Accomplish this Financial Checklist before your 30’s

Our 20’s is the time when we YOLO (You Only Live Once)!

We earn and spend! We enjoy life not thinking about tomorrow!

And why should we? We are in our prime! We can always double our work and we have all the time.

But this is not always the case. What you do in your 20’s will dictate how you will live the rest of your life.

Below are the 5 Financial Checklist that you should have accomplished before you reach your 30’s:

No. 1: Have a Written Budget

Do you always wonder where your money goes? And felt that your just working in order to survive until the next payday?

Are you living like a millionaire for 1-2days (during payday) and like a beggar until the next paycheck?

If that is the case, you don’t have a budget. You are not controlling your money but your money controlling you.

Don’t think of a budget as something that limits you.

On the contrary, a budget frees you in spending by allocating how much you spend on a particular expense. It also helps you to gain control.

For example, if you say that you will spend P3,000-P4,000 per month in eating out, you are now free to spend P3,000-P4,000 on your food trip. And it will help you control yourself when you are about to reach the P3,000-P4,000 budget.

Always remember, the formula in budgeting is:


and not


Pay yourself first by setting aside 10-20% of your income for your savings and investments. Look at this as payment for your future self.

For the remaining 80%, try to live within or below it.

No. 2: Get Out of Debt Really Fast!

It’s during our 20’s when we received our first Credit Card, Personal Loan, and other kinds of consumer debt.

We felt like millionaires because we can do whatever we want such as buying a gadget or traveling without thinking about it in the near future! Thanks to buy-now-pay-later and 24-month installments!

Get hold of your finances and stop accumulating consumer debt!

Remember: If you can’t pay in cash, you can’t afford it!

Start paying those debts and finish it ASAP!

Why? Because shouldn’t it be better paying for a house mortgage than paying for a credit card debt?

(Click this link for my article about Getting out of Debt)

No. 3: Emergency Fund

You should be living on your own now and not relying on Mommy and Daddy.

We are millennials and we are strong, determined, passionate, and independent.

And when it comes to our finances, we should be as strong and as independent as our outlook in life.

Financial concept. Coins in glass money jar with emergency label. Wooden background

And in cases of emergency such as a job loss, car breakdown, and medical bills, we don’t go to the Savings Fund of mommy and daddy but to our own Emergency Fund (click this link to learn more).

An Emergency Fund is worth 3-6 months of your monthly expenses.

If based on your written budget you need at least P20,000 per month in order to survive, you should have at least P60,000-P120,000 in the bank as your Emergency Fund.

This will make sure that you can live with dignity in case of emergency.

For example, you lost your job due to redundancy. When applying for a new one, there is a big difference on how you think, feel, and speak when you know you can live for the next 3-6 months compared to a person with only P1,000 in the bank.

No. 4: Start Investing for Retirement

Retirement might be a long way to go but the best time to start for retirement is when you received your first paycheck. (click this link to learn more)

You should place at least 10%-15% of your income for your retirement.

Remember procrastination is not only costly in time but also in money.

Below is an example why starting in your 20’s will save you millions compared when you start in your 30’s:

No. 5: Get an Insurance

If someone is dependent on your income, such as your parents or siblings relying on a portion of your income in order to survive, you definitely need Life Insurance!

Why? If something bad happens to you, how can they survive?

You should be insuring at least 10 times of your annual income for them.

If you are earning P20,000 per month, you should have at least P2.4Million worth of Life Insurance (P20,000/month x 12 months x 10 years).

This will make sure that if something bad happens to you, your dependents can survive for the next 10 years.

If you don’t have dependents, get a minimal amount of life insurance or get one for your future family. This will make sure that if something bad happens to you, you will not be a burden to your family.

Aside from life insurance, you should also have disability and critical illness insurance (click this link to learn more). You need this not because you will die but because you will survive.

In the event of disability or diagnosis of critical illness (heart attack, stroke, or critical illness), the life insurance company will give you a lumpsum amount so you can live with dignity and focus on recovering.

What is your score?

Are you doing 5/5 or 1/5?

If you are in your 20’s, it is still not too late.

Start controlling your finances because it is a different ball game when you reach your 30’s and you are starting a family!

If you are in your 30’s, you should start working twice as much in order to accomplish this checklist as fast as you can!

You should now be focusing on your house payments, college funding, etc.

Your Millennial Wealth Planner,

Harold Q. Gardon, CWP, CEPP

How do you find the article? Do you have any questions? Please feel free to message me if you want me to discuss a particular topic or if you are seeking financial advice.

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