How To Create A Financial Plan For Each Decade Of Life

March 12, 2021 | Peyton Sawyer

how to create a financial plan

They say that wealthiest people in the world don’t just make more money, but are able to manage their money well. They set financial goals at an early age, and used it as a roadmap to financial success and stability.

How To Create A Financial Plan For Every Decade Of Life

How To Create A Financial Plan For Your 20s

You’re single, carefree, and not really inclined to think about the future—after all, #YOLO! But it’s never early to start financial planning, and even if you have fun you can still lay the foundation for your success.

  • Invest in yourself and your ability to earn.Take classes that can improve your skills, so you can get a good job or start a business.
  • Have a monthly budget. Get into the habit of tracking your expenses, whether it’s through a notebook or an app or software.
  • Establish your credit history. Get a credit card and pay the balance off each month. This can help establish your credit score and also help you learn to manage your money.
  • Start a rainy day fund. Ideally you should have enough savings to cover expenses for 3 to 6 months. Put this in a separate bank account with a high interest (you can ask your bank about specific savings instruments).
  • Begin a retirement fund. The earlier you start, the less money you need to save a year to meet your retirement goals.

How To Create A Financial Plan For Your 30s

Your needs and perspective may change at this age. You may be married, or thinking about getting married. And with a higher income, you can now think about building wealth or acquiring assets like a house.

  • Increase your savings. When people have a higher salary, they tend to spend more rather than save more. Financial experts call this “lifestyle bloat” and say it can lead to unnecessary debt, as you buy more expensive things to show off your status. Instead of funneling your salary into designer bags or other luxury items, save or invest your money, or put it into your retirement account.
  • Set family financial goals. If you have children, you have to start preparing for their education. Start a college fund, or low-risk investment instruments that can ripen when they’re ready to go to university. You may also need to adjust your insurance coverage for accidental death and disability, since anything that happens to you will also affect your ability to provide for them.
  • Compare housing costs. Depending on where you live and the size of your home, rent can easily take up 30% or more of your monthly expenses. If you can afford it, you may want to look into buying a home. At this age, you can negotiate for longer payment terms.

How To Create A Financial Plan For Your 40s

  • Pay off your mortgage as early as possible. If you took out a housing loan, try to pay make one extra payment a year to chip away at the principal amount. This can help you shorten the mortgage and save you thousands of dollars.
  • Increase your earning capacity. With more skills and experience under your belt, you’re in a great position to angle for better (and higher paying) jobs. To ace those job applications, invest time in networking, certificates and accreditations, or other activities that can build your resume.
  • Increase retirement savings. If you haven’t saved for retirement yet, you need to start now. Use retirement calculators to get a clearer idea of your target savings, taking into consideration where you live and the kind of lifestyle that you want to have.

Your Financial Plan For Emergencies: Title Loans

Though it’s important to know how to create a financial plan for every stage of your life, you also need to know what to do when you experience a financial crisis.

Sometimes, through no fault of your own, you’ll need to suddenly raise a lot of money. Someone in your family gets sick. Your house or car needs extensive (and expensive!) repairs that simply can’t be delayed. Your crops are wiped out by a storm.

You may not have the savings or insurance to cover these costs, and traditional bank loans will take too long to process, or you don’t have the credit score to qualify for one. That’s where title loans can help.

wealth from a financial plan

What Are Title Loans?

These are short-term loans where you use your vehicle as collateral. This can be a car, truck, motorcycle, RV or SUV—as long as it is registered under your name, and is lien-free (no outstanding loans or judgments against it).

You can borrow up to $15,000 depending on the type and condition of your vehicle.

What Are The Benefits of Title Loans?

  • No required credit scores. Even if you have a low credit score or have not yet been able to establish a credit history, you can apply for a title loan.
  • Minimal requirements. You just need to present your driver’s license or any government-issued ID, the car registration under your name, and the vehicle for inspection.
  • Fast processing. Application takes as little as 30 minutes, and you can get the money on the same day the loan is approved.
  • Keep your car. You can continue to use your vehicle during the duration of the loan, as long as you are up to date with your payments.

What’s The Easiest Way To Apply For Car Title Loans Online?

Wisconsin Auto Title Loans has one of the simplest and fastest loan application processes. You can contact any of our store locations directly by phone, or inquire online.

  1. Go to our website and send your contact information to the branch of your choice.
  2. One of the representatives for that location will call you to explain the process and requirements, and answer any questions.
  3. Go to the branch for the vehicle inspection (which will determine the loan amount you qualify for) and to complete a few remaining documents. The entire process takes just 30 minutes or less!
  4. If the loan is approved, you get the cash within the same day.

For more information about title loans or how to create a financial plan for unexpected emergencies, go to our website.

Don’t wonder how to create a financial plan much longer. Get to work today and use the experience that the representatives at Wisconsin Auto Title Loans, Inc. have to assist you with the fast cash title loan you require.