
Money Mistakes You Should Never Make After Thirty
The thirties is a turning point in a person’s life where they have to seriously look at conditions in their lives and what they are doing with themselves. It is the point between youth and older age. Unfortunately, there are a lot of financial mistakes that people make in this time of life and beyond. Here is a list of the financial mistakes that people make in their thirties.
The thirties is a turning point in a person’s life where they have to seriously look at conditions in their lives and what they are doing with themselves. It is the point between youth and older age. Unfortunately, there are a lot of financial mistakes that people make in this time of life and beyond. Here is a list of the financial mistakes that people make in their thirties.
Not Properly Investing
Once you hit 30, you should start to realize that your middle-aged and elderly years are not too far away. This is why you have to properly invest your money for the future. There are a number of things that you can invest your money in—precious metals, stocks, money in the bank, etc. Make sure to set money and resources aside for both a rainy day and your golden years.
Getting Yourself Into Credit Card Debt
Some people get into a horrible habit where they run up credit cards and get into a spiral of debt. It’s shockingly easy to pay for things that you can’t really afford via a small piece of plastic. Do not let the ease and convenience of credit cards trap you.
Not Building Up Your Credit
It is very important to build up your credit because credit is relevant when purchasing and renting important things such as homes, apartments, and cars. If used unwisely, credit can result in massive debt. However, you don’t need huge purchases to build credit; you can make small purchases and immediately pay them off. Start building credit as soon as possible.
Spending Too Much On Vices
The costs of alcohol and other inebriating substances can add up. If you want to save more money, cut down on the vices. Reducing expenses on cigarettes, alcohol, and similar habits can positively impact your finances. This also includes reducing spending on adult entertainment if applicable.
Not Brown Bagging It
If you are over 30, you should consider bringing your lunch to work. It may require self-discipline, but this simple change can help save money instead of buying food from restaurants every day.
Living A Non-Frugal Life of Luxury
Living a relatively non-frugal life of luxury can lead to financial trouble. Entertainment expenses can add up quickly. For example, spending on restaurants, shows, and other activities can easily total hundreds of dollars monthly. Cutting back on these can improve your financial situation.
Doing Expensive Things With Friends
After 30, try to choose less costly activities with friends. If friends are not open to this, it may be wise to find friends who share frugal values. This shift can help ease financial pressures.
Not Having Started A Solid Career
By your thirties, you should ideally have or be building a solid career that allows you to save for retirement. This is a time to seriously evaluate your career path and make adjustments if necessary.
Not Thinking About Retirement and Your Golden Years
Once in your thirties, it is essential to think about retirement and plan financially for your golden years. Setting goals and considering your desired lifestyle can help prevent future financial struggles.
Having Children Without Proper Financial Planning
Having children can significantly impact finances, with costs such as food, daycare, and education. Planning for these expenses in advance can help reduce stress and financial strain.
Trying To Keep Up With Peers
Many feel pressured to keep up with the materialistic choices of their peers. Trying to match their lifestyle can strain your finances. Releasing this pressure can help improve your financial stability.
People make financial mistakes in their thirties. These mistakes include trying to keep up with peers, having children without financial planning, neglecting retirement planning, doing expensive activities with friends, living a luxurious lifestyle, not brown bagging meals, spending excessively on vices, not investing wisely, and accumulating credit card debt.
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