17 Apr Financial Moves to Make Before the Age of 30
It may be difficult to imagine life at 30 when you’re focused on climbing the corporate ladder and paying student loans. However, it’s essential to devote time and money to your future in your 20s when you don’t have many financial responsibilities. These are the financial moves you should be making before 30.
Preparing and Sticking to a Budget
Developing a habit of budgeting and sticking with your budget is easier said than done. Temptation for impulse buys and the accessibility of spending money with a click of a button can be overwhelming. However, mastering the art of budgeting in your 20s will have you on a path for financial success in your 30s.
Stacking up Savings
Whether you’re saving for emergencies or your future dream home, it’s important to get a jump on your savings in your 20s. Sticking to your budget can help you grow your savings. You can devote a specific amount of money each month to your savings and configure that amount into your budget so you stay on the savings track.
Combating your debt can be difficult. Between paying bills and developing savings, putting money towards your debt can be placed on the back burner. Budgeting in debt payments can help you reduce your debt sooner and prepare you for financial freedom in your 30s.
Raising Your Credit Score
Focusing on growing your credit score while you’re in your 20s will pay off in the decade to come. In your 30s and beyond, you will most likely be making more hefty purchases than you did in your 20s. Your credit score can be the deciding factor when purchasing your dream home or car, and you want the odds to be in your favor.
Save For Retirement
Retirement is probably the last thing on your mind when you are fresh out of college. However, it is important to start saving sooner rather than later. It can be more difficult to put money into a retirement fund when you have financial responsibilities such childcare and a mortgage. Saving for retirement when you don’t have those responsibilities is one of the smartest moves you can make.
Your 20s can be tough. Although it may seem impossible to add these financial moves into your life, your 30 year old self will thank you for it. Starting with a budget and weaving in each move throughout the years will have you on the road to success in no time. For further guidance, saving accounts set-ups and financial advice, check out our blog or pay us a visit.