Life stages: Gaining momentum

You have been working for a few years now. What goals do you have, and where do you need to be financially to get there? Consider the following tips to help manage your competing priorities.

Focus on your spending and saving

• Build a budget. Knowing where your money goes can help you spend wisely and save consistently. Get started by building your budget with Voya’s Budget Calculator.
• Build an emergency fund. Life is full of surprises. Shield yourself from the unexpected by building an emergency fund to cover three-to-six months of expenses. To help save time, take advantage of automated saving options.
• Save for retirement. Consistently saving as much as you can for retirement now may pay off later. Here are a few ways to start saving for retirement.
  • Contribute to your employer-sponsored retirement plan or open an IRA.
  • If your employer offers matching contributions, you may want to advantage of them.
  • Consider a Roth IRA or Roth contributions to your employer’s retirement plan for a more flexible way to save for retirement.
  • Stay on track with automated savings options.
  • Make sure your investments are well diversified. 
• Get out of debt. Imagine what it will be like when you don’t owe anyone anything. Along with saving for your emergency fund, if you have any personal debt, credit card debt or student loans you can commit to paying it down. Now that sounds like financial freedom.
  • If you have lingering student loans, explore repayment program options. Check with your employer to see if they offer student loan debt solution help.

Protect yourself

• Sign up for health insurance. If you have a high-deductible health plan, consider opening a Health Savings Account (HSA). Contributing to a Health Savings Account (HSA) can help you take advantage of tax benefits and increase your healthcare savings. Money you put in a HSA can be used to pay your medical expenses now and into retirement.
• Maxed out your HSA? If the budget allows, consider saving more for retirement.
• Look into additional protection. Your employer may offer other types of insurance such as short-term disability and disability income insurance. Learn about the various types of protection that you may need.

Life events

• Engaged? Planning a wedding can be one of the most exciting times, but making sure that you have a budget and plan in place is just as important as saying “I do.”
• In a committed relationship? Make sure that you and your partner communicate about your finances.
• Purchasing your first home? There are so many memories to be made. Make sure to have a healthy down payment saved and think about other expenses that come into play when you purchase a home.
• Looking to expand your family? If you are thinking of having children or you are in the process, congratulations! As you get ready to welcome a new child into your family, be financially prepared during the process and set a good foundation.

Save for other goals

• What else? Do you have other financial goals that you would like to accomplish? Make a list, and put a plan into action to achieve them.
• Extra money? If you have extra money after fulfilling your other financial priorities, it can be healthy to contribute more towards your retirement.
• Use myOrangeMoney® to see how saving a little extra today can help you do more of what you want tomorrow.