Managing personal finances is not a simple thing to do. Believe it or not, most people have problems managing money in their late 20s and early 30s. This is because most men and women become completely independent in this period of life. They move away from their parents earlier in life, but they find good jobs with steady pay a bit later. Also, some of them start their own families and this alone is a unique financial challenge. So, if you are in your 30s and have problems managing your money, you should definitely check out these 4 tips on how to do it better.
Invest in Insurance
A lot of young people tend to disregard this option in this stage of life. Some men and women think they are indestructible in their 30s, but this, of course, is not always true. Because of this irresponsible and reckless attitude, some people end up injured or sick and this causes them to lose a lot of money or their jobs. This can be avoided if you plan ahead. One of the best ways to plan ahead is to invest in insurance. This doesn’t have to be just life insurance, there are many other ways to protect yourself and your money. For example, if your job is dangerous, you can consult an experienced compensation lawyer and insure yourself in case of work-related injuries. Trust us, it doesn’t matter how confident or skilled you are, it’s always good to be prepared.
Try to Eliminate Vices from Your Life
During your 20s you probably went on a lot of parties. This is perfectly normal during college, however, when you enter your 30s and get a responsible job, alcohol, unhealthy food, and cigarettes can cause a lot of damage to your health and your budget. Cutting back on your vices, or at least one of them can be rather beneficial for you. In fact, it can be good for you in more than one way. This strategy can help you save money and improve your overall health. So, basically, you would be killing two birds with one stone.
Create Your Own Emergency Fund
A lot of young people are too reckless with their money. They tend to spend their entire monthly salary just because they know there’s another one coming next month. But what if that doesn’t happen? What if you lose your job due to poor performance or some injustice? You would need some money just to get by until you find yourself a new job, right? This is where your emergency fund comes in. It is your personal insurance fund from which you can take money if something unexpected happens. This kind of security will keep your mind at ease at all times.
Write Your Monthly Financial Plan
Some people think writing a financial plan is a waste of time, but putting pen to paper can help you save a lot of money on a monthly basis. Writing a plan and reserving certain amounts of money for certain things will help you to respect your budget and not waste money on unnecessary products. This is the best way to keep your finances in check and control your spending. Writing a monthly financial plan is a healthy habit every adult person should have these days.
It doesn’t matter if you are leading a nerdy lifestyle or if you are pursuing a successful career in business, these simple, but efficient financial tips will help you to better manage your money in your 30s.
Mia Taylor is 33 year old blogger who writes about beauty, fashion and travel. She had always been passionate about fashion and over time she had developed a style of her own. Mia loves to mix and match and get inspire girls with her advice about outfit and accessories. She loves telling a story about her travels, providing beauty tips with readers.