Hi.. I’m 30s and there’s many mistakes I’ve done in my life. Honestly, I just try to reorganize my financial after wrote and rewrote article at yourfinancialblog.com. 30s is important decade in our life as we become more mature and our needy increase. Hera are a few common money mistake that we need to avoid :-
1. Married without good finance
– Okay, you can said that your won’t have big spending wedding. That’s good as it could help you married easy but life after marriage is important. You need to discuss with your partner before make decision. Keep honest to them how much money you have. Not just about marriage, you also need to prepare your future.
In 30s, you can’t waste money to enjoy especially if you come from small/medium income workers. Change your lifestyle and don’t put your money into trouble. There’s many cases of divorce because inadequate money for living.
2. Don’t pay debt
– In 30s, you must know that debt could trapped you. Try to settle debt such as education loan, car loan in this decade. If possible, try to settle house loan. Avoid make new loan as you will being chased by borrower for another decade.
3. Not saving for retirement
– Do you want to work untill 60s ? I’m not and my target is to retire before 50s. In this age, we need to save for our future. Don’t depend too much on your retirement provide by government. You must invest at some place such as fixed deposit , public mutual. But always learn before choose to invest.
4. Buying that you can’t afford
– There’s many people buy thing can’t afford such as car, house. Maybe in the 20s they can buy the thing but when they reached 30s there’s many responsible such as wife, sons. If your house is too expensive to manage, sell and buy lower house. It is important as in this age you must have priorities in your spending.
5. Ignoring your will
– Maybe you think ’30s’ is still young but there’s many cases people die in 30s without any sign. It will effect your family if there’s no will being pass to your family.
Reference :- Finance Yahoo
That’s some mistake we need to avoid. That’s how important we need to know in 30s. Hopefully I could go 40s with better finance.