Strategies For Financial Success At Any Age

"The focus for the 20-something woman should be to start implementing at least one financial goal—whether it's establishing credit, creating a budget, or saving for retirement—and build from there," says Maddie Brooks, who has worked as a Prudential Financial Advisor for over 10 years. "The key is to not procrastinate and start somewhere."

Develop good financial habits that will pay off in the long-run. "Live within your means and avoid credit-card debt," says Brooks. "Put aside a little bit of every paycheck for emergency savings."

Start contributing to your retirement plan as soon as possible. Doing this early and often (even if it's only a small amount of money) can create a substantial retirement solution you can live off of in the distant future.

With pressing responsibilities such as a monthly mortgage, long-term concerns like college savings, and everyday fears about protecting yourself and your family from the unexpected, "Thirty-something women are often faced with so many different financial challenges," says Brooks. "That???s why allowing them to solve two problems with one solution is typically well-received."

For example, you may be concerned about protecting your income for your family, but also about saving money in general. Consider a life insurance policy that returns premiums at the end of the term, and accomplish both goals at once. Work with a financial advisor to figure out the best solution for your needs. If your income is increasing, focus on managing spending while increasing savings.

MORE 30s TO-DOs:

Think about protection beyond life insurance. Disability insurance is important for everyone. Make sure you (and loved ones) are protected against income or asset loss if you're unable to work due to illness, injury, or long-term care needs.

Keep saving for retirement—and start saving for college. When it comes to college savings, there's no one-size-fits-all rule (like a 529 plan vs. taking a loan from your 401K). But overall, the emphasis should always be first on your personal retirement savings and second on pure college savings for your offspring.

On that note, Brooks encourages you to share good financial habits with your children. Show kids how you stay on budget at the grocery store. Encourage teens to get a part-time job to help save for college. Give them financial responsibilities in the household today so they can become money-conscious adults tomorrow.

"By this stage of life, it's time to get serious about planning," says Brooks. "A Financial Advisor should be consulted not only to review what you've done so far, but also to help make important financial decisions going forward."

Determine your retirement income goals. How do they compare to the retirement savings and assets you currently have? The closer you get to retirement, the less opportunity you have to build that nest egg, so think about maximizing contributions to any and all retirement accounts now to get closer to your magic number.

Consider the tax impact of distributions to clarify how much after-tax income you will have in retirement. If many of your retirement assets have an embedded tax liability, you will only have a portion of the asset to generate living income.

If you're sharing a living space, you should also be in the same "financial space." That means making sure you and your partner are on the same page with money matters, valuing your shared future as much as the day-to-day material things you desire.

"Women tend to naturally place everyone else's needs before their own," says Brooks. That's why having a relationship with a financial professional who will ensure you remain focused during the different stages of your life is so important—and crucial to the success of any long-term financial plan.