A lot of things in our life revolve around money. Whether this is good or bad is a personal question for each person, and it is pointless to impose your opinion here. But one thing is for sure: money is an integral part of our life, and the ability to earn it will never be superfluous.
But in order to make money, you also need to know the monetary basics. Taxes, banking transactions, passive income — these financial definitions should not be strangers to you. It's great if you have a stable and beloved job that brings income. But do not forget that everything can change, so having a backup option is always useful.
In this article, we have selected 30 financial goals that you need to set yourself and achieve by the age of 30. By implementing them, you will be confident in your financial future.
1. Financial independence from parents
Parents will always consider you a child, but you need to remind yourself and them that you are an adult and can provide for yourself.
2. No debt
Live according to your capabilities and if you can't afford to buy something, don't try to borrow money for it. Debts destroy not only financial stability, but also relationships.
3. Get rid of outstanding loans
And again, our desire to have as many things as possible throws us into a financial hole. Debt on loans can negatively affect not only credit history, but also financial well-being.
4. Maintain your credit history
Don't let the mistakes of youth ruin your plans for the future. A few missed payments in your youth or exceeding the credit limit on the card will affect your credit history.
5. Saving money for retirement
If you think that old age only comes to other people and will never come to you, then I have bad news for you. It is unlikely that you have thought about such a distant future, but do it, and old age will not take you by surprise.
6. Explore investments and create an investment portfolio
By the age of 30, you should have your own investment portfolio. Bank investments are also good, but a diversified portfolio can bring even a small but stable income.
7. Have a reserve fund
Try to have a reserve amount of money equal to 3-5 of your monthly expenses. Just in case.
8. Insurance
In our countries, insurance is not as developed as abroad, but it will not be superfluous to insure yourself, real estate and especially valuable items.
9. Use benefits to the maximum
If you have the opportunity to receive some benefits, be sure to use it. Otherwise, it is tantamount to a waste of money.
10. Track costs
The only way to manage your money is to keep track of your expenses.
Using apps to do this is very simple. For example, Dollarbird for iOS and Moneywise for Android.
11. End impulsive shopping
The sooner you get rid of the habit of buying things just for fun, the better. Stop buying things you don't need and learn to identify it in advance.12. Spending money on the right things
You no longer live in a dorm or in your parents' apartment. Surely you have your own apartment, and spending money on its arrangement is quite logical. Buying curtains, furniture, or even a gym membership are great examples of the right purchases.
13. Keep track of credit accounts
It is very easy to spend other people's money, but banks do not forgive such frivolity. Therefore, do not forget to check your accounts periodically and notice and repay your debts to the bank in time.
14. Pay for utilities on time
We can endlessly complain about housing and communal services, but we still have to pay for services. And you can even force the bank to pay for them for you!
15. Spend money on a big but useful thing (see item 17)
By the age of 30, you should have secured at least one financial triumph. It can be a car or a trip, but you just have to save up money and spend it this way. You will enjoy this purchase for a long time!16. Understanding the tax system
You need to learn to understand how the tax system works and how you can save on it. For example, how to return the tax paid in other countries, save on the tax on the sale or purchase of an apartment.
17. Saving money for a big purchase
Create a long-term plan and confidently go to its implementation. Each of us has a dream for which such a plan is simply necessary.
18. Think about a career
Your job is the main source of income. If you like your job, then don't forget about improving your professional abilities and career. Attend seminars, lectures, and learn from successful colleagues.
19. Passive income
Let it be small, but you should have additional income on the side. If you haven't even started looking in this direction, then it's time to start. Learn more about investing, stocks and diversified portfolios.
20. Your capital should grow
Formula asset — liability = positive amount very relevant. Moreover, this amount should only grow. Your assets should increase every year. How much? It depends on your aspirations and actions.
asset — liability = positive amount
21. SKC, or super cool goal
You must have such a goal. To have a six—figure salary or a bank account worth several million - you set the goal yourself. And after you have set it, strive to achieve it with the help of smaller goals. Once you have achieved this goal (you just have to achieve it), set yourself the next one.
22. Living within your means
And I'm not saying that you should save. No. But you have to understand that to buy cool things, you have to earn cool money. If you want to buy a country house, calculate how much it costs and how much you have to earn for such a purchase. If you can't afford it yet, then make it your SCC!
23. Comparing yourself with others
We have said many times that the life that people show on social networks and real life are two different things. Therefore, you should not blame yourself and envy a friend who bought a new car. Maybe he's been saving up for it for the last 10 years.
24. To end materialism
It is very difficult to do this, because we live in a world of consumption, and they constantly want to sell us something. But you do not need to measure your success with material things.
25. Healthy Credit card Relationships
Try not to spend bank money on unnecessary purchases. And never miss the deadline for the payment of debts.
26. Charity
Spend small amounts on charity. $10-15 a month will not hit your budget, but it will bring satisfaction to you and help others.
27. Healthy financial relationships in the family
If you are in a relationship, then creating a certain financial system will benefit you and your partner. Money too often leads to a breakup and divorce, and you definitely don't want that.
28. Used doesn't mean bad
Deep in our minds, the idea that second—hand goods are bad has been deposited. It is necessary to fight with this dotted line. And sites like Ebay are great at helping with this.
29. Stop paying unnecessary payments
Withdrawing money through an ATM of someone else's bank or a randomly connected tariff on a phone that you don't really need, but you're just too lazy to turn it off. Such situations eat up money, and it's entirely your fault. This is excusable in 20 years, but by the age of 30 you need to learn how to keep track of your money.
30. Money is a medium of exchange and it's not worth being obsessed with
Being financially stable is great, but you shouldn't devote your whole life to it.
Study finance, develop financially, but don't make money the number one goal in your life. Corny, but it won't make you happy.
Do you have any tips that will help others manage their personal finances correctly and achieve monetary goals? Share them in the comments!
