5 Financial commandments for the thirty-somethings – Let 2018 be your year!

by Darwin on April 2, 2018

If you’ve already successfully established a solid foundation for your finances in your 20s, make sure you utilize the next decade of your life in safeguarding the wealth that you’ve accumulated and continue building more. On the other hand, if your finances felt like a plague during your twenties, you needn’t fret as you can thrive through your thirties and even beyond.

Now that you’re 30, you can follow the financial commandments that we have compiled together for you in order to find out your financial footing and set a solid foundation. By the age of 30, you’re older and wiser than what you were in your 20s. Check out the few commandments given below to make 2018 your year!

#1: Reconsider your budget

You might have established a well-planned budget in your twenties and you may have even racked some savings. However, from year to year, your expenses, income, needs and wants are most likely to change. Hence your budget will automatically demand adjustments and changes according to the changes in your life. If you got married or you had kids or you started off with your own business, you have to adjust your budget in an according manner. This is called the act of balancing. Cut down expenses in few unnecessary areas and devote that saved money to somewhere else.

#2: Check your insurance coverage

You never know when financial emergencies may arise out of nowhere. Although there are several reliable financial companies which can offer you with Northcash online loansto fund your emergencies, yet something that is most often forgotten is your insurance coverage. Irrespective of whether you rent a home, move to a bigger house or buy a car, you should definitely have adequate coverage on your homeowners insurance policy, auto insurance policy and life insurance policy. This adds protection to your life. Keep reshopping your insurance policies to ensure you get the best deal.

#3: All unsecured debt should be paid off

You must have arranged for a debt repayment plan during your twenties. If you have, make sure you stick through it even during your thirties so that you never get on the threshold of debt even during your forties. Only when you pay off all your non-mortgage debt, you can focus more on building your future nest-egg. Hence, make a list of all the bills from the past and ensure triggering them off.

#4: Put more money towards your emergency funds

Always have the goal of maintaining at least 3-6 months of living expenses in your emergency account. As your expenses and income move up, the amount that you put in your emergency fund should also increase. In case you’re worried about the fact that the liquid cash isn’t multiplying in a way it would have in the stock market, you should learn the new ways of investing moneyin order to earn more.

#5: Diversify your investments

This is perhaps the perfect time to diversify your investments. Once you move into your thirties, you should know the basics of investment. If you focus on adding all your nest eggs in the same basket, you’re going to face failure. Hence, make sure you focus on diversifying your assets so that you can keep earning from one asset even if the other fails.

Therefore, now that you’ve become familiar with the financial steps that you should take in your 30s, what are you waiting for? Follow the tips given above and make 2018 successful for you.

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