Melissa is a mother of 2, lives in Utah, and writes for a multitude of sites. She is currently the EIC of HarcourtHealth.com and writes about health, wellness, and business topics.

There are no more excuses not to be educated about financial health in today’s world with technology being so prevalent. In the past a person would have to subscribe to financial magazines or do personal research from the library. The immense amount of information leads people to be able to retire earlier or get out of debt in an efficient manner. Your financial strategy through life needs to change as you age due to wanting to be able to be comfortable in retirement. The last thing anyone wants to do is have to go back to work after they have retired due to mismanaging their money. The following are tips to manage your finances throughout your life.

Teens

Your teen years can include the beginning of your university career along with accruing quite a bit of debt as education comes at a premium price. Going to a school in your state might not be what you want but this can save you years in student loan payments down the line. Even if you go off to a university out of state taking classes at the local college to earn transferrable credits can help you save immense amounts of money. Online classes can be a great option for those that want to earn credit from their local college while also dually enrolled at their university. The most important thing to do is that of make sure the credit transfer or it will be a waste of money.

20’s

College debt can continue to pile up so reduce your costs or get a job that will help pay off part of your education. Bartending can be an extremely profitable gig in a college town as can other service jobs. The rest of your 20’s is about setting yourself up for financial independence through getting a full-time job. Finding a well-paying job is important as this can allow you to pay off student loans as well as start saving some money. Living with your parent or with roommates should be done as this will help you save immensely on rent.

30-50

You have a nest egg but it is really time to start investing and making your money work for you. Try out different investments whether it is the stock market or you purchase some kind of investment property. A mortgage on your primary residence being paid off as soon as possible is wise and this can be done year early with an extra few dollars per month put towards the principle amount on the loan. Setting up your retirement fund should be done with a healthy amount of money going into it per month.

50 and Beyond

Your investments need to be moved to more conservative options at this point. Understanding your Roth conversion ladder is important as is understanding the different types of IRAs. For those people looking to retire you need to put together a realistic budget to see how much money you will need to survive comfortably. Include some of your social security payments as well as this will be one source of monthly income due to you paying into your income taxes for your entire career.

As you can see there are different strategies as you get older of how to appropriately manage your money. Take the time to research how you should currently be spending your money as soon as possible!