3 Financial Milestones to Set for Your 20s and 30s
Managing finances for the first time can be more challenging than your first day of college. From daily expenses to big ticket costs like buying a house and a car, can be overwhelming for most young adults. Moreover, your ridiculously distant retirement is additional pressure on top of all your financial problems. With all these unseemly tough and complicated financial matters, it can be hard to think about setting goals and sticking to them. However, If you are struggling to find your peace in this money-oriented world, you are in the right place. In this blog post, we will share 3 financial milestones to set for your 20s and 30s. Because the sooner you start planning your finances, the earlier you get to enjoy retirement.
2 Financial Milestones for Your 20s
Your early 20s is the time you spent at bars and college parties. Money doesn’t seem like an issue, and you believe you are immune to financial crises. Life seems happy until you hit a bump on the road, and it comes at you with everything it’s got. If you want to save yourself from feeling down and depressed when entering your 30s, you better start working on the tips shared below.
1. Develop a Marketable Skill
A college degree is a good way to a secure job and earning a hefty salary. However, there are 5,000+ students besides you pursuing the same degree program. How do you think you’ll compete with them? To up your odds against unfavorable situations, you need to build a unique set of skills that distinguishes you from others. These skills can be soft skills like people management or hard skills like a specialization course. Pursue whatever is in your budget and timeframe because each day you spend partying or procrastinating is a financial burden for the future.
2. Establish a Budget
Though it seems old and practically impossible for some people to stick to a budget, you must start training your habits early. Your young adult days are best for changing your personality. By sticking to a budget, you train yourself to spend wisely and contribute to your savings
Financial Goal for Your 30s
You’re all grown up now out of college and into the real world. Unfortunately, the job market is cut-throat, and if you don’t have a marketable skill, you won’t find a job so easily. However, assuming you have a stable and good-paying job, here is what you need to do to stay financially safe.
1. Get Insured and Start Investing
The first thing you need when you are in your 30s is to get insured if you haven’t done it in your 20s. Insurance can help you cover outrageous medical and other costs that you won’t be able to pay otherwise. On the other hand, investing in the right areas can save you from financial distress. These two things will keep you financially safe and secure for years to come.
Getting your life straight when you are in your 20s is the best way to enjoy your retirement. However, unless you start thinking about your financial future early on, you won’t be able to save enough money by your40s. Therefore, learning how to set financial goals is crucial for financial success.