Have you planned your holiday destination for this year? If you love travelling, you probably set aside savings for that. Do you have a buffer for unexpected expenses and do you have enough financial scope for other things you’ve lined up for this year? Try extending your horizon. What are your plans for the long term? How much do you want to spend on realising those plans? How do you intend to pay for that and what are you prepared to give up? How much money will you have left to live comfortably later in life?

Face the dilemmas
Throughout your life, you make a lot of financial choices. Is this the right time to buy a house or would renting be better? What should you do, pay off your student loan or go on a far-away journey? Save your money or spend it? Put your money into a savings account or invest it? What’ll it be – now or later? Your horizon is far away. You want to make the right choices and at the same time stay flexible financially. Most young people underline that they want to have the freedom to choose what they consider important in life. They want to be financially independent and able to make their own financial decisions. They also want to be able to assess the risks, as these are an inherent part of life.

Take control of your own future
Millennials like taking control of their own future. They don’t mind planning ahead. Multiple studies have confirmed that, and we are also getting this as feedback to our youth events (‘Future of you’). Money is a means that enables them to do what they consider important, but it is not a goal in itself.

Turn your bucket list into a budget list
Setting up a savings plan will enable you to take control of your own future. How much money will you need to do everything that’s on your bucket list? How much are you earning, and how much are you spending on recurring expenses? How much can you save? Can you cut your costs in any way? Can you save money by switching to a different energy supplier? Check your insurance policies. Do you really need that expensive gym school? Saving money takes an active effort. And achieving a well-filled savings account is a fantastic reward for your efforts and patience.

Look into the future
Map out your overall financial situation. Make sure you include your pension. What would your financial situation be like if you earned more, took a part-time job or quit working altogether? Your pension plan will provide you with retirement income, occupational disability insurance and benefits for your surviving dependants. Check your pension regularly and in any case before you buy a house, sign a cohabitation contract or take on a new job.

Get to work!

• For interesting and useful information on financial planning and pension, go to
  www.detijdvanjeleven.nl, an initiative of the Dutch Pension Federation.
• Use your DigiD to get a quick summary of your pension at www.mijnpensioenoverzicht.nl.
• You’ll find information regarding your pension in ING CDC Pensioenfonds in your personal account ‘My Pension’’.
• Check whether you are on track in financial terms by logging into the Pension Planner (using your DigiD). Use this tool to compare the income you expect you’ll need with an indication of the income you are currently heading for and to discover how you could cover a possible pension gap.

This article provides an outline of trends in society as well as some general information. Would you like to read articles relevant to other age groups? Select the age group at the upper right side of the screen.