10 things you should have in place before you turn 30
Most of the 90s kids would be pushing towards the age of 30 now.
From the carefree college days to the more careful and responsible adult life, turning 30 is an important milestone. It’s when we shed the casual mode of living and get more serious about savings, employment, security, and family.
Here are 10 things you should have in place before you turn 30 to aim and secure your future.
#1. Get rid of your debts.
You might have taken a student loan to study, or borrowed money to build a home. Whatever the case be, pay off your debts and loans first. Make sure you pay off your loans first before taking a new one like getting a loan to buy a vehicle. Because before you know it, all the debts will pile up and it might become increasingly overwhelming to pay them off.
#2. Get a good health insurance policy.
An important factor many young people overlook is to take care of their own health. Without a sound body and mind, you can never reach the heights you aim. Thus invest in your health with a health insurance policy. You can now compare plans and buy health insurance online easily.
A health insurance policy will create tighter security over your finances because if at all you are hospitalized, the humongous bills will be covered by the policy. It is also better to get the policy as early as possible. When you are young, you will have less pre-existing diseases and ailments.
Thus your premium will be lower, and as you keep renewing the policy with your insurer, it will create a loyal rapport resulting in other benefits. As you grow old you will have to go through a waiting period in case you have any pre-existing conditions and the premium will also be higher.
#3. Have an emergency fund.
Keep aside a small amount of your monthly salary for an emergency fund. You cannot predict what mishaps can befall you. For instance, the COVID-19 was an unprecedented pandemic that crippled the entire world. We cannot foretell what other adversities the future could have in store for us. It is always best to have an emergency fund to see us through such difficult situations.
#4. Start planning for your retirement.
This might sound absurd, but planning for your retirement right now can save you a lot of headaches in the future. Unlike our older generation, we live in a highly competitive and volatile economy. But we are also making significantly more money than our parents did. If you keep apart even a small amount into a savings account, by the time you retire 30 years from now, the compound interest on this amount would add up to a very substantial figure. The earlier you start, the higher your retirement amount will be.
#5. Create a fund for your future home.
If you have paid off your debts and your salary is not eaten up by anything else, it is always a better idea to save up to build a home in the future. A home is an absolute necessity. You would need to have a place that you can call as your home. Buying a new home is a huge investment. Saving at a younger age can reduce your dependency on home loans.
#6. Have a monthly budget.
Having a monthly budget can help you better track your expenses. You can list down your income and the different expenses you have every month. Plan and set aside money for your bills, payments, savings, and debts.
You can also keep track of where you spend money unnecessarily and try to curb those tendencies.
Investments can expand your savings. Get guidance from professionals as to the ideal places where you can invest. A little investment now can go a long way in creating a safety net in the future. Make sure you also invest in the right places. Do not put all your eggs in one basket.
- ULIP myths that should be shunned away
- What is the rights issue?
- How to improve your bad credit score?
- How to pick the right financing company for your customers
- What is the difference between a broker and a trader?
- Do all stocks pay dividends?
#8. Try to have multiple sources of income.
Try to have additional side hustles that you can manage.
With a little introspection, you will be surprised to learn you that might have more than one skill. Turn those skills into professions.
For example, take up freelance photography on weekends, teach classes online, start a youtube channel… the possibilities are endless.
#9. Have an open mind towards learning.
As we grow old, we become more resistant to learning new things.
But if you want to be at the top of your game, you must always keep learning and updating yourself as the world keeps changing. Be up-to-date with the latest technological developments. Enroll in online classes and try to learn something new every year. Your learning curvature must never go down.
#10. Schedule to pay your bills online.
Paying your bills on time is very important. Otherwise, you might invite unnecessary penalties. You can easily schedule monthly payments through your bank services online. This will not require your authentication, and it will automatically pay the bills even if you forget them.