It’s not a matter of joke to achieve financial milestones in your 20s. You need to practice good financial habits and be proactive to attain financial success. Laidback attitude would take you nowhere.

Here are the financial breakthroughs you should certainly make in your 20s:

1. Getting your first job: You’re done with college. Now, it’s time to focus on your career. It’s time to start climbing the career ladder gradually. The job market is not reliable. And, no one gets a job quickly. You may need to do a few jobs before getting your biggest break. But, what’s the big deal? This is the time to work hard and look for a good opportunity. This is the first financial breakthrough you must make.

2. Creating a checking account: You must have created a checking account already in your late teens. But, if you still haven’t, then this is the best time to do so. In fact, it should be a high priority for you. You need to learn how to manage a checking account because this is something you’ve to deal with throughout life.

3. Investing in retirement plans: You are young and full of energy right now. So, retirement should be the last thing on your mind. But, financial advisers say that it’s best to start saving for retirement from now onwards. The money you would save right now will get time to grow for several years. This implies you might need to set aside a small amount later. If you’re fortunate enough to have a job, wherein employer matches your contribution, then your retirement savings will grow more quickly.

Read more - 4 Steps to make your early retirement a truth - The perfect game plan

4. Getting rid of student loans: This is a difficult one. But, if your student loan debt amount is less than $30,000, then give your best shot to pay it off in your 20s. When you don’t have student loan debt load on your shoulder, you’d feel free and can enjoy life a lot more. You need to set aside 15 percent of your total income every month for your student loan payments. Initially, you may struggle a little bit, but later you’ll be fine.

Read more - Federal student loan consolidation: How it can reduce your burden

5. Building an emergency fund: Okay, you’ve graduated from college, you’ve got a job and you’re now an owner of a checking account too. Congrats! Now, you need to achieve your next financial milestone and that is building an emergency fund. This fund will help you combat with short-term disruptions.

6. Paying off your credit cards: Student loans are “good debts”. These are low-interest loans. Plus, these loans help you get prepared for your career. But, can we say the same thing about credit cards? Absolutely not. Credit cards are “bad debts”. You have to pay very high-interest rates on these debts. Plus, they hurt your credit score badly.

Make it a point to pay the minimum amount on your credit cards every month. Hit these cards aggressively. If you can, then make additional payments in a few months.

Read more - Credit card consolidation - Dump high interests and pay one bill

Final thoughts

Don’t wait for tomorrow. Take steps today to achieve your financial milestones in your 20s. You have loads of time in your hand. Just be patient and determined. You’ll surely achieve financial success.

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