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10 Financial Goals To Pursue Before You Reach Your 30s

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10 Financial Goals To Pursue Before You Reach Your 30s

Have you set your financial goals? Being in your 20s is an exciting time – you finally have the freedom to set your own rules, and you understand the value of independence. However, a big part of independence is being able to support yourself financially.

It is a great feeling knowing you are on track with your money, and now is the perfect time to start working towards financial security.

Check out 10 financial goals to pursue before you turn 30.

1. Focus On Paying Off All Of Your Debt

This does mean all of your debt; student loans, credit cards and any auto debts. All of these payments come with interest, and some of the interest is very high. Focus on paying off your debt first; the repayments and interest will keep sucking up your money until they are totally paid off.

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Paying off your high interest debt makes hitting financial goals and saving money much easier, and you will feel great once you have made that final payment!

2. Create A Monthly Budget Plan

Saving and paying off debt is much easier when you have a budget plan in place. When you have a free evening, sit down and write down all of your earnings and expenses. Set money aside for rent, bills, food, entertainment, paying off debts and savings.

When you have a set amount of money to spend, you will notice you are saving money without having to think about it too much.

3. Stop Impulse Spending

Impulse spending can decrease your savings – as well as often being a waste of money! Before you buy yourself something, ask yourself these questions; Do I need this? Why? Am I paying for this with my weekly allowance, or with my savings?

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A good rule of thumb is if you are paying with your savings, put it down. If you are paying for it with your weekly spending budget, come back the next day and buy it then if you still want it.

4. Set Career Based Financial Goals

It is likely you already have plans to advance your career and earn more money, but writing these plans down can help you to solidify them, as well as motivating you to work towards them. Try to set a rough time limit to achieve them, as this way you can check that you are staying on track.

5. Get Rid Of One Luxury

Most people have a few luxuries or treats they regularly buy. Try to track your spending for a month and see if there is any money that is being wasted.

For instance, many people buy lunch or coffee every day, but swapping to homemade can make a big financial difference. Try to cut out one luxury, and save the money instead. Keep your other treats as a reward for your savings!

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6. Pay Your Bills On Time

One of the most important financial goals in your twenties is to pay your bills on time. Unpaid bills will leave you with bad credit, and they can pile up and become even harder to pay. Try to stay on top of the bill by setting up an automatic payment so you never miss another one.

7. Aim To Have Emergency Savings That Equal 6 Months Of Living Expenses

It may seem like a large amount of money, but through monthly saving you will eventually have enough savings to cover half a year of living expenses. The future is uncertain, and your life will feel less stressful if you know you have a safety net for worse case scenarios.

Try to also put your savings in a high yield account to benefit you financially as you save.

8. Save For A Home

It isn’t essential to save for a home in your twenties, but if you have paid off all of your debts it is often a smart idea. Saving up for a home takes a long time, and the sooner you start, the sooner you will be able to get on the property ladder – if that is something you are interested in doing.

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9. Invest Wisely

Investing is a useful way to increase your savings, but be sensible if you are going to invest. Seek guidance from trained professionals, and let them support and guide you whenever you make investment decisions.

Try to take notes, too, as they will help you to make your own financial decisions in the future.

10. Start To Save For Retirement

While saving for retirement might feel like something you could put off for another decade or so, putting a small amount of money aside each month will make a huge difference.

It doesn’t have to be much at this point, so take a look at your budget and see how much you can spare. Even $10 a month will help to set you up for the future.

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A general rule of thumb is to try and save 5% of your wage, and slowly raise that up to 20% over time.

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Amy Johnson

Amy is a writer who blogs about relationships and lifestyle advice.

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Last Updated on January 5, 2022

33 Painless Ways to Save Money Now

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33 Painless Ways to Save Money Now

In a difficult economy, most of us are looking for ways to put more money in our pockets, but we don’t want to feel like misers. We don’t want to drastically alter our lifestyles either. We want it fast and we want it easy. Small savings can add up and big savings can feel like winning the lottery, just without all of the taxes.

Some easy ways to save money:

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  1. Online rebate sites. Many online sites offer cash back rebates and online coupons as well. MrRebates and Ebates are two I like, but there are many others.
  2. Sign up for customer rewards. Many of your favorite stores offer customer rewards on products you already buy. Take advantage.
  3. Switch to compact fluorescent bulbs. The extra cost up front is worth the energy savings later on.
  4. Turn off power strips and electronic devices when not in use.
  5. Buy a programmable thermostat. Set it to lower the heat or raise the AC when you’re not home.
  6. Make coffee at home. Those lattes and caramel macchiatos add up to quite a bit of dough over the year.
  7. Switch banks. Shop around for better interest rates, lower fees and better customer perks. Don’t forget to look for free online banking and ease of depositing and withdrawing money.
  8. Clip coupons: Saving a couple dollars here and there can start to add up. As long as you’re going to buy the products anyway, why not save money?
  9. Pack your lunch. Bring your lunch to work with you a few days a week, rather than buy it.
  10. Eat at home. We’re busier than ever, but cooking meals at home is healthier and much cheaper than take-out or going out. Plus, with all of the freezer and pre-made options, it’s almost as fast as drive-thru.
  11. Have leftovers night. Save your leftovers from a few meals and have a “leftover dinner.” It’s a free meal!
  12. Buy store brands: Many generic or store brands are actually just as good as name brands and considerably cheaper.
  13. Ditch bottled water. Drink tap water if it’s good quality, buy a filter if it’s not. Get 
      a reusable water bottle and refill it.
    • Avoid vending machines: The items are usually over-priced.
    • Take in a matinee. Afternoon movie showings are cheaper than evening times.
    • Re-examine your cable bill. Cancel extra cable or satellite channels you don’t watch. Watch the “on demand” movie purchases too.
    • Use online bill pay. Most banks offer free online bill paying. Save on stamps and checks, and avoid late fees by automating bill payment.
    • Buy frequently used items in bulk. You get a lower per item price and eliminate extra trips to the store later on.
    • Fully utilize the library. Borrowing books is much cheaper than buying them, but in addition to books, most local libraries now lend movies and games.
    • Cancel magazine/newspaper subscriptions: Re-evaluate your subscriptions. Cancel those you don’t read and consider reading some of the other publications online.
    • Get rid of your land-line. Do you really need a land-line anymore if everyone in the family has a cell phone? Alternatively, look into using VOIP or getting a cheaper plan.
    • Better fuel efficiency. Check the air pressure in your tires, keep up with proper auto maintenance, and slow down. Driving even 5MPH slower will result in better fuel mileage.
    • Increase your deductibles. Increasing the insurance deductibles on your homeowners and auto insurance policies lowers premiums significantly. Just make sure you choose a deductible that you can afford should an emergency happen.
    • Choose lunch over dinner. If you do want to dine out occasionally, go at lunchtime rather than dinnertime. Lunch prices are usually cheaper.
    • Buy used:  Whether it’s something small like a vintage dress or a video game or something big like a car or furniture, consider buying it used. You can often get “nearly new” for a fraction of the cost.
    • Stick to the list. Make a list before you go shopping and don’t buy anything that’s not on the list unless it’s a once in a lifetime, killer deal.
    • Tame the impulse. Use a self-enforced waiting period whenever you’re tempted to make an unplanned purchase. Wait for a week and see if you still want the item.
    • Don’t be afraid to ask. Ask to have fees waived, ask for a discount, ask for a lower interest rate on your credit card.
    • Repair rather than replace. You can find directions on how to fix almost anything on the internet. Do your homework, and then bring out your inner handyman.
    • Trade with your neighbors. Borrow tools or equipment that you use infrequently and swap things like babysitting with your neighbors.
    • Swap online. Use sites like PaperBack Swap to trade books, music, and movies with others online. Also, look for local community sites like Freecycle where people give away items they no longer need.
    • Cut back on the meat. Try eating a one or two meatless meals every week or cut back on the meat portions. Meat is usually the most expensive part of the meal.
    • Comparison shop: Get in the habit of checking prices before you buy. See if you can get a better price at another store or look online.

    Remember that saving money is not about being cheap or stingy; it’s about putting money into your bank account rather than giving it to someone else. There are many ways to save money, some you’ve never thought of, and some that won’t appeal or apply to you. Just pick a few of the ideas that sound doable and watch the savings add up. Save big, save small, but save wherever you can.

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    Featured photo credit: Damir Spanic via unsplash.com

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