"I wish I was a child again, so I don't need to worry about paying bills."

Such is the phrase of many people going through that point in life known in media as "adulting"- or being responsible enough to actually care about where your money goes.

Whether we like it or not, money is inseparably connected to our life. In financial perspectives, money should not be the root of all evil. Money is what you make to have the finer things in life, not necessarily to make you rich—but something you need to have security so you and your family can have a comfortable life, plus some extra perks.

Going through different milestones in life also calls for different aspirations. What you dream as a child is not the same when you reach college. What you may have aspired in your twenties has now changed in your forties.

Many of us were not really educated in school when it comes to handling money. Majority of graduates who go into the workforce barely have any idea regarding the habits they should develop the moment they receive their first paycheck. Only a few are actually aware of how important it is to set their financial goals. You've come to the right page if you want to equip yourself with basic knowledge about the right attitudes toward your finances according to your life stage.

Let's get started.

Stage 1: Entering the Workforce – Early Career Years

If you are still on this stage and you are reading this blog post, congratulations! You should know that the first step toward better financial literacy when you are in your early career years is making a budget and tracking your expenses. If you are still paying your students loans, prioritize paying off your debt. Remember that you need to build a good credit history while in this stage of life. When you have a favorable financial standing according to bank standards, it becomes easier to purchase an asset such as a car or a dream home on credit once you plan on settling down maybe five to ten years from now.

You should also start planning your retirement and take advantage of 401(k), 403(b), Roth IRA and the likes that your employer might be offering. Also, even when you're still in your 20's and single, a disability insurance policy is crucial. This is to protect your income in case of a sudden event that prohibits you from working and earning. If you get seriously sick for example, the disability insurance can cover your expenses while recuperating and you don't have to incur debt because of medical expenses.

In summary, these are the things you must accomplish during your early career years:

Build your savings and establish a good credit history. Avoid increasing your consumer and high interest rate debts any further and pay the outstanding ones as soon as possible. Live within your means. Start thinking about your retirement and set up your financial accounts. Get disability insurance.

You may also welcome the idea of scouting for a reliable financial planner. As you advance in your career and possibly consider starting your own family at the later part of this stage in your life, a fee-based expert in wealth management with an eye on your goals can help you out in ensuring that you are on the right track in terms of your finances.

Stage 2: Family and Career Building Years

Are you about to settle down or have already built a family? Settling down is more than just getting married and having your dream house. It comes with greater responsibilities and of course greater expectations. It is not a matter of your personal dreams anymore because your aspirations have to match your spouse's, especially when it comes to building a home– a.k.a. having kids.

Of course, what first goes to mind is buying a house. Buying such an asset is important, especially if the family is growing. However, buying a house also means securing your budget for maintenance, amortization, utilities, and other expenses. Therefore, protecting your income becomes all the more important than when you were single. This is to keep your family protected in the event of some of life's risks, such as an untimely death and temporary or permanent disability.

In this life stage, your goals should include:

Buying life insurance. Purchasing health insurance. Updating your disability insurance. Reviewing your estate plan and preparing your will. Saving for your child's college education. Starting your own business or building your career further. Growing your savings.

While saving will always be an important goal for every life stage, spending on things that can protect your family from risks is always a good investment.

Setting up your estate plan and preparing your will are also vital as you increase your assets and produce more beneficiaries. They are vital for a very simple reason: you love your family.

As for preparing for your child's college education, there are variable unit-linked life insurance policies where the plan is designed to grow your premiums in favor of educational and retirement planning. Explore your options.

