Turning 30 is a big milestone for many people. It’s often seen as the time when people are finally “grown-ups.” And with that comes a lot of new responsibilities – including financial ones. If you’re nearing or have already reached your 30s, making sure you’re on the right track financially is a must. But if you haven’t, for example, you need to finance car without considering the true cost, don’t worry. You still have time to make it right. Now, keep reading. You’re about to learn financial lessons I wish I knew before I hit 30. By learning these lessons early on, you’ll be able to set yourself up for success down the road.
Having a Goal and Sticking to It Is a Must
One thing you should never ignore is your attitude and consistency toward your financial goals. Having a goal and sticking to it might seem a simple thing to do. But in life, many things can turn your head and make you buy things you don’t need – staying away from your financial goal. So, whether your goal is to save for retirement, pay off debt, or buy a house, having a plan and staying committed can make all the difference.
Emergency Funds Will Be Your Guardian Angel
Having an emergency fund is one of the best things you can do for yourself. You never know when something unexpected, like a medical emergency or job loss, can occur. Having money saved up for such a situation will be your guardian angel and will help you stay afloat until you get back on your feet. Ideally, aim to save between three to six months of living expenses.
You Should Save Before Investing
When it comes to money, saving is a must before investing. Putting your money in the stock market or through different investments can be risky, especially if you don’t have an emergency fund in place. So make sure you save up a good amount of cash, and then you can start investing and diversifying your portfolio.
Debt Isn’t Inevitable, If You Do Things Right
Most people sometimes need some loans. While it’s completely fine, don’t forget that you could end up in a debt cycle if you don’t know what to do. You know what? Debt doesn’t always have to be a part of your life. Stick to your budget, save up for big purchases, and understand that credit cards should only be used in certain situations. These simple steps will help you avoid getting into debt and even pay off your debt.
So what’s the upshot? Taking control of your finances early on is one of the best things you can do for yourself. Learning these financial lessons by age 30 will help you set yourself up for success in the future. Your financial journey is still long, so make sure you have a plan in place and stay consistent with it. That’s the key to financial freedom, or at least being grateful and happy with what you have.