A Guide to savings choices across career stages

Throughout your career you will reach different stages and milestones, and with that comes a range of financial choices. Whether you are focused on reducing debt and building savings or investing, each stage brings its own challenges and opportunities. Read on to learn what these financial choices are and how you can navigate them across the different phases of your career.

Financial Choices

Debt is a sum of money that is owed or due. Prioritising debt repayment has its benefits: reducing financial stress, improving your credit rating and freeing up funds for future goals.

However, there are also drawbacks to focusing solely on paying down debt, such as potentially limiting opportunities for saving or investing. Striking a balance between debt repayment and other financial priorities is essential for long-term financial health.

When it comes to savings, building up your money comes with numerous advantages, such as being able to reach your financial goals, financial security and peace of mind. However, focusing on saving money can be difficult due to the cost of living and can lessen your debt reduction. Balancing saving for the future with enjoying the present is key.

As for investing – putting money into financial schemes, shares, property or commercial venture with the expectation of achieving a profit – this too comes with pros and cons. There is the potential for profit, yet investing also carries risks such as market volatility and losses. It's important to watch out for overextending yourself and to have a long-term perspective to mitigate some of the risks.

Early Career 

Starting out in your career, you’re focused on learning and adapting to your chosen profession. Priorities in this stage tend to be around building savings, whether that be an emergency fund (to cover unexpected expenses such as medical emergencies or job loss) or building a deposit. By focusing on saving, you lay the foundation for responsible financial management throughout your career and create a positive credit history. This is a good time to focus on debt repayments and seek advice if you’re interested in investing.


During this period, you are transitioning into more senior roles and may also have increased personal and financial responsibilities, such as supporting a family, paying off debts and planning for long-term financial security. Retirement planning should be considered, and this is also a good time to review and adjust any investment portfolios to ensure they align with long-term financial goals and how much risk you’re comfortable with.

Late Career 

Towards the end of your career leading up to retirement, you are likely to be at the peak of your earning potential. Having paid off major debts such as mortgages or student loans, your goal now is to maximise your savings and investments. Evaluating your long-term financial plans, including estate planning and legacy considerations, should be a priority at this point.

At any stage of your career, we’re here to help. Request a callback from BankVic to learn more.

Information in this article is general in nature and does not take into account your objectives, financial situation or needs. You should consider the appropriateness of this information and refer to the relevant Terms and Conditions or Product Disclosure Statement before acquiring a product.

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