Gone are those days when retirement was something which was given importance only after children, their education, house loans and health benefits and their marriages. The new-age thought trend is to plan your retirement as you reach your 30s. This is when you need to get serious about your financial plan and focus your retirement goals. Taking the time to think about your most important priorities means you're better able to target your spending and saving in accordance with what you want to achieve, now and in the future.

John Lopez, who teaches personal finance at the University of Houston’s Bauer College of Business, says that your age gives you a significant advantage and setting goals while you’re younger gives you a lot of time and flexibility to reach those goals..

The following steps can help you start:

Identify specific goals:

“Be specific,” Lopez says. “Saying you want to retire at 60 is too broad. It’s more effective to specify the amount of money you need in the bank to reach that goal.” Your financial goals need specific components: what you want to achieve, and the amount of money you need to achieve them and for how long.

Set your priorities:

When you have defined your goals, including how much money you need to reach each one and the time in which you’d like to achieve them, you can determine which get top priority. “Your goals are competing for limited resources - your money - so you have to think about which to save for first,” Lopez says. At the top of your list should be goals for basic financial preparedness, including establishing an emergency fund, paying down high-interest debt and saving for retirement. 

Self payments:

“Pay yourself first” by automating your savings. You also can set up automatic transfers among your checking, savings and investment accounts so you can work toward your goals hassle-free.

Annual reviews:

Evaluate your goals each year to adjust for any changes such as a new job or the birth of a child. Talk to a financial advisor or your consultant who can help you evaluate your personal finance goals and your progress.