the added expenses. Start a family budget, and make sure you know your parental leave entitlements.

In your 40s: Securing the future

By the time you hit your 40s, you’re in the financial big leagues. The focus here is on securing your financial future and setting your family up for long-term stability:

• Boost your super contributions: Retirement is still a way off, but now’s the time to give your super a serious boost. Use a super calculator to see how much you’ll need to maintain your lifestyle in retirement.
• Pay off your mortgage (or at least get close): Getting ahead on your home loan repayments could save you a fortune in interest. If you're looking to refinance, check out the latest home loan rates.
• Start thinking about life insurance: No one likes to talk about it, but life insurance can be essential for many families. Set up a will and make sure your family is financially protected.

In Your 50s and beyond: The golden years

Your 50s and 60s are all about preparing for retirement and enjoying the fruits of your financial labour:

• Review your retirement strategy: By now, you should have a solid retirement plan in place. But it’s always worth checking in to see if your savings are on track. Use a savings calculator to make sure you’re hitting your targets.
• Downsize (if it suits your lifestyle): If your home feels too big or expensive to maintain, downsizing might be a smart financial move. Selling up and moving somewhere more affordable can also free up equity for retirement.
• Tick off your bucket list: This is your time to travel, pursue hobbies, and tick off all those life goals. If travel is on the cards, make sure you’re getting the best deals on travel insurance.

No matter where you are on your financial journey, there’s always a milestone waiting for you. Compare top home loans, savings accounts and term deposits to help you get there.