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Smart money decisions take time, experience, and some mistakes. And your 30s really prove it!
30 to 39 is a crucial age in your life.
It is when you might be switching jobs for the better, planning to save for your dream home, or simply doing something for your financial future.
Fortunately, you already have something to put on your financial plate (good or bad)!
The experience you got from working for 6 to 7 years can give you a direction to plan your 30s.
In fact, it won’t be wrong to say that the financial decisions you make in your 30s will greatly influence your financial security in your 40s.
Want to know how? Let’s read some financial tips for your best 30s.
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Being financially smart in your 30s is important to ensure that you cash every opportunity that comes your way,
However, you can’t afford to mess things up as you’ll be already halfway through your golden era, aka the retirement phase after your 30s.
Here are 13 financial tips to help build wealth in your 30s:
Fly High To The Sky!
Changing jobs or starting your own business is the best move for your 30s.
Trust us when we say this: your 30s are the right time to advance your career and money.
However, don’t be a noob and avoid making these mistakes:
Of course, having a risk-taking approach is necessary for growth. But, if you aimlessly follow the path, There’s no guarantee that you can make your 40s, 50s, or 60s wealthy.
As we said earlier that you have to make financial decisions to make your 30s risk-proof.
However, that’s only possible if you think about the long-term fruits and ignore the short-term temptations.
Didn't understand it? Here is an example:
You have to make wise money decisions to enjoy all that it has to return!
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As you grow, your finances change, and so do your income and spending priorities.
As you enter your 30s, it’s better to update your budgeting based on the following questions:
These questions can give you direction so that you can make your budgeting rule as per your priorities and money.
The 30s is the prime period to change your life for the best. And for that, you have to rethink what you want to achieve financially!
Having a financial goal is crucial for the right financial track. Without a proper aim, you might spend what you don’t need to do.
Here’s an expert opinion on how to reach financial goals:
Having your own home is vital even in this era of inflation.
But with the rising prices of homes in Canada, one can’t think of purchasing a house with own money.
The only way to do that is a mortgage loan.
However, even getting approved for that isn’t as easy as it sounds.
Fortunately, you can still find the top alternative lenders in Canada that can help you out with your dream home.
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Although one must start thinking about an emergency fund in the 20s, creating one in your 30s also isn’t too late.
However, you have to ensure that you have ways to earn passive income or increase your wealth so that a considerable portion of your earnings goes to the emergency account.
See: Setting Up The Emergency Fund - The Easy Way!
Your good credit history will serve you well in your retirement, mortgage loans, and even in your earning era.
But building one is not a quick process!
In fact, it can take quite some time to create a good credit history. Good News! You can do that in your 30s when your spirits are already high.
See: All The Tea Surrounding Credit History!
You can only be financially smart if you have expert financial knowledge!
And for that purpose, the only best thing you can do (without spending a penny :p) is to improve your financial literacy.
Here are the 4 rules of being financially literate:
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Having a set time for personal finance review and evaluation is important to building a steady wealth.
You have to really record everything you spend in your early 30s to ensure you are saving enough to enter your 40s.
We all have one financial shortcoming which we can’t seem to overcome. Any guesses? Yes, impulse buying!
The moment we see the word “sale” pop up, we think, “Okay, I came here to drop some money!”
Oops, not a smart move for your 30s!
The expert Ramsey advises you to wait for a day or even set a budget to avoid your impulse buying nature.
A good credit score has endless benefits. Some of them are:
So, it’s only intelligent to practice good money habits to build your credit score. Don’t know how? We are here to help!
Bonus: 7 Rules To Increase Your Credit Score Quickly!
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As we explained at the start, advancing your career is the right move to make in your 30s.
You must be thinking, why? Of course, it’s good to improve your skills and grow professionally.
However, the main goal is to build your wealth and increase your income because:
So, if you want your 30s to be good and your 40s or 50s to be best, you need to build your wealth!
Have you ever missed a bill because you were too occupied with your job?
Have you ever late submitted a bill because you just didn’t realize the last date?
That seems like fake scenarios that are far from reality. Like, who misses a bill payment, right?
According to a recent report, every month this year, over 2 million households have failed to pay their bills.
So, yes, that’s the truth.
One good solution to this is increasing your money. And second is to automate your payments so that you never miss one!
Your 30s are the deciding period that can put your life on the right track or wrong direction!
It is a time when you might be thinking of being financially independent, building your wealth, and taking some major steps.
However, one wrong move can really foul the mood!
So, it’s even more important for you to slay your 30s to secure your 40s, 50s, and 60s.
Uhu, don’t need to take immense pressure and stress yourself. We Are Here To Help!
Getting a secured credit card, building your credit score, securing a good mortgage, and saving for your emergency fund, are some of the financial tips that can save your 30s.
Want to know more? Read the complete guide! :)