Setting goals keeps you motivated and gives you something to work towards. Whether it’s higher education, buying a house, or retiring in comfort – write it down and stick it on the fridge so that you’ll see it the next time you feel tempted to splurge on unnecessary luxuries. If getting a good education is your big goal, consider looking into the FlexiAcademic Plus – a unique fund that helps you save, and pays out your savings in four equal annual instalments.

You’re in a poor financial position for a reason – and if you don’t find out what that reason is, you’ll most likely be back to square one again in a month or two. Ask yourself: how did I get into financial trouble in the first place? Perhaps it was your shopping addiction, or maybe it’s because you eat out at restaurants every second night. Once you’ve identified your bad spending habits, you can work on changing it! Learn to budget better and start putting money away in something like a FlexiLife policy, which pays out two-fold when you retire.

You are not alone! Very often it’s that sense of loneliness that plunges you back into your old spending habits. It’s time to come clean! Set up a support system of friends or family members, or join a support group. Surround yourself with people who won’t judge you – people who will be there for you when you’re having a bad day, and who can help you to keep your spending in check.

It’s easy to lose focus again once you have your spending under control. Keep a close eye on your finances by checking your spending on a regular basis. If you have a close friend or partner in your life, make time to go over recent purchases together and check your spending patterns. This will help you to identify any potential problems before it gets out of hand again.

The road to financial stability and independence can be a frustrating one – and when you feel like you’re not making progress, it’s easy to slip back into old spending habits. It’s therefore important to constantly remind yourself where you’re going and what you’re working towards. Create a vision board or photo montage of your goals, and pin it up in your room as a visual reminder of where you’re heading.

Don’t be too strict with your budget, and deprive yourself of indulgences entirely. While you might think you’re saving money, you’ll soon become resentful and fall back into your bad spending pattern. Give yourself a small allowance so that you’re still able to enjoy a taste of the good life – even if it’s just the occasional coffee date or night out.

Over and above your regular check-ups, you also need to make time to re-evaluate your entire approach every once in a while – perhaps once a month or every quarter. Be honest with yourself and, if any bad habits have cropped up again, be firm and make the necessary changes to get back on track. Confide in a close friend or family member in your support group, and ask them to help you assess the overall situation.

Chances are your new job requires a new lifestyle, which can be pricey. You probably need professional clothes, perhaps a new car and a place to live. We recommend you continue living like a broke student even after you are gainfully employed, at least until you get a better handle on all those new expenses.

You certainly wouldn’t be the only one to do so; at least temporarily. Living at home can give the financial flexibility you need to shore up your finances, make a plan for paying back HELB debt, buying house appliances, creating a budget you can live with or bumping your savings account. While you want to be sure to make all monthly payments to HELB, there’s not usually any need to fast track those payments. In other words, you can continue to make slow and steady monthly payments throughout.

We advocate building up a cash cushion for emergency expenses, which can be anything from car repairs to dental work. The goal should be to have six months of expenses stored in a bank account in case of a sudden job loss, but the timeline is more flexible for 20-somethings who can’t build that cushion right away. Perhaps subscribe to Pan Africa Life’s FlexiCash policy which pays 20% of the sum assured plus accrued interest at the first pay-out on the fifth year and another 20% five years before end of the term followed by 60% plus bonuses at the maturity.

Make sure you have health insurance and even disability and life insurance, especially if you are financially responsible for other people, like siblings. Just one accident or illness can wreak havoc on your finances if you’re not covered. Look into the FlexiShield policy which, in case of an accident that leaves you unable to engage in your day-to-day income generating activity, pays you a payout on income of KSh 15 000 per week as you recuperate.

Simply articulating big goals, such as buying a home or traveling around the world, can help you move towards them. If you get an early start on saving up for one of those big goals, then you can take advantage of compounding interest and reach your goal sooner.

Retirement seems like eons away to a 20-something, but starting to save as soon as you get your first job will make it far easier to reach your retirement goals well before the big day actually arrives. If your employer offers matching contributions, then you’ll want to take advantage of that too.

Many people forget to rebalance their investments, check on the fees they are paying or adjust their portfolios as they age. That can result in lost earnings and a lack of preparedness of retirement when the day does come. Check in on your accounts at least quarterly, and ask your financial services provider questions if you don’t understand the fees or investment options.

Creating an emergency savings fund can prevent you from going into debt when unexpected costs strike. Lack of savings and debt go hand in hand … an emergency cushion is insurance against debt. Consider a minimum investment of Ksh 75,000 with Pan Africa Life’s FlexiPlus policy and watch your money grow.

Approaching the big 40 can mean developing a support system. Being part of a group that contributes to a kitty or chama is a wise move. Insurance is always that thing that we don’t think about that we should. With us you are spoilt for choice when it comes to Pan Africa Life’s group policies which range from Pan Africa Life’s Group Life Assurance, Group Last Expense, Group Mortgage to Group Credit Assurance policy. With this you have the option of annual premium or single premium paid.

While some people prefer to manage their money on their own, others benefit from a professional’s help. It’s easy to feel overwhelmed by all of the competing expenses sitting down with a financial planner can help you understand where your expenses are and what is discretionary versus essential, and then you can create the right kind of budgeting and savings plan for you.

Many companies provide employee benefits. Those benefits include retirement, housing allowance, reimbursement and health insurance. If your company is paying for these and more benefits, you can take advantage of them to help boost your own wealth.

The single most important financial move you can make in your 30s if you have minor children is to put the time, effort and money necessary into drafting a solid will. With the help of a lawyer, the will should include among others durable power of attorney and advance directives.

You don’t need to become a financial professional, but knowing your way around the stock, investment and financial market will help you make the right decisions for your own long-term savings and investments.

This decade is also the time to make slow and steady progress toward paying off any remaining debts. Becoming debt-free by age 40 is definitely something to celebrate.