Turning 30 might seem scary, but it is actually a great age. You may even enjoy the coming years more than the previous ones, as you will be more settled in life. However, financial issues can plague you if you are not careful. Avoid these money mistakes and you will find yourself thoroughly enjoying the next ten years.
1. Overusing credit cards
When you spend more than you can pay off on your credit cards, you are risking going into debt. It can be very difficult to get out of debt again, so do not make this mistake. Pay your credit card balance off every month.
2. Spending money on things you can make at home
Making your own coffee and bread is relatively simple, yet most people pay a ridiculous amount for these amenities at a store. Learn to make your own and save. If you are not up to making your own bread, you can always invest in a bread machine. It will pay for itself very quickly.
3. Buying a house when you can’t afford it
You may be in your thirties now, but that does not automatically mean you need to buy a house. If you can’t afford it, you will just be getting yourself deeper into debt.
4. Ignoring your retirement fund
You may still feel young, but those retirement years are coming and you only have a few more decades to save up. Start now, if you have not been working on building that savings account previously.
5. Skipping minor fines
Do you owe a few parking tickets? They are easy enough to ignore, along with library late fees and other small fines, but they can affect your credit rating. Take the time to pay off all those little fees you have racked up and stay on top of them from now on.
6. Avoiding your student loan
Never avoid your student loan. Even if you can only afford to pay off a small amount each month, make a point of making that monthly payment. It is far worse to worry about every phone call or knock at the door because you have defaulted on your loan.
7. Not asking for a raise
It can be nerve wracking to ask for a raise, but if you have been working for your current employer for a while, it may be time. Make a list of how you have benefited the company and go talk to your boss. Even a small raise can make a big difference in your earning goals.
8. Filing your taxes incorrectly
Anyone who is not savvy with numbers should consider hiring an expert to file taxes. A professional can help you avoid many problems that could come back to haunt you in the future.
9. Lending money to family and friends
Family and money just do not mix. It is fine to give a gift of money, but do not expect to have it paid back. An alternative, if you do not want to help out financially, is to give your time. Babysit or help clean the house when someone is ill, rather than lending money.
10. Not investing some of your money
Investing may seem like a big step to take, but if you have a nest egg, it is worth investing a small amount to begin with. Talk to a financial advisor or your bank to learn more about your options.
In your thirties, you will likely make some decisions that will set the course of your life. Avoid making major financial mistakes and you should be fine going forward. You just need to consider the impact of your decisions before making them.