Skip to main content


How you handle your money early on in life—from being a stickler about adhering to a monthly budget to starting to save for retirement as soon as possible—can lay the groundwork for a strong financial future.

And it can be as simple as adopting these five money-savvy habits, which can help put you on the road to being financially healthy for years to come.

1. Stick to a Budget
A great first step toward future financial success? Creating—and sticking to—a monthly budget, so you can track your spending and help ensure that you’re living within your means. And since your budget will probably evolve as your income changes and other financial priorities arise, it can be good to get into the practice of following a spending plan that can help keep you on track no matter what’s ahead.

2. Build an Emergency Fund
If you lose your job, get seriously ill or suddenly have to replace your car, your emergency fund is the money you can use to help stay afloat. And while you might feel young and invincible, these situations can—and do!—creep up. To get started, consider setting up a direct deposit from each paycheck into your savings account, so you’ll never even miss the cash.

3. Save for Retirement
Even though it may seem like your golden years are a lifetime away, the truth is that the earlier you start saving, the more cash you’re likely to have once you’re finally ready to retire. Can’t save as much as you’d like? Even small monthly contributions can multiply over time!

4. Set Financial Goals
It can be tough to stick to a budget when the temptation to spend on fun things clouds our better judgment. That’s why it’s important to set concrete money goals—whether it’s eventually buying a house or paying down debt—and make sure that you’re working on putting money toward these goals each month. The thrill of achieving money goals can be addictive—and may inspire you to set even bigger ones down the road.

5. Consider Buying a Life Insurance Policy
Think you don’t need life insurance as a young, single person? Think again. Life insurance can provide protection beyond just covering a spouse or children should you pass away. In fact, if someone cosigned a loan for you, purchasing a policy can help prevent that person from being saddled with the debt. Bonus: Shopping for life insurance as a young, healthy adult can mean locking in lower, more affordable premiums.

This article was written by LearnVest from Forbes and was legally licensed by AdvisorStream through the NewsCred publisher network.

Important Disclosure Information

Please remember that past performance may not be indicative of future results.  Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Dechtman Wealth Management, LLC [“DWM”]), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful.  Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions.  Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from DWM. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. DWM is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the DWM’s current written disclosure Brochure discussing our advisory services and fees is available for review upon request or at

Please Note: DWM does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to DWM’s web site or blog or incorporated herein, and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.

Please Remember: If you are a DWM client, please contact DWM, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services.  Unless, and until, you notify us, in writing, to the contrary, we shall continue to provide services as we do currently.

Please Also Remember to advise us if you have not been receiving account statements (at least quarterly) from the account custodian.

Join our newsletter

"*" indicates required fields

This field is for validation purposes and should be left unchanged.