If the 20s age is an important era of your life, the 30s age is where you begin to see the clearer picture of where you are going.
Marriage, children, career, investments, properties and many more takes its toll here — and they all cost money. If care isn’t taken, some money mistakes you make at this stage of your life could ruin your life for a long time.
These are some money mistakes every 30s person should avoid.
1. GETTING MARRIED WITHOUT DISCUSSING YOUR FINANCIAL LIFE WITH YOUR PARTNER
Money talks with your partner could be a bit hard, but it’s necessary. Weddings cost a lot of money and being married and starting a family cost even more. Your partner ought to know where you stand financially; if you are in debts or in a financial crisis, your partner has to know; if you can’t support a good wedding, your partner has to know; if your finances aren’t yet right, your partner has to know. This money mistake is one every 30s person should avoid at all costs.
2. AVOIDING MONEY TALKS WHEN MARRIED
Just as money talks are important before getting married, they are also important when married.
When you become married, there becomes a link between you and your spouse financially, and every financial decision you make would affect your marriage positively or negatively, so these talks shouldn’t be avoided.
3. BUYING THINGS YOU CAN’T REALLY AFFORD
This is another mistake a lot of 30s people make. You want and need so many things at the same time that you might spend up all you have or even buy things that you can’t afford. Learn to take things slowly, have a budget, make a plan together with your spouse and try to spend according to that set budget.
4. NOT PLANNING FOR RETIREMENT
Retirement age might seem far but it isn’t. A lot of retired people today regret some of the decisions they made or didn’t make when they were younger. Your 30s age is the time you should start planning for your retirement and it’s also important to plan ahead of time for your family in the event that you are gone — no one loves these things, but it’s always wiser to plan ahead.
5. SPENDING SO MUCH ON HOUSES AND CARS
Houses and cars and other properties are on every 30s persons wish list, but this is where extra care has to be taken. Avoid overspending on these things; spend that which is right and you can afford, because the temptation of luxury and comfort is at its peak at this age, and if you aren’t too careful, you might make so many wrong decisions.
6. AVOID LIVING IN ASSUMPTION
30s people make a lot of money mistakes because they assume a lot. Stop assuming that you would make money when it hasn’t come, stop spending money on the assumption that a business you are into would yield lots of profit and as you earn more money, don’t live your life on assumptions too.
Money is important; our daily lives revolve around money, so making the right decisions would help you in the long run.
Jake