Budgeting
- Spend less than you earn
- Track your spending
- Plan for short-term goals
- Spend no more than 50% of income on essential expenses
Debt management
- Pay off credit card debt
- Pay off high-interest loans
- Improve your credit score
- Explore refinancing of mortgage or student loans
- Review debt hierarchy
Saving and investing
- Get your full employer match
- No workplace savings plan or match? Consider the tax-advantaged accounts available to you
- Try to save at least 15%, which includes employer contributions for retirement
- Think about saving for college
- Invest appropriately for your age, time horizon, and risk tolerance
- Review your portfolio annually
- Explore tax-efficient investing
- Maximize tax-advantaged retirement savings
Protecting what you have
- Look into life insurance if you have children
- Have adequate health insurance
- Save $1,000 for emergencies
- Save 3–6 months' salary for emergencies
- Get disability insurance
- Get a will/assign beneficiaries to accounts
- Start planning your estate
- Consider other insurance needs
- Assign a health care proxy and power of attorney