Are you now in your 30s? Are you thinking of ways on what to do with your money? You might think that you are a late starter. However, it is good that the idea of money management and investment has finally come into your senses. You are now on your 30! You might have finally realized that things can change drastically at this point in your life.
Suddenly, the thoughts of owning a property, buying your first car, applying for a credit card, and starting a business have popped out into your mind. This is normal. Many people at your age are experiencing the same way too.
Now, if you are 30 years old, would like to stop wandering, and start working on something tangible, here are some things that you must know now:
Set a Goal, It is Not Yet Too Late
If you are 30 years old, it will give you enough time to think about starting your family, settling, and saving for retirement. Any personal loan that you start at this time will involve money.
You may have started late because of various factors. However, these must not hinder you from being financially independent.
Since you are not young but neither too old, you have enough time to plan your goals and budget your personal loans. Do not set goals because you think they sound glamorous, fancy, or just because the community told you to do so. If you think that having a brand new car does not define your success, then do not include it in your bucket list. Make sure to be realistic with yourself.
Consider how much you are earning right now. Think of the place you want to be in the short or long term. Think of whether or not you have enough time to engage in passive income or other types of investments. Sometimes, thinking about a second job if you already have an 8 to 6 pm job will not make sense at all.
Indeed, whenever you set a goal, consider your current situation. Think about what life changes you are willing to make. If you are still confused and would like to have some help, here are some considerations:
Consider your Needs
Prioritize the things that you needed to address today. Pay all your debts at Easy Credit first. If you have enough cash, then you can plan for ways on how to use it for business and earn some profit. If you are engaged, then it is time to get married now.
Determine your Family’s Needs
Aside from taking care of your needs, your next goal is your children, parents, siblings, or any immediate family member that you have. This is true if you are the breadwinner of the family. Consider the number of dependents that you have for financial support.
Being in the 30s, you are in the right age to define the kind of life that you wanted to have for the next ten or twenty years. You can consider going abroad or going back to your hometown to start a business.
Indeed, no one knows what the future may hold. However, when you define your priorities and your goals, it would help reshape your mindset regarding financial matters.
Smarter in your 30s
At this age, you should have planned about smarter ways on how to spend your hard-earned money. Ideally, redefine your priorities and jump into practical solutions that will provide justice on your unpaid weekends, overtimes, and sleepless nights.
Perhaps, you have experience in your 20s to be unbothered by credit card due dates at Easy Credit or utility bills. You have your parents who you can text away to ask for money during emergencies. You spent most days laughing with friends at café, dining out, or thinking about the next travel to have fun. Those days should be gone by now.
In your 30s, consider tracking your finances and changing into a lifestyle that will help you build your wealth. Here are some tips on how to do so:
Check Your Budget
Revise your budget plan and get into more serious things. You might consider living in a two-bedroom house versus a studio-type apartment where things are cramped. You might also consider driving to work instead of hailing a cab driver. If such is the case, it is time to cut back on material things and save for your lifestyle upgrade in the next two to three years. Your new budget must allow more room for disposable income. You can use this to pay for a car down payment, insurance plans, and other short or long-term goals.
Get Rid of Debts
As much as possible, get rid of existing debts. Your borrowed money that goes beyond six months will already accrue too much interest. Your goal now must close it off and save money for the interest charges.