There are so many wonderful things to see and do in life. Of course, these things require money. It’s a good idea to get a handle on your money so that you can enjoy as many things as possible. In order to get a handle of your finances, here are the four financial stages.

1. First financial stage
The first financial stage is when you first start making money. At this time, the most important thing is to budget your money and live within your means. However, you must be sure to have the necessities, such as vehicle coverage and health coverage. It’s a good idea to try saving as much as possible at this time, so limit the amount you spend on going out.

2. Dependents Stage
One of the most financially taxing stages is when you have children and other people to care for. At this point, you will most likely have the opportunity to obtain significant loans for things like a vehicle or a home. Be careful when you take these opportunities to ensure that you can pay back what you borrow. Establishing a will and life insurance are optional.

3. Growth Stage
At this point in life, you have likely been promoted in your career and making a little more money than your younger years with considerate savings. This is when you want to splurge on your loved ones or a vacation. At this time, your investments are the most important thing to consider. There are several options available to you, and you want to weigh your options. Some people play the stock market. Other people put their money in CODs or other high interest accounts. Research well before you make your decision. At this time, you also want to establish a will if you haven’t already.

4. Retirement Stage
In your Golden Years, it’s time for you to relax and enjoy your money. Quit working and only focus on passive income if applicable. With a will in place, your main concern is to manage your budget. With no income coming in, it’s important to give yourself some wiggle room for spontaneous nights out or presents for children and grandchildren. Make yourself as comfortable as possible at this time and focus on your health and your loved ones. You deserve it.