Save it, don't spend it, put simply.

Everyone's dream is to retire in their 30s with millions in the bank, but the reality is most of us will be working well past the retirement age and relying on our pension to see us through to the end. But it doesn't have to be this way. Business Insider spoke with two certified financial planners who explained how to best budget your life through each decade so you can retire in your 60s as a millionaire.

The key piece of advice is to make the most of your time in the workforce, so putting money away at an early age and continuing to do so as you get older is the first way to get ahead. Here are the other tips for each decade to help you live the life of luxury once you've quit the workforce. 

The 20s: Put 20% Of Your Income In A Compound Interest Account

Saving on a regular basis is the first step to becoming a millionaire. I know it sounds like common knowledge but when you're in your 20s you're usually only worried about having enough cash to get pissed on the weekend or being able to afford the latest Jordan's drop. Saving in your 20s not only helps in the long run but creates good behaviours in regards to future spending habits and budgeting. 

The best way to do this is to deduct 20% of your wage into a compound interest account as soon as you get paid. You're less likely to notice the money being gone and a compound account means you'll be making interest on your savings, helping build your financial worth. 

The 30s: Live Below Your Means

When you hit your 30s you're more likely to be earning a decent wage, meaning you're prone to spending more. There's also a high chance you own your first home, are married or have had a child, or possibly all three. Being a dad isn't cheap and experts have discovered the only way to save efficiently is to live below your means. 

That doesn't mean you have to start wearing hessian sacks for clothes, eating tuna and rice for every meal or homeschooling your kids; just be smart with your money choices. Make better mortgage choices, budget your weekly food shop and don't buy unnecessary products. Do you really need $150 Fred Perry shirt when you can get a similar looking one from K-Mart for $30? You're not in the prime courting decade of your 20s anymore. Think smart. 

The 40s: Focus On Growing Your Income

By the time you hit your 40s, you should be earning good money in your chosen profession, so it's time to start really focusing on your career and leaving the smaller details to others.

Go see an accountant and a financial planner to look after your money so you can dedicate your daily work life to gaining more skills, thus creating more financial benefits. The more you know the more you are an asset to your employer. When it comes around to your next performance review you can confidently ask for a little more coin based on the relevant skills you know and have more chance at that big money promotion. 

As the Beastie Boys once said, you need "skills to pay the bills."

The 50s: Don't Let Your Kids Take Over

Having been saving since your 20s and establishing a rather large nest egg, now is not the time to get sentimental. It's often when parents are in their 50s they begin giving their children large sums of money, be it to buy their first car or help put a deposit on a house. While these are loving gestures they also impact on your ability to retire with enough money to live without fear. 

The best way to help your kids while keeping your money is to teach them money skills so they can be financially independent. That way they learn the value of money and you get the chance to retire a millionaire. Oh yeah, make sure they're living out of home by the time they hit their 20s if you really want to save your cash. 

The advice in this article is general and for entertainment purposes, readers should seek professional opinions before making any financial decisions of their own.

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