5 Things You Should Know About Money in Your 30s

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When you’re in your twenties, you can afford to have a little fun and throw a bit of cash around, but by the time you get to your thirties, things start to get more serious; you have a family, a job and a future pension to think about and that means you need to start taking more responsibility for the financial side of life.

Whether you’re already in your thirties and you think you’re handling your money responsibly, or you’re on the cusp of reaching your third decade, here are some things you need to know about money:

Debts are Destructive

Of course, there are some ‘good’ debts like mortgages and business loans, which will actually help you to better provide for your family. However, most debts are by no means good and definitely not desirable. If you run up huge credit card bills or take out loans too big to manage, then eventually you’ll start to sink, your credit score will be affected, and you’ll find it hard to access good debts, or even get a job in some cases!

If it’s too late to steer clear of the debt, then it’s time to start paying more than the minimum to clear them as quickly as possible. Do this, and you’ll be more stable and more likely to have access to ‘good’ credit when you need it.

Your Credit Score

Speaking of credit scores, it’s important that you know what yours is because it can affect everything from getting a phone contract to buying your first home, as I mentioned above, and it is only when you know what your credit score is that you can use repair.credit to start boosting your score. This might take awhile, but it will pay off in the end.

Negotiating Pays Off

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A lot of younger people neither realise that they can negotiate their salary or have the guts to do so. However, 80 percent of people who ask for a raise are likely to get one, so if you’re brave enough to ask, you could start earning more money right now and use that money to build a more secure future.

An Emergency Fund is Essential

It is absolutely essential that you build up an emergency fund in your thirties (if you can do it sooner, than so much the better). You need to do this so that if the dog gets sick, you have to fix the roof or your car packs up; you’ll be able to cover the cost without resorting to expensive debts.

Saving for Retirement Isn’t Optional

If you’re thinking that you’ll be able to retire and live comfortably on the state pension, think again. It’s never been less certain that there will actually be a state pension, let alone that it will cover all of your needs when you do eventually retire, which could be in 40 years or more, so start saving for your future right now.

Managing money might be difficult, but if you have these things covered in your 30s and beyond, you should find it much easier!


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