Money milestones: Financial goals to chase in every decade of your life

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Your 20s: Build the habit, not just the balance

Your twenties are all about firsts-your first job, your first paycheque, and a first taste of financial independence. And it is the perfect time to start building smart money habits. Set a monthly budget and track where your money is going. Create an emergency fund of at least three months of your salary to handle surprises without panic. Start investing early through SIPs or mutual funds; the amount can be as small as it gets, but the power of compounding will do its magic over the years.

Your 30s: Balancing family, goals, and growth

Greater responsibilities bring greater financial commitments. During this decade, most people get married, have children, or buy their first home. Reinforce your financial planning by enhancing your insurance coverage-life and health-and reviewing your investment linked to medium-term goals. Prioritize paying off high-interest loans like credit cards and personal loans. Try to save at least 20% of your income on a regular basis and start investing in instruments that balance safety with growth.

Your 40s: Lock in stability, and plan aggressively

In your forties, your career is most likely stable, and so should be your finances. This is a time to consolidate investments and move toward long-term security. Aim to wrap up the big loan repayments along with directing money to retirement savings. Conduct a review to see if your EPF, NPS, and mutual fund investments are rightly placed to meet your future goals. Consider diversification in low-risk, tax-efficient investment options like debt funds or fixed deposits in which capital is preserved while having healthy returns.

Your 50s: Inflate your retirement cushion

As retirement approaches, it is time to protect what you have built. Move a portion of your portfolio out of volatile equity into more stable debt. Pay off outstanding debts and build an emergency fund to cover at least a year's expenses. Estimate the amount of post-retirement income you will require and plan for it through annuities or a systematic withdrawal plan or other income-generating investments. The aim now must be stability and assured income rather than aggressive growth.

Your 60s and beyond: Live comfortably on your plan

This is the stage where your careful planning pays off. Invest in safe and income-earning avenues such as senior citizen savings schemes or post office monthly income plans. Keep enough liquidity for healthcare and contingencies. More importantly, deploy your wealth judiciously: travel, support family, or pursue hobbies that you never took time out for. After all, financial freedom is not about having money alone; it's about living life on your terms.