Setting financial goals for 2009
By Amy Brown Bowers • Bankrate.com

Money is on nearly everyone's minds these days. Do I have enough? How can I get more? Where did mine go? With the new year well under way -- a year that's shaping up to be financially challenging for most -- here are some life-stage-relevant steps you can take and goals you can set to improve your finances.

30 and younger: Invest in yourself
People in this age bracket should focus on building earning potential, being smart about debt accumulation and practising good money habits.

"The most important financial asset that they have is their earning power," says Warren MacKenzie, president of Toronto-based Second Opinions Investor Services. "They should be focusing on improving their knowledge and earning power, because that's what's going to help them the most in the long run."

Next, be prudent about the debts you incur.

"Watch out for the Loan Ranger," says Alim Dhanji, a Certified Financial Planner, or CFP, with HC Financial Group and Assante Financial Management in Vancouver. "This group is hit by advertisers the hardest. Buy now, pay later indeed. It's important for this group to understand and largely avoid a life reliant on debt financing."

As for getting into the habit of saving, don't worry about how much you can set aside -- just focus on doing it.

"You could take the poorest person, and if they are spending a little bit less than what they're earning, and they're putting it aside, they're going to be wealthy someday," says MacKenzie.

"People under 30 are usually in spending mode…They often think that they can't afford to save, so we start small ($25 or $50 per pay cheque) and build from there," says Vera Adamovich, a CFP with IPG in Stittsville, Ont. "Even $25 per pay ends up at $600 per year," she says.