Turning 25 is a hard enough milestone for most, but turning 30 seems to be a maturity turning point for most adults. One of the biggest cliché wishes for young adults is that they want to be financially solvent by the time they hit the next big birthday milestone. It may be a stereotype that young adults are awful with their budgets, but it’s also very true. The black cloud of student debt and the frivolity of ‘free’ money with credit cards can really mess a person up when they’re young. It’s okay, though, there’s always time to make it right.
Most people in their twenties cannot answer basic financial questions about savings or stocks (read more at: https://commodity.com/brokers/plus500-review) and almost half of them don’t bother with a pension or any planning for after retirement. It’s a shocking statistic, but it’s one that has to be shocking to be changed. There are some rules that all twentysomethings should learn before they turn 30, though. It’s not all eating Ramen noodles and saving for houses, either.
It’s Always Worth Negotiating
Whether you’re bartering for the house price of your dream home to fall, or you want to negotiate with your boss for a pay rise, it’s always worth a conversation. It’s common for twentysomethings fresh out of college to get a new job and just accept the salary and benefits on offer. Why would you accept it, when you can have a conversation about it? Asking for a higher salary, or benefits that you feel that you are worth early on can make a difference to the way that you are viewed by your boss. Try it and see!
Always Check Your Credit Score
The world is run by numbers and your credit score is going to make a massive difference to the way you run your finances. It’s going to determine if you can buy a house and get a cell phone contract. If you know your credit score, you can work on improving it and stop being ignorant to your own financial future.
Don’t Be Ruled By Debt
The one thing that you need to consider when you turn 30 is how you want to manage your finances. 30 is a time people tend to settle down and buy a house, and so you need to ensure that you have paid down enough debt so that you are not under that black cloud when you want to start thinking about a house purchase.
Budgeting Is For Winners
Money isn’t going to freely fall into your lap, you have to work for it. You also have to maintain a budget that keeps you in the black every month and not in the red, while you save for a home or for the latest vacation. Budgeting isn’t for those on a tight budget, it’s for everyone.
Your 30s should be a time of discovery on a whole other level to your 20s, so make good choices and read as much as you can about your finances.