Like any great journey, life’s road is dotted with interesting landmarks and unanticipated turns.

Unlike a typical journey, though, we often have no map for navigating the various bends we may face—especially when it comes to our finances. That’s where financial planning becomes essential. From the wide-eyed hope of young adulthood to the golden years of retirement, this guide explores the primary financial concerns for every major period of life.

Beginning your journey: 20s to 30s

Launching a career, gaining independence, and perhaps even starting a family—your twenties and thirties are a whirlwind of possibilities. This is also a crucial time to begin building the basis for a promising financial future. Here is what to prioritize.

• Start an emergency fund.
  Aim to save three to six months’ worth of living expenses in an easily accessible account to help cover you in the event of medical expenditures, job loss, or other unanticipated hardships.
• Pay down debt.
  Credit card and student loan debt can quickly derail your financial plans. Give high-interest debt priority; then consider debt consolidation or snowball payments to accelerate payback.
• Adopt a budget.
  To understand your spending habits, track your income and expenses. Create a sensible apportioning funds toward your savings and needs, setting aside just a bit of “fun money.” While it may seem limiting, budgeting will help you spend mindfully and giving your financial well-being first priority.
• Invest in your future.
  Time is your main advantage when making investments for the future at a young age; little contributions may multiply dramatically over the years. Start with a varied portfolio suited for your risk tolerance and long-term goals—that is, one combining stocks, bonds, and other assets. You can then develop more complex strategies as you age and your needs change.

Building your nest egg: 30s to 40s

Your 30s and 40s are typically times of increasing responsibility like having children, paying a mortgage, and maybe even looking elderly parents. While you may or may not have initiated some of the following steps in the previous stage, it’s never too late to do so, and now is the time to prioritize them to build on the foundation you have and prepare for the future.

• Optimize your retirement funds.
  If you have one, contribute as much as you can to your company-sponsored 401(k) or 403(b); many employers will match your contributions to a certain amount, essentially giving you free money.
• Look into life insurance.
  Your family’s size will affect your life insurance needs A term life policy, for instance, provides coverage at an affordable rate, while a whole life policy can help ensure that your loved ones remain financially secure, should the unexpected strike.
• Lower your mortgage.
  Focus on reducing your principal to help to minimize your long-term debt load. Depending on the current market, consider refinancing to a lower interest rate.
• Invest in yourself.
  As you grow your career, earmark some funds for your professional development, whether by means of diplomas or training courses. Doing so may increase your earning potential and work security.

Enjoying your golden years: 50s and beyond

Retirement is when you can experience the rewards of your diligence, allowing time for pleasure and travel. To truly value this chapter, though, you need a sound financial foundation. As you look ahead to your golden years, keep these helpful strategies in mind.

• Calculate your retirement expenses.
  Consider your expected lifestyle, medical bills, and intended sources of income, such as Social Security benefits or a pension. Then create a realistic retirement budget to help ensure that your funds will last; you can take advantage of the retirement planning tools on the USA.gov website.
• Change your investment strategy.
  Protect your principal by progressively shifting your portfolio toward more conservative investments with lower risk profiles.
• Review your options for retirement.
  Research retirement plans that can be personalized to you based on your income, expenses, risk tolerance, and goals. If needed, see a financial advisor who can offer guidance while helping navigate tax implications.
• Downsize your home.
  Though this can be a hard change, moving to a more sensible and less expensive space can possibly reduce your maintenance costs, allowing you to have less stress when it comes to financial planning.

When preparing for your future, financial planning is a must to help you through the ups and downs of life. However, it can also be confusing at any stage, so consider seeking the assistance of a knowledgeable financial professional, who can provide customized recommendations and guide you in navigating all your challenges and goals. Regularly review your plan with them to assess your growth, adjust your strategy in response to life events, and ensure that your plan still aligns with your needs.