Financial Timeline and Key Milestones

nerdwallet FINANCIAL TIMELINE! AND KEY MILESTONES Take control of your personal finances! Establish good financial habits now, and reap the benefits when you're 80, 40 or even just 20. NerdWallet has done the homework for you: here's a roadmap to financial health with tips on what to do when. Recommended Required COPYRIGHT NERDWALLET ALL RIGHTS RESERVED 2012 On-Going START HERE! BIRTH ON-GOING These are things that you should always keep in the back of your mind NO WORRIES, YOUR PARENTS ARE THE ONES DEALING WITH FINANCES AT THIS POINT Start the good habit of saving money. Savings accounts are a safe place to deposit money earned from part-time jobs (and allowances too!) AGE 15 BUDGET OPEN YOUTH SAVINGS ACCOUNT! REGULARLY TRACK SPENDING, AUTOMATE SAVINGS! AGE 16-17 BUILD GOOD Apply for student loans and scholarships CREDIT AGE 18 OPEN CREDIT CARD! MONITOR Open student checking account DEBT Length of credit history contributes to building your credit. Spend cautiously though and always pay off your entire bill each time! WITH ADULT co SIGNER PAY DOWN COLLEGE DEBT FAST, DON'T SPEND AGE 19 MORE THAN YOU EARN HOPEFULLY, YOU'D ALREADY BE ON YOUR WAY TO COLLEGE (DON'T PARTY TOO HARD) AGE 21 UH OH ! Here are a couple of things you need to do TURNING 21, AVOID A FINANCIAL HANGOVER OPEN CREDIT CARD UPON GRADUATION REVIEW CHECKING ACCOUNT Repayment on loans begin either immediately or 6-9 months after graduation CONTRIBUTE TO IT'S NOT THE ENDI 40IK YOU ARE NOWA WORKING YOUNG PROFESSIONAL JOв Your path to financial health doesn't end here: the next decades will bring milestones like buying a house, paying for your kids' education and eventually retirement. Keep saving, monitoring and contributing! Your financially secure future-self will thank you later.