Looking for financial direction? There are many crossroads in life, and you’re probably stuck on yours, wondering how you could ever manage to save for your retirement and your personal loans at the same time. Nonetheless, since you’re reading here now, you’re already on the right track. Getting stuck with debt and having no money to sustain you when you’re old is a crisis you can definitely avoid.

Don’t let anything stop your from pursuing these goals, because for as long as you’re earning money, you’re doing good. Here are a few things you should remember if you’re interested in making the most out of your income, and your plans for the future:

1) Start ASAP.

The earlier you plan for your retirement, the better off you will be. Especially if you are in your 20s, you can start setting aside a decent amount and leave it in the bank, and only harvest the goods when you’re about to hit retirement because the interest would definitely pay off. If, however you’re near (or in) your 50s, and you’re pressured by paying for personal debts and worried about your retirement fund, don’t forget to look for zero percent balance transfer offers because those will definitely ease the burden.

2) Use a Retirement Calculator.

If you want an idea of how much you should have on your retirement or which parts of your money you have to set aside, you can use an online retirement calculator mostly found in business websites. This will provide a good estimate not only of your ideal retirement financial standing, but also how much you would need to save to pay for your personal loans.

3) Enroll in automatic deduction plans.

If you’re employed, don’t miss out on getting this particular offer from your company. This way, you don’t really have to worry about saving money for your retirement month after month. One thing you have to remember though is to NEVER touch your retirement fund unless you’re about to hit retirement. Set this rule in stone and you’re going to be rich when you reach the advanced age of retirement.

4) Always reach the minimum payments on all your debts.

As much as possible, don’t miss out on a payment and always pay on time. Doing so will be reflect positively on your credit score. Remember that a great credit score makes you a candidate for easy loan approvals. Also, meeting your monthly minimum payment will definitely help ease off a lengthy debt problem in the long run.

5) Think long term.

This is probably the most important thing to remember of all the pieces of advice you will ever need, because this is about you. Everything is payable for as long as you set your limits and follow through with them. What does this mean? This means that you:

• Stop shopping for needless things on a whim
• Have to plan your spending or set a strict budget for yourself
• Prioritize your needs versus your wants (less eating out, less signature clothing, fight the urge to get the latest gadget just because it’s out in the market)
• Keep a record of your transactions and bills so that you always know where your hard-earned money goes
• Reassess your spending habits on a daily basis to make sure that you never get off track

Once you discipline yourself into focusing on saving rather than spending, you’re well on your way to saving money for your retirement and your personal loans.