There’s a point in the life of every individual that they come to realize their accomplishments in life. Yes, there are things that most 30 years old should have done or try to achieve. Here are the financial milestones at 30:
Financially independent from your parents
At the age 20-25 years old most individuals got their job already and can finance their own needs, but for some emergencies and crisis, others might have a hard time being financially stable. At the age of 30, an individual should be able to fully recover from the mess they have experience and be sufficiently stable and be financially independent of their parents. This age that most men and women are planning to get married and have a family.
Saving up for a home
It is high time that at this age that you save at least 10-20% for the down payment of your new home. Having your own home is a significant investment, but with long term benefits. Instead of renting for an apartment, why not spend the money you’re using to pay your residence to buy your own house.
Securing a life insurance
Most people at this age have their own families already or planning to start a new family. For security and stability purposes of your loved ones and dependents, it is best to invest in life insurance. Even for single individuals, having life insurance can ensure them of what is coming in the future.
Saving up for retirement
Putting up some of your income to save for retirement is a perfect decision. People would also like to enjoy life and be able to spend what they have worked for all their life. With enough savings, an individual can also have an early retirement that entices him/her to enjoy life.
Being debt free
People encountered a lot of mistakes during their 20s, especially when it comes to debts. However, this is not an excuse to continue making the same mistakes. Student loans or any other loans should be vanquished by age 30 or make it a point that they are at their minimum. Paying debt is one of the most important things that should be done.
Having a good credit history and good credit score
The good standing of credit history can help you purchase bigger things like house and car which eventually you will need when you have a family.
Having an emergency fund
It is something that people should have. It makes people more secure and worry-free. There isn’t an exact amount for this; some researches said that it should at least cover 3-6 months of essential expenses.
Getting a stable job and clear direction of your career
Having a stable job at the age of 30 is very important. Your job is the one that generates the most income for you. You should have planned what you want to become, whether having a job or continue studying. In this way, you can enjoy what you work hard for at the age of 40 to 50.
Graduating from impulse buying/purchasing
But what is needed and avoid temptation like shopping sale at the mall or online shopping? Instead of buying unnecessary stuff, try to save it up for some important events or things.
Saving up
One of the most important financial milestones at 30 is to reward yourself from years of studying and hard work. At this age, enjoy what you have been working for. You can treat yourself with an adventure; go on a trip to another place; have an extended vacation.
