Skip to Main Content

Start of main content

4 smart financial goals to set while you're still young

Start with planning and resolutions, then take gradual steps toward later rewards.

It doesn't have to be a new year to make resolutions that will set the stage for long-term financial success. Here are some financial goals for young adults that you can start working toward today:

If you want to buy a house, know your score . If a home purchase is in your future, check your  credit report  now, urges Marc Shaffer, a certified financial planner in Overland Park, Kansas. You'll be able to review your credit history and report any errors or omissions to the credit bureaus. You'll also have more time to improve your score. A good credit score can improve the Annual Percentage Rate (APR) you get on your loan, which can save you thousands of dollars in the long run.

Be budget-savvy. Identify where and how you are spending your hard-earned dollars so you can plug money drains. "You really do need to track everything and create categories to put things in perspective," says Shaffer. Software and apps such as Quicken and Microsoft Money make budgeting and tracking expenses easy.

Reign in credit card debt. Review your credit card statements to see which debt you can tackle first. Get a feel for the payoff amount using an online calculator.

Get insured. "As a young professional, your biggest asset is not your retirement account, but your ability to earn money," says Shaffer. Protect your paycheck by obtaining disability and life insurance coverage. Disability insurance coverage replaces a portion of your income if you cannot work due to a disabling accident or illness. Life insurance offers long-term security for you and your family if something unexpected were to happen.

State Farm® (including State Farm Mutual Automobile Insurance Company and its subsidiaries and affiliates) is not responsible for, and does not endorse or approve, either implicitly or explicitly, the content of any third party sites hyperlinked from this page. State Farm has no discretion to alter, update, or control the content on the hyperlinked, third party site. Access to third party sites is at the user's own risk, is being provided for informational purposes only and is not a solicitation to buy or sell any of the products which may be referenced on such third party sites.


Get a Quote

Select a product to start a quote.


Contact Us

844-373-0003 844-373-0003

Also Important

What is Survivorship Universal Life Insurance?

What is Survivorship Universal Life Insurance?

Survivorship Universal Life Insurance provides money for others after you and your partner pass away.

5 Tips to Plan for an Affordable Vacation

5 Tips to Plan for an Affordable Vacation

Setting goals and planning early are key when looking to take family vacations on a budget.

Related Articles

Creative Ways to Fit In Volunteer Opportunities

Creative Ways to Fit In Volunteer Opportunities

Discover how to work volunteering into an already-busy schedule.

Know Possible Facts and Fallacies for Your Financial Plan

Know Possible Facts and Fallacies for Your Financial Plan

Do you know what actions really help your credit score and which ones can harm it?

6 Reasons Your Mortgage Was Declined

6 Reasons Your Mortgage Was Declined

The path to getting a mortgage isn't always a straight line.