BOSTON (CBS) – Families usually start with at least a couple. And we’ll make it a young couple under age 30 and both are working.

Wanting a future together a couple should be having the money talk before they marry or move in together! They need to discuss their assets and liabilities. What loans do they have outstanding?

Next, what are their goals? Are they on the same page? Goals for most grown-ups have a financial component to them and so in order to achieve those dreams you need to plan your finances.

The most common goals:

  • Pay off school debt
  • Pay off credit card debt
  • Have an emergency fund
  • Buy a house
  • Save for retirement
  • Start a family

Paying off the debt is a no-brainer. Don’t get caught up in only paying the minimum on your credit card debt. Be aggressive here. And pare down those school loans. Less debt will help when you apply for a mortgage.

Start saving for an emergency fund. It’s not glamorous but you will be so glad you have a rainy day fund.

Buying a house – you will need to save for the down payment. This is a short-term goal to save some dollars. Use a savings account or a money market fund for the savings.

Saving for retirement. Even in your 20s, this should be your number one goal. If you are under 30 and start to save for retirement, you have over 35 years to save and invest to reach this goal. And the earlier you start the less money you actually need to contribute to be millionaires.

Here you both should be investing in the retirement plans at work and if your employer does not offer one consider using a Roth IRA. If you both contribute $2,000 annually to a retirement plan and we assume an 8% return you would each have $500,000, $1 million together. If you can contribute $3,000 each you could accumulate $1.5 million with the above scenario. Under 30 considering being aggressive with your portfolio.


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