Whether you like this thought or not but when you reach the age of 30, you are an adult. By this time, you might have many financial responsibilities on your shoulders. Below we are mentioning 3 money milestones which you should be reaching by the time you approach the age of 30.
Life is surprising as well as unpredictable. It can be too good but at the same it can be worse as well. You should be prepared to face all kinds of challenges at all times. You should already be prepared that if need be, you will be all set to face the challenge.
Sometimes, the surprises can take you completely off guard such as vehicle breakdowns, broken appliances at home, being jobless or fired and hefty medical bills. Due to all these reasons, it is very important that you have an emergency fund with you. You should keep stocking amount in that fund through all the years so that by the time you reach 30, you have enough amount in that fund to meet any kind of challenge.
It is very unfortunate that a quarter of Americans have no emergency savings at all which is why when there is a dire need, they are left with nothing almost. This is why it is greatly recommended to everyone out there to start off with savings. It is not necessary that you put in huge amounts in your savings every time you put which can burden you. You can put in as little amount which can accumulate and get in to something big with time.
It is not necessary that your account should be full of funds by the time you reach 30. It is true that for most people, being at the age of 30 is just the beginning of their careers. They still have a long way to go to meet success at their ends. However, from the time that you have started earning, you should definitely put in half of your salary in to the savings. Make sure that to contribute to your savings has become your priority so that when need be, you are not behind.
Credit cards are a blessing, in the sense that you do not have to carry with yourself huge amounts of cash, you can buy your own choice of stuff even if you do not have money for the time being and then pay them off later. However, credit cards can be a big menace at the same time which are not at all pleasing.
Some people get addicted to do shopping and spending with credit cards and they have multiple credit cards from different banks. This addiction can be extremely dangerous because it will make you spend money like anything. Once you are in to it and haven’t paid on time, there is absolutely no way out then. Apart from your payments, there will be a hefty amount of interest charged upon you because of late payment not to mention countless calls from the bank every day.
It is very very important to get rid of all credit card debts before you turn 30 otherwise this debt will drown you and once you are in this, there is no way to get out of it.
Have you achieved your milestone by 30 now?
So, after reading these milestones, what do you think where do you stand right now? Are you secure or still have to struggle loads? Make not of these milestones so that by the time you are 30 you have enough funds. It is true that the majority of the people consider getting married when they approach 30 which is why it is best to reach these milestones mentioned above so that you can start off with a healthy and pure relationship.
So, keep enough funds for emergency purpose, start off savings from your salary wisely as well as get rid off credit card debts by the age of 30 so that you can hope to live a successful life ahead!
