BBC to lay off 1,000 people as U.K. viewers move online + MORE Jul 2nd

Your 20s is an exciting decade, full of big changes­­—and great opportunities to develop the foundation for a solid financial future. If you’re just finishing university or college, you’ll soon be entering the job market and seeing a regular paycheque for the first time. Or maybe you’ve already been working for a few years and are now starting to get serious about a savings goal. Either way, what you choose to do with your income at this stage of your life will have a considerable impact on your 30s. “If you can just stay on top of debt in your 20s you’re doing really well,” says Karin Mizgala, co-founder and CEO of Money Coaches Canada. “Of course, that’s easier said than done.” As you’re probably discovering, the cost of living is expensive and you may have student loans hanging over your head. But with a little bit of discipline and some smart planning you’ll find out that, financially speaking, time is on your side—provided you make the right choices now…

It’s probably no coincidence that the iconic rock song “Under Pressure” was recorded when all members of the band Queen were still in their 30s. Because financially speaking, that’s precisely what this decade feels like when you suddenly find yourself juggling the responsibilities of buying a home, starting a family and somehow trying to save for retirement. Your 30s are overwhelming and without careful planning it can be all too easy to fritter away paycheques haphazardly—and find yourself stressed out and not gaining any momentum. “You need to prioritize what is important to you, and you need to clearly identify short-, medium- and long-term goals,” says Calgary money coach Tom Feigs. Doing that will help you figure out what you need to focus on now and what can wait. Remember, it’s all about striking the right balance.
Create a financial plan
Whereas in your 20s you could count yourself among the financially erudite if you were simply living within your means and not racking up consumer debt, that’s not going to cut it anymore…

People like to complain about aging but one of the upsides—particularly in your 40s—is being able to build wealth. For many, the 40s is a great decade—your paycheques are climbing while debt’s heading in the opposite direction. Finally, you can breathe. Heck, you can even afford an occasional night on the town without dreading the credit card bill. Just don’t start easing up on all the progress you’ve been making. Sure, you’ve already put aside a nice chunk of change for the kids’ college fund and the mortgage is finally creeping down—so let that financial momentum inspire you to achieve even more. Remember, at the end of your 40s retirement won’t seem that far away.
Master your debt
“By this decade you’re hopefully getting toward the end of your mortgage,” says Dan Hallett, director of asset management for HighView Financial Group. “More of the payments are now going to the principal, and you’re less sensitive to those payments.” So if you’re on track with a reasonable plan, don’t feel pressured to divert cash flow away from money you’ve been setting aside for your nest egg…

After you reach your 50s, chances are you can start to see financial independence somewhere on the horizon. But there are still things you probably need to do to bring your financial objectives within grasp.
The key is make good use of the time you have. It’s a good idea to do some ballpark financial projections to get a rough idea of where you stand. That in turn will help you figure out roughly how much you will need to save. Fortunately, you probably have reached your peak earning years and should be able to turn them into your peak savings years without too much sacrifice.
Get a ballpark figure
If you’re wondering how much you’ll need to save, here’s how to make rough ballpark calculations to estimate the size of nest egg you’ll need to retire at age 65. My advice is to do the calculations in today’s dollars, with the effects of inflation removed, so you can assess everything based on current purchasing power. Say you’re a couple who plans to spend $57,000 a year in retirement on everything (including spending on taxes) starting at age 65…

The British Broadcasting Corporation will cut more than 1,000 jobs to cover a 150-million-pound ($294 million Cdn) gap in licence fee income next financial year as millions of viewers turn off their televisions and watch programmes on tablets and mobile phones.