They say that it is better to start young if you want to prepare for your retirement. But your financial objectives should not be limited to luxurious retirement but financial security at a very young age as well. The world is constantly evolving and changing and you will never know what kind of financial crisis the future holds so it’s best to prepare for any economic downturn. In addition, starting young will help you avoid being at the mercy of usurious lending companies or avail of loans from payday loan companies that also offer check cashing services with high interest rates. So, how do you save money to become financially secure when you reach 30 years old?
- Avail of a financial plan while you are still young. It can be a pension plan, a retirement plan, and a comprehensive plan. You have to remember that monthly amortizations are cheaper while you are still young and you can choose large financial plans as you have more time to pay for it.
- You also need to have financial objectives. Some examples of doable financial objectives are as follows:
- Be financially independent of your parents’ monetary assistance
- Be debt free always
- Avoid overdraft by living just under your means, not within.
- Always own good credit ratings at all times.
- Start your own investment portfolio as it is still cheaper right now and you can afford to accumulate as you still have to build your own family.
- Put premium on your name and integrity and demand perks
- Develop discipline when it comes to money such as formulating your personal financial strategies, educating yourself on financial planning (it’s better if you can partner with an actual financial advisor), implement budget plans, control your impulsive buying habits, avoid vices and elude any inclination towards “catching up with the Joneses.”
- Live at the moment and think for tomorrow. There will be always time toughs in the future but to avoid such (if possible), you have to think of tomorrow and not just live for the moment. It is time to reduce unnecessary spending, cutback on high roller lifestyle related expenditure, give up vices, adjust insurance premiums and coverages (if you can already afford it now), and stay away from too much borrowings.
- Do not procrastinate. Start doing things now and grab opportunities. Do not commit the usual mistake of many young people; thinking that they will always be in the pink of health, or they will not lose their job later, or economic crises will only take days, not years or decades for example.
- Have fun and recognize that the most important asset is yourself. Thus, do not scrimp; spend on things that you love and eliminate those that you do not like at all since but are just there to be perceived as hip and cool. Simplifying your lifestyle is a good start to have fun.
Share this article if know somebody who is still below thirty and help him or her to be financially secure by the time they reach 30 years old.