Some of the worst money mistakes we make in our 30’s
During our 20’s we all make mistakes but we are forgiven, after all, we have few responsibilities. By the time we hit thirty, we are more careful when it comes to financial matters as we gain more responsibilities and larger expenses. Experts reveal that the 30’s are not immune to mistakes, they will happen and to help you in navigate this crucial age in life, here are some of the most crucial money mistakes to avoid during your 30’s.
Saving in the wrong places
Saving is not always the problem; the problem comes when you put your money in the wrong places. For example, there are some savings that will give you good returns while others only give security. As you become older you may be interested in making something out of your savings, something which can provide you good returns or give you enough for retirement. It may be financially wise to save for your retirement but don’t forget to save for a big purchase such as a home or education, among other important activities which are associated with this age.
In your 30s, you may think you are too young to think about retirement, but the fact of the matter is that retirement will come around sooner than you realise. The mistake people make is focusing too much on present purchases and other activities which require huge spending while pushing retirement savings back. Unfortunately, we often only realise how much we need for retirement when it is too late. You need to think about retirement, and start saving early. This will ensure that you have saved enough to live comfortably in your retirement.
Failure to save for emergencies
Emergencies do happen, and they come when least expected. These emergencies end up eating our cash, sometimes cash that we have saved for some other important purposes. Building an emergency fund requires gradually saving, and this money ought to be put in places where it cannot be withdrawn unless for the intended purposes. It will help in safeguarding the cash that we have saved for investment as well as preventing us from using credit cards and putting ourselves in debt.
Knowing which mistakes are commonly made in 30’s will help you plan ahead and avoid these pitfalls.