So when we were in our 20s, it was much easier to play ignorant to frivolous or even outright careless financial decisions. When we hit our 30s, the people around us begin expecting a little more in the way of fiscal maturity. Somehow, in the hours between 29 and 30, we are supposed to change and become a boss at handling our finances magically. Unfortunately, not everyone can take hold of the proverbial reins of life so early in their journey through life. For those of us who are still weaving our way through a sea of uninformed financial nightmares, check out this brief overview of a few helpful personal finance tips for 30 somethings.
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Get a hold on past debts
By the time we have reached our thirties, it is quite likely that we have built up a substantial amount of debt. Utilize the grand decade to pay down those extraneous debts. Any opened lines of credit should be paid up to date. If the problem is that there is no credit to speak of, try applying for a low-interest credit card. Even a secured credit card would help get the upward swing started.
Be patient and make cautious financial moves
College is over (for most), and life has already gained substantial momentum in its swing. Financial comfort is within reach, and the temptation to jump into major life purchases is strong. The best advice available is to wait.
Just because life seems stable financially does not mean that it is time to gain more debt. Wait to purchase that dream home. Wait to purchase the boat until the 40 somethings take hold. Keep stacking money and building a stellar credit rating.
A house is not an asset, despite popular belief.
Unless it is being rented or used for business, a home is a liability, not an asset. Buying a house is only a sound financial decision when an individual’s income has reached a level of several times the home’s overall yearly cost.
Cut back on those pesky vices.
Cigarettes, alcohol, fast food, and other recreational vices are not exactly the best way to be spending money in our thirties. Now is the time to begin to health, and common vices cost a whole lot of money.
Cutting smoking and drinking from the budget earlier will do a person well once they are older. Also, our 30s are a critical time for our physical health. Many people begin feeling the pains of aging in this decade of their lives.