Tips to Avoid Common Financial Mistakes on Your 30s

common financial mistakes

Adulthood is as real as it can be when you hit your 30s. Whether you’re single, married, or a single parent, there are just a mountain of responsibilities that are on your shoulders that haven’t been there when you were in your early 20s. Playtime is over and this time, you know it.

If you’ve just hit the big 3-0, or you’re in your late 20s and you feel like you want to be absolutely ready to face this stage, this is the right place to start because below will be a list of things you have to make sure you keep in check because it’s your finances on the line!

List of things you have to keep in track to avoid those common financial mistakes

• Create your extra source of income! In such an unpredictable economy, it would be total catastrophe if you lost your job. It’s time to explore different sources of cash! You’d be surprised to find out that there are several passive income ideas for your financial success that you can apply, so you won’t have to depend only on one paycheck to sustain your needs and expenses.

• Rethink your investment strategy! Let’s say that you’ve indeed tried investing in a business, but how did you go about it? Did you practice the 80-20 policy? When you’re in your 20-30s, you should not put all your money in a single investment. If that fails, you would have lost your entire savings. However, what’s wise is to allot 80% of your money on a high return investment, and about 20% on a low return investment. This way, you would not have to worry about losing all your savings in just one investment, and if you lose one of the two, you still have the other as a safety net.

• Prioritize the money talk! Are you engaged, or do you plan to propose? If you already have someone whom you know you’ll spend the rest of your life with, you should know discussing your finances is a must—especially if both of you are earning a significant amount of money. Is a pre-nup in your foreseeable marriage? It’s a necessity to talk about money and lose all your inhibitions in communicating your financial readiness before marriage. You wouldn’t want to deal with such an important aspect of your lives only after you say “I do.”

• Pay-up on your insurance! Life insurance, health insurance, fire insurance, car insurance—you name it—you invest on these things that guarantee not only your assets’ but your loved-ones’ safety! For your life insurance, for example, don’t forget to list or update your beneficiaries to make sure that everything you’re paying and saving for aren’t for naught!

Avoid overspending! Just because you’re earning more or even if you feel utmost security in your job, it doesn’t mean that you’re finally exempt from this rule. Now that you are probably the breadwinner of your family, or you’re living on your own, you cannot make any unplanned purchases, and you must stick to your budget religiously. Every single cent you earn should always go to something of use. And of course, the easiest trap of all—don’t misuse your credit card!

• Learn from your mistakes! What’s the use of getting to your 30s if you’re still making the wrong decisions you’ve made in your past? Always read the fine print when you’re about to sign contracts, ask questions and get your answers before agreeing or committing to anything.

What if you’ve already got debt?

If, however, it’s too late and you’ve already got a credit card debt—or any other unsecured debt in your early 30s, there is still a way out. You don’t have to live the rest of your days thinking that you’re stuck with a debt that will take you years to pay. For your one-stop solution for debt relief, you can try this alternative to debt consolidation but betterFinancial Rescue LLC debt settlement programs has got you covered. With our seasoned and expert team of negotiators, we give you the great opportunity of being able to pay your debt for a significant lesser amount!

Live the debt-free life!

Now, think of all the benefits of having a smaller debt to pay; you’ll be able to focus on the things that really matter—whether it’s starting to save for your kid’s college tuition or your dream vacation! So call 1-877-97-DEBTS now for your first free consultation! Now that we’ve offered you a chance at debt relief and these easy tips to keep you from financial ruin in your 30s, you’re more than ready to live your dream life as young as you are!

Don’t hesitate to trust Financial Rescue LLC! You can like us on Facebook at FinResLLC! See you there!