Depending on an individual’s stage of life, chances are that person has a distinct approach to saving. New graduates or young couples have different needs than retirees or mid-career families. But no matter the situation, a financial planner can help develop financial habits that will lay a strong foundation for savings.

Younger individuals and couples have a number of benefits in terms of financial management. A long investment horizon, combined with few responsibilities, can make for an excellent financial base. A strong financial plan builds on these advantages, while at the same time considers the impacts of a debt load that might include student loans, car payments or perhaps a mortgage.

Couples planning for a first child enter into a new level of commitment—both personally and financially. Learn how to save for a child through specialized insurance and investment products, such as a 529 Qualified Tuition Plan.

Mid-career professionals typically have higher incomes than younger investors—but they also carry more responsibilities. From mortgage payments to a child’s education, consider a financial plan that balances needs with obligations.

Retirees have worked hard at their careers, and now is the time for relaxation and celebration. Chances are children have moved from home, the mortgage is mostly paid off and a few investments are coming to fruition. However, income levels may have dropped after retirement.  Find out how to manage finances in a way that allows full enjoyment of the fruits of a career of hard work.

In short, no matter an individual’s life stage, it is important to balance savings and investing with other commitments.