Money Goals Achievable By Age 30
This article will tackle 8 distinct financial goals that one must consider achieving before reaching the age of 30. But, if you are already at this age and you are still reading this, that’s completely ok. If you want to get a stronghold of your financial future, try ticking these off your list as soon as you can. These tips are brought to you by Perfect Payday, where you can apply for payday loans if you live in Australia.
- No Consumer Debt
This is very essential. No matter what age you are, you shouldn’t be weighed down by any amount of consumer debt if you want to achieve your financial goals. However, it is understandable if you are in your early twenties and you are a fresh graduate with outstanding student debt. This happens to many people but you might want to settle this as soon as you can. Ideally, you should make it your goal to eliminate any loans that have an APR of more than 10%. If you pay off your debt, it will make it easier to get a same day loan in the future if you really need one.
- Build Credit
Many people utilize cash only and they don’t have any credit cards or experienced borrowing money. If you are one of these individuals, you might want to consider establishing credit since there will be instances in your life that will require you to have good credit. These instances include employment and mortgage. Generally, you should aim for a favorable credit score that is around 700 or better.
It is easy to develop credit. And, it’s ok if you don’t completely trust yourself carrying credit cards. You could simply get one, purchase something and never use it again.
Apply for no credit check loans if you feel your credit score is preventing you from qualifying for a conventional type of loan.
- Have an Emergency Fund
No matter how much money you’re making, you must have an emergency fund. Having an emergency fund is one of the many steps you want to undertake if you want to have a good financial future. You should set aside at least $1,000 – $10,000 for emergency use. Take note that an emergency is not something that goes like this: you dropped your phone in the sink and you need a new one. Actual emergencies are instances wherein you had an injury that confines you in the hospital for several weeks or your car gets broken while you are on the highway.
If you do not have an emergency fund, you may find yourself needing an instant cash loan. If you have a job, you may be able to qualify for this type of loan from Perfect Payday.
- Better Understanding about Taxes
It’s vital that you have a broad knowledge about taxes and you completely understand how the tax system operates to reach your financial goals. Once you understand the workings of the tax system, you’ll realize that there are a lot of ways on how you can save money. Dedicate half of your day to learn and understand the tax system. It will benefit you in the long run.
- Different Source of Income
You might want to consider having other sources of income to guarantee your financial safety during an economic crisis. Even if the economy is acting steadily right now, you have no idea what will happen after a few years. It pays off to have a sense of security that you are going to reach your financial goals. For instance, you can start a sideline like offering rental properties where you can earn money as a landlord. Or you can also begin making money out of your hobby. For example, you’re good at baking pastries. Why don’t you bake some brownies or cookies then sell them? Take note that you don’t have to start immediately, you can simply tuck them at the back of your mind for now. Think about other ways on how you can earn money in case you lose your current job.
- Full Insurance
When you begin having a lot of households and financial responsibilities to look after, you need to start thinking about ways on how you can protect yourself. This includes dental and health insurance, and most importantly life insurance. It is vital to have some kind of life insurance if you have a family. As you are approaching the age of 30, you should pay attention to this matter more.
- Charitable Contributions
Look for ways on how you can donate. It’s not always about the money because you can also donate your time. The moment that you are in your thirties, you might have a little cash overflow and it wouldn’t hurt if you find different ways to donate money.
- Establish Retirement Plans
By the time that you are thirty, you might have no plans of retiring until you are 65. However, you can retire earlier and be able to do that, you need to pay close attention to your financial goals by the age of 30 or younger. Being proactive in this type of matter will help you look for ways on how you can decrease your retirement date. Instead of retiring at 63 years old, you can lower it down to 60, or even to 55.