You might have a plan for all of your financial goals in every stage of your life. Most people follow the basic rule of “saving more and spending less”. But, what other financial goals should you be setting before you hit the big 3-0? Well, here’s a list of 5 things that you should do by the time you’re 30.
1. Automate Everything
Sure, there’ll always be occasions when you need cash, but the future will be cashless. So ladies, it’s time to embrace automatic payments and automate your savings!
2. Keep daily tabs of your credit score
It might seem a little scary (and maybe too much work), but it’s a critical part of your financial portfolio. And it can have an enormous impact on your life. A good credit score can help you get the best rates on home insurance, and keeping regular tabs will inform you about the things that might be bringing your score down.
3. Form a goal for long term savings
Whether you’re saving for your kid’s college tuition or for traveling the world, it doesn’t matter. As long as you have a goal, keep saving.
4. Renegotiate short term loans
Credit cards aren’t the only problem. If you’re still paying off your student loan, now is the time to pick up that phone and see if you can refinance your balance and can get a lower interest rate. With years of regular pay and a good credit score, the chances are high that you can get a better, lower interest rate.
5. Have “THE MONEY TALK” with your parents
It may not be an easy task, but it’s good to know your parents’ financial status and long-term money plans. That way, you can be aware of any obligations that they may face down the road.