Show me the money: financial mistakes to avoid in your 30s
When it comes to saving money, do you have a good system? It’s important to find a method that works best for you and your needs. However, not wasting your cash is often times easier said than done. Therefore, you may benefit by being exposed to a few tips that will help you avoid making financial mistakes in your 30s.
Watch out for debt
One common factor that those in their 30s tend to do is rack up credit card debt. Sure, credit cards are great for emergencies and can be fun to shop with, but if you can’t pay off the balance in full each month, you’re wasting money. If you continue to rack up credit card debt, you could face high interest rates. And if you only pay the minimum card balance each month, you will find yourself paying high interest rates for years.
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Don’t be afraid of diversity
In today’s market, you never know when or if your job could become obsolete. It’s risky to ever believe that you may have job security—you can’t predict the future. Therefore, try to learn as many skills as you can. You may also choose to bring in another source of income by starting some sort of side business.
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It’s not important to keep up appearances—ever
For some, it’s very important to always appear professional and successful. Therefore, those in their 30s usually end up spending money on homes, cars and clothing that they really can’t afford. Already touched upon with the credit card tip, you should never spend money that you don’t have. If you’re spending money you don’t have, then you’re most likely acquiring more debt instead of paying off your current debt. And if you happen to have a little bit of extra money here and there, consider putting it into a savings account.
Don’t be afraid to start saving and investing right now
It’s never too early to start saving or investing. In fact, the sooner you start this trend, the better. Though retirement may seem far away at the moment, the more money you put away or invest now will only add to your nest egg once you leave your job and no longer are receiving a regular paycheck.