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.
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Stacy B Miller (Abbie) On 4th Apr,16
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5 Must do money tasks for all those who are approaching 30

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.

Save enough to be prepared for the rainy days:

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.

Check if everything is perfect on your credit report:

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.

Accept either 401(k) plan or Roth retirement plan:

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.

Start saving for your kids from now onwards:

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.

Get rid of your student loans for a better future:

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

Other money tasks you need to do before you turn 30

Check out the other money tasks you must never forget to do before you're 30 years old.

  1. Read articles of financial bloggers and know how to improve your life
  2. Use coupons for grocery shopping
  3. Pick a career that would help you lead a good life with your family
  4. Check and recheck your W-2 statements
  5. Look for ways to spend less and earn more
  6. Get accustomed to the idea of frugal living
  7. Take a brown bag to your office
  8. Invest your money on mutual funds with small fees
  9. Invest in a 401(k) plan
  10. Take steps to protect yourself from identity-thefts
  11. Opt for a 15-year old mortgage instead of a 30-year old one
  12. Create a budget for your family
  13. Stay within your means and avoid payday loan lenders
  14. Sign a pre-nuptial agreement if you don't trust your spouse
  15. Negotiate with creditors for interest rate reduction
  16. Save, save and save for major purchases in your life
  17. Take all steps to safeguard your credit score
  18. Buy an used car instead of a new one
    1. Final thoughts

      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.

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