A person’s relationship with money doesn’t stay the same as they get older and go through life. Goals and milestones will shift. Someone in their mid-30s onwards who has a home, family, and a stable job sets different financial goals from someone who just finished university.

Achieving Financial Milestones

Back in 2017, a survey was conducted by Finder.com.au about financial milestones for Australians. A whopping 74% mentioned being mortgage-free. The results also included yearly travel overseas, buying their first property and having a savings fund that would allow for a comfortable retirement.

A widely-shared budget amongst many people is to save for retirement and constantly have the money to cover living expenses. Of course, there are other goals and needs: family, travel, schooling and the like.

Read on to learn more about how to set (and achieve) your financial goals:

Eliminate student loan debt

It is recommended that by age 25, you should have paid off your student debt, or HECS-HELP if you have it. Your debt is indexed to the consumer price index by the government. That amount goes up with each financial year but not beyond the inflation rate. So paying off your HECS-HELP over a long time shouldn’t cost you much. Paying it off doesn’t have a time limit, either.

Note that yearly indexation, which happens on the first of June, is only applicable to debt beyond 11 months. 

Some people have the mindset of wanting to let the HECS-HELP debt get repaid once their salary reaches the $51,957 a year threshold. However, that could backfire since there’s a possibility that inflation rates will rise faster than income will.

Paying down debt as soon as possible is always the best way to go.

Establish an emergency fund

Accidents will happen; circumstances beyond your control will manifest at some point. A sudden need for major dental work, home repairs or the car’s engine giving out are just a few examples of this. Preparation for these situations is crucial. It’s essential to have at least 3 to 6 months worth of salary tucked away to cover expenses should the proverbial rainy day arrive.

Set a budget

When it comes to achieving goals, knowledge is power. So it goes without saying that when it comes to achieving financial goals, you should arm yourself with as much knowledge as possible about your cash flow. Set aside a regular time to review your finances and seek answers to the following questions:

  • What am I spending versus I am earning?
  • Am I creating a sufficient surplus to allow me to achieve my financial goals?
  • Is there potential to make adjustments, e.g. move to cheaper utility providers or streaming subscriptions?


Financial goals and people’s relationships with money will change over the years. The objectives of a single young adult compared with someone with a family will vary widely. Set and achieve the goals by going about things smartly. Eliminate student loan debt, establish an emergency fund and set a budget.

In need of financial planning services? Reach out to Coastal Advice Group today! Our financial advisers are ready to help clients through all stages of life.


DISCLAIMER: The views expressed in this publication are solely those of the author; they are not reflective or indicative of RI Advice Group’s position and are not to be attributed to RI Advice Group. They cannot be reproduced in any form without the express written consent of the author. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice. Newcastle Financial Planning Group, Central Coast Financial Planning Group, Sydney Wealth Advisers, Coastal Advice Port Macquarie and Coastal Advice Ballina Byron are subsidiaries of Coastal Advice Group Pty Ltd which is a Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.