There are countless lists out there of financial targets you need to hit. They usually include deadlines. “Financial targets to hit before you are 30” “money goals for to reach in your 40’s” and so on. But, this isn’t really fair. We all start at different phases. Those born into well-off families who have their college fees paid and get help towards buying a house have a huge head-start on those that start life with nothing and have to work hard and pay for everything themselves. People that settle down and marry young and live a stable life with a good job are bound to have better finances at 30 than those who got stuck in a bad relationship, had to move away or struggled to find a job that they love. We’re all different, our bank accounts all look different, and it’s unfair to assume that we can all hit the same goals with the same deadlines. But, there are important goals that are worth striving for when the time is right for you. The

financial targets

you should work towards, which could improve your quality of life.

Be Debt Free

Americans have over $1trillion outstanding credit,

and 8 out of 10 of us have some form of debt, be it a few dollars on a store card, or thousands to a variety of sources. Debt is a huge problem in modern society. But, it’s become a way of life. With so much credit on offer, many of us accept, spend money we don’t really have and barely give it a second thought until our minimum payments are crippling. Being debt free can change your life. You’ll have more disposable income every month, and you’ll have a much easier time getting approved for any credit that you actually need, such as a mortgage, business loan or car finance. Paying debts off can be tough. Consider a consolidation loan if you’ve got more than one. Or set up a standing order to pay off as much as you can afford over the minimum.

It’s always a good idea to pay off your debt first, as savings effectively mean nothing if you owe money

Improve Your Credit

Paying your debts off is a big part of improving your credit. But, not the only way. Read about

how to repair your credit

and set yourself some goals. A good credit score can help if you ever need a loan or mortgage, but will also mean you’ll never get turned down for things like gym memberships or mobile phone contracts, all of which usually carry a credit check as part of the agreement.

Save for Retirement

It’s never too early, or too late, to save for retirement. It’s always a good idea to pay off your debt first, as savings effectively mean nothing if you owe money. But, as soon as that’s done, use a

retirement income calculator

and start planning. Think about how much you need to live comfortably when you stop working. Start saving towards this goal, putting as much as you can afford aside every week or month.