Nobody likes talking about money, it’s boring and it’s stressful, especially if you haven’t got any. But money is a fact of life and things are so much easier when you learn how to manage it properly. When you’re younger, it’s not likely that you’ll have much money and you won’t be thinking too hard about your long term goals, but you probably should be.
The earlier you start getting into good habits, the easier it’ll be later in life when you need to start making big life decisions. With that in mind, these are some of the most important money goals to reach before you hit 30.
Pay Off Debt
A lot of people get into debt when they’re younger. When you’re inexperienced and you’re trying to balance low wages with the high cost of living, it’s not uncommon to end up borrowing some money. But that debt follows you around and the longer you have it, the more problems it’s going to cause. That’s why you should try to pay off that debt as quickly as possible.
Try to cut any unnecessary spending out of your budget and pay off more than the minimum repayment every month. If you’re just paying the minimum, that’s mainly the interest and only a tiny amount of the actual debt that you pay off so it’s just money down the drain every month. The sooner you can pay it off, the sooner you can start working towards financial stability.
Improve Your Credit Score
You probably haven’t checked your credit score before and if you’ve got a lot of debt then it probably isn’t great. At the minute, it doesn’t affect you too much but when you come to buy a house or get a loan for a car, a bad credit score will cause you some problems, so you should start fixing it now. The best way to do it is to get a credit card (sounds crazy I know) and then use it to make purchases.
If you pay it back straight away, you’ll start building good credit. If you already have a lot of debts, you might have to look at unsecured credit cards for poor credit because a lot of other providers won’t give you one. It’s so important that you’re sensible here, you’re using this credit card to build credit, it’s not a source of unlimited free money that you can blow on going out.
Start A Savings Account
A lot of people don’t start saving early because they don’t have that much to save, but always remember that something is better than nothing. Even if you’re only saving a tiny amount, it still builds up over time. There’s no better time than the present to learn to save money because having a bit put aside can help you out of a difficult situation and stop you having to use credit cards to pay your bills.
You’ve probably got plenty more exciting goals that you want to achieve in your 20’s but it’s important that you think about these financial ones as well.
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These are great financial goals to have before hitting 30!!! Thankfully I have been conscious of managing my debt even since before and for sure starting a saving’s account and might I say to take it a step forward is to also start investing 🙂
These are such helpful tips! Thanks for sharing – I’m so fortunate to never have had any debt (apart from my student loan) but I know that definitely won’t last forever!
I have actually always been pretty good with money, I think because my parents got into a little debt when they owned a business it made me a bit more cautious. So I have never personally been in debt with my own money. However, I do need to think about a Credit card especially as myself and my partner want to try and get a mortgage this year! Some helpful tips thank you xx
All of these, yes please! I am almost 29 and feel like I need to get my shit together. My biggest worry is my student loan, I’d love to put more of a dent in that before I hit 30!
Rosie
These are all great tips! I used to be better with money at the beginning when I had my first job, then saved less and less with an excuse, but started getting more serious about it and thinking of investing too as soon as i do my research! Thanks for sharing x
These are some great goals – I wish that someone had suggested these to me when I was younger. I have spent a good part of my early 30s working on paying off debt that could have been in the past if I had been focused on addressing it at a younger age.