Achieving success depends on how you plan and work on your goals. Getting the job of your dreams and earning high salaries makes your life look better. Being a financially free person provides an open opportunity to invest in various ways. But the way you spend and save your income depends on your age. Here is a simple breakdown of how you can spend your money wisely according to the age brackets.

20 – 30 Years

At this level is where most youths get their first job. After that, some tend to start their small business with visions to expand. Financial advisor, McClanahan’s advice is that savings and spending depend on the type of job you are working. If it’s insecure, then strive to save six to 12 months of your annual salary. On the other hand, if you have a defined job that is permanent, then you can save three-six months of income, and the rest spend on various expenses.

If you have an employee who offers commission on extra work, then strive and work hard.  You can then open a retirement account. Try to save almost $6000 in a retirement account and $19500 in a keeping account.  Then remember to insure property and life. Take accident insurance, health, and essential property like a vehicle, the report by cnbc.

31 – 40 Years

Some start their careers in their 30s, while others have made a good savings account. Matt Aaron, founder of Lux Wealth Planning, warns people against jumping into a creepy lifestyle. Don’t spend the small amount you have newly found. Instead, you should put 10% of your salary into savings. If you find it difficult, consult a professional in that field.

It’s the perfect time to start investing in various businesses. But only invest in things that you are sure about. Take a certain percentage from a retirement account and put it into an income-generating business. Stocks and bonds can be the best choice. Stocks can bring you a 7% profit annually. “Every 10 years, the money has the power to double,” said Elain King, co-founder of Family and Money.

Depending on your savings, you might decide to marry if you are not. Furthermore, buy the house of your dreams and have a family. Children mean to start other savings accounts. Elain’s advice is to invest in a money market account rather than stock because of risks. Make sure you have life insurance.

40 – 50 Years

If you have had a job since your 20s or early thirties, you are now a senior. The salary might be good for most people. But also, if you have children, some are in middle-high school. Your expenses rise by almost 40%. McClanahan says at this age, some people might be aging. It’s the best time to open a college account for your kid’s higher learning.

Don’t touch your retirement account, but you can mess with other savings accounts. If you haven’t saved any amount, then set aside 15% to 20% of your total salary into savings. Think deeply about finding a side hustle for extra income. You should not depend on the salary alone. McClanahan says a job should be a plan B because it might end anytime.

50 – 60 Years

It’s a risky age where most people retire.  You must be keen on the way you spend even a coin. The rate of saving must be higher than that of spending. If you have been working recently, you must be having many side hustles. It’s important to get a financial advisor to keep track of your money.

Have good assets. Make sure you are achieving your goals at this moment.  Stop investing in risky stuff like bonds and stocks. Aaron says if you are sure about the stock, then you can opt for it. You can venture into real estate and startups. They might pay you well in return.

Above 61 Years

Most government jobs and companies demand that people retire at 65 years old. Aaron’s advice is to plan on how the side hustle and investment will bring constant income. Having an investment strategy is key at this age. If you have enough money in your retirement and savings account, you can even risk it in some stock. Since municipal bonds have no tax, opt to invest your money in them.

Try to claim Social security if your health status is poor. But if you still have the energy to work, then wait up to 70. The money grows at an interest of 8% annually.

Work on some projects in the community. Write your documentary to leave a legacy. Prove that you lived a comfortable and admirable life. Let the younger generation look at what you build and say it’s worth their time.

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