7 common money mistakes people often make in their 30s
We spend our 20’s finishing our studies, finding our dream job and making new connections. 20’s is a carefree age of life. But things are not same when we hit our 30’s doorstep.
When we’re in our 30’s, we are in a totally different realm. These years are crucial for us to establish ourselves in our career and climbing the corporate ladder.
We’re trying to bring our dreams into reality or perhaps thinking about getting hitched to the person of our choice. Such a decisive phase, isn’t it?
When so many things are going on in our head, mistakes are bound to happen. That’s why most of the people fall into the money pitfalls during this phase. To make sure that you don’t end up being the same, refrain from making these money mistakes in your 30’s.
Carrying too many credit card debt? You’re already standing on the edge of the pitfall!
Credit cards are indeed a solution when in need. But they are economically fragile. They need to be handled with little care. These credit cards are sometimes the reason why you make the unnecessary purchases even when you’re broke.
Being faithful to a single means of income
Your job is not your relationship. You cannot rely on a sole source of income for your entire lifetime. Diversify your income from now onwards.
Not managing your finances before settling down with a partner
Marriage requires a lot of financial planning. Proceeding without a roadmap will not only bitter things between you, but also put you under immense financial debt. Get on the same page with your partner to avoid money concerns in a relationship.
Not planning for your retirement
It’s too far, isn’t it? Actually, it’s not! Your 30’s is the time when you start planning about building your nest egg. Start investing your money and channelling your income in some profitable schemes.
Overspending on housing expenses
It sounds good to live in a house with a sea view. One out of three adults make this mistake. They spend more than 30% of their income on the house rent. Don’t let yourself fall into this luxury trap. It will suck the good out of you.
Not planning for the worst
You’re not invincible. Or, are you? You can fall sick or any mishap can happen to you. Purchase a long-term insurance for yourself to help you come over the tough times of life.
Expecting a standard of living beyond your reach
We all are dreamers. But sometimes, our dreams have to be put on the backseat. Living the luxury even when you can’t afford is a rattrap. It isn’t going to take you anywhere.