Turning 30 is an amazing period of life for many people. It brings clarity, maturity, new career paths and for some people planning on family or buying a new house. However, all those things require giving up on certain recklessness and force you to start paying more attention to how you handle your finances. The way that you handle this monetary rollercoaster now can and will determine your future financial stability. Although it may seem quite challenging, there are some great and practical ideas that can help you along the way.
Write a financial plan
They say that good planning is half the battle. This is extremely important when it comes to managing money. Learning how to write a financial plan and more importantly – learning how to follow it, will enable you to keep track of your expenses and avoid many possible financial troubles down the road. It will also make it a lot easier when the time comes to plan a holiday or invest in a new property. Set realistic goals and keep your schedule up to date.
As your 30s are approaching so is the need to finally begin living the life you’ve been dreaming about during your 20s. Now that the college days are behind you, you’re probably impatient to start living alone, driving a new car, and enjoying all the perks that independent lifestyle brings. However, it’s essential not to get carried away and chew on more than you can swallow. You must be well aware of your income or assets you have to pay for before start searching for a new loan. By doing this, you’ll avoid accumulating liabilities that can cause you some serious financial issues later on.
Spend more time in the kitchen
When we’re young, our bodies can turn any greasy fast food into energy. We’re naturally high on all the necessary factors that keep our metabolism running. However, as we get older, that begins to change. As you turn 30 and step into the hectic working schedule, you’ll find that you can rely on coffee alone to boost your energy levels. Eating healthy doesn’t only benefit your overall health but your finances as well. Spending more time cooking and prepping your meals for the week ahead will ensure you stay healthy, energised and on budget.
Start your own business
If you’re one of those people who are struggling with the attempts to save some money after paying for basic survival essentials, then you may start thinking about a career change. Gone are the days when getting a secure job with good benefits were enough. If you feel you can do more than just being a regular employee, now’s the time to take the plunge. In the era of the Internet, it’s never been easier to explore the world of options. So, figure out what is it that you’re good at and make a career out of it. You’ll be more satisfied knowing that you’re pursuing your dream and you’ll definitely see the change for better when it comes to your financial situation.
Consider the cost of having a baby
Having children is a wonderful experience in so many ways. However, if you’ve decided to grow your family, make sure not to neglect the fact that it will add to your finances. Many things need to be taking into consideration, from nursing equipment and diapers to school fees and sports activities. Taking care of your bundle of joy is rewarding in numerous ways, but it also comes with many responsibilities. So, be smart and plan for the right time to do this.
Have a rainy-day fund.
By know, you have probably become well-aware of the fact that things in life don’t always go as planned. As you step into your 30s, your parents will begin to withdraw their help and you’ll have to learn how to be smart with the things you do with your money. In situations where you may lose your job, have a car breaking down or need urgent medical treatment, having a financial safety net will ease those already difficult situations. Depending on your situation, try and build three-to-six months’ worth of savings stored as your emergency fund.
As magical as it is, turning 30 brings plenty of responsibilities. Learning how to stand on your own (financial) feet can sometimes seem daunting, but with the good planning and the right tips, you’ll soon become a master of your own finances.