If you make a goal to get your graduate degree by age 27, you’ll take steps to reach that goal.  You might get a job with a company that has tuition reimbursement.  You might take a class to prepare you for the GMAT, LSAT, etc.  When you make decisions, you’ll keep your goal in mind.

The same is true of your money.  If you have a goal to save $10,000 in the next 3 years, you’ll be putting money in your paycheck each pay period.  You’ll save windfalls instead of splurging them.  You’ll do less frivilous spending and more saving.

On the other hand, if you don’t have any money goals, you don’t have anything guiding your spending.  You’re more likely to blow all your money.  Unless you plan to work your entire life, i.e. retire on nothing, this isn’t a good idea.

So, start making some goals for your money.  If you already have goals, review them to make sure they’re still relevant.