Best Finance Tips

budgeting

These finance tips can help you if you are in your thirties; keep in mind you are about half way towards retiring.

1) Budgeting

Even if you have half heatedly tried budgeting before, once you reach 30 you really have to take the concept seriously and know where every dollar of what you earn is going. Even that couple of dollars spent on coffee every morning soon adds up.

2) Saving

piggy bank
Save at least 10 percent of your income every month.

Try to save at least 10 percent of your income each month, and once you have got used to living off the other 90 percent you can slowly increase that figure. You won’t notice the missing money once it’s deposited in a retirement account.

3) Realistic Financial Goals

Writing these down and really working towards them means they are much more likely to happen, whether it’s a new home or a vacation in Europe.

4) Student Loans

Student loans have long been confusing for many Millennials, and if you have them, it’s important to understand them and get them paid off, taking advantage of historically low interest rates when possible.

5) Tackle Your Debt

Many people in their 30s see debt as a normal part of life, although you should understand that living debt free is possible and can help your overall financial picture. One strategy is to focus on your smallest debt, paying as much as you can each month and then move on to the other debts and get them paid one by one.

6) Have An Emergency Fund

emergency fund
Have an emergency fund for future expenses.

Make a point of having an emergency fund of at least $1,000 and then adding to it when you can so that you can deal with health expenses and car repairs when they happen. Ideally, an emergency fund should have at least three months of living expenses in it.

7) Don’t Forget Retirement

If you are in your 30s it’s important to save for retirement and not procrastinate any longer. If your company offers a retirement plan matching contribution, taking advantage of that is a great way to get ahead.