Life begins at 30 nowadays. You can say that life begins at 30 since it is taking longer to complete education and decide on a career. The average age of marriage for millenial generation has stretched to late twenties. It is 27 for women and 29 for men.
Late marriages are good in one way as there are less chances of divorces. However, other kind of delays may not be equally beneficial since they can have long term financial impacts. So it is better for your financial future to accomplish a few tasks before reaching 30. If you want to know about those money tasks, then have a look at the below given section.
Even if you're working for the best company in the world, it's important to save for the rainy days. Your responsibilities will only increase after crossing 30. The chances of emergency expenditures increase in your thirties. As your family and financial duties increase with age, it becomes all the more difficult to save an amount that would help you survive for the next 3-6 months.
Now is the best time to find out what's going on your credit life. So what if were too busy to check your credit report in the last few years? It is never too late to review your credit report and if you can find out the errors now, then you'll get some time to rebuild your credit before entering into the mortgage market.
You won't be young and dynamic throughout your life. You'll become old one day. What will you do then? You can't possibly walk throughout your life.
In case your employer offers a 401(k) match, then it's best to opt for that plan every month. If you don't have that option, then go for the Roth individual retirement account. You've the option to contribute around $5500 every year. Besides, you can withdraw the principal amount at any moment. Unlike 401(k), you won't have to pay any penalty. Work now and save more so that you can retire comfortably.
The average age of marriage is heading towards 30. However, 44% of women are becoming mothers by age 25. If you're expecting a baby or you're a new mother, then it's the right time to think about your kid's future. Remember, if you start saving in a 529 college savings plan now, then the amount you've to contribute later will be less.
Have you graduated with student loan debt? If yes, then you must be in a big mess already. Student loans can't be discharged through bankruptcy. As such, it creates additional problems in your life. And as new members enter into your life, the ability to repay student loans becomes all the more difficult. If you get bonus or extra money, then use it to pay down student loans.Read more - Federal student loan consolidation: How it can reduce your burden
Check out the other money tasks you must never forget to do before you're 30 years old.
Have you got married before turning 30? If yes, then consider buying a life insurance policy. Life insurance premium rates are significantly low when you're young and stout. If anything happens to you, then your partner will be very grateful to you. Just try to opt for a coverage that would help your spouse cover your funeral expenses and debts.