If your 20s are a time for self discovery and having a blast, then your 30s are a time for sober, rational thinking. Your 30s are one of the most important decades, as far as financial planning is concerned. You have already embraced a variety of money saving concepts, now it’s time to move on further. Learn more about the financial moves to make in your 30s:
Invest In Yourself
Enhancing your own marketability is a major component when it comes to your potential for career advancement. Taking your hard earned money and investing it in yourself is one of the best decisions that you can possibly make for your future. The career that you have today is not always the career you’ll have tomorrow and you may also want to aim for a promotion at your current company. The more advanced education and industry certification you have, the better off you’ll be.
This may seem like the opposite strategy of the one you should be taking, but when you take time to give back to the community, the return you will experience on that investment is like none other. There is simply no substitute for supporting the environment that has allowed you to prosper, no matter if you are donating your time or your money. If you’re struggling with the abundance of choices, check out fun ideas Inc. has about giving back to the community.
Knowing The Difference Between Good Debt and Bad
There are certain debts that you can take on that are actually considered to be a good idea and knowing the difference between positive debt and negative debt is a crucial aspect of navigating your 30s. For example, a mortgage for a quality home or higher education is an example of a good debt, because you are investing in yourself. On the flip side, amassing credit card debts on frivolous purchases is obviously a bad choice. If you really want to buy something, check first if there aren’t any coupons for Target or other popular stores available.
Get Control of Your Credit
To expand on the last point, getting control over your credit card spending is one of the best decisions that you can make during your 30s. When you continue to carry high credit card balances into your 30s, you are losing a higher percentage of your income to interest rates and allocating a larger portion of your monthly budget to paying down the principal. Don’t use your credit card as a substitute for money that you have yet to earn. Instead, remember to try and shop on a budget while taking advantage of amazing deals at such outlets as Kohl’s so you’ll be able to buy more for less.
Protect Your Ability To Make Money
If you have a family to take care of, you’ll want to safeguard the ones you love by taking out insurance policies that will ensure their continued financial stability. Take a close look at your current disability and life insurance policies to make sure that they are providing you and the people you care about most with proper coverage.