Morning, NOOGA. Kayla here, and this is the year I turn 30. It’s also the year I’m determined to feel like I finally “have my finances in order.”
If you’re in the same boat as me – even if it’s a younger boat – here are 5 money #MustDos before you turn 30:
1. Build up savings
It’s important to make saving your money a habit – but exactly where + how you save is up to you. Tennessee Valley Federal Credit Union offers 7 different ways to build your personal savings. Have a specific goal you’re saving for? Try this savings calculator.
2. Pay down debt
If you’re paying off student loans – an unavoidable burden for many us – try to make additional payments when you can to save on interests. Overwhelmed by multiple loans? Debt consolidation via a personal loan might be a good option for you.
3. Set a budget
Finance guru Dave Ramsey says making a budget is as simple as telling your money where to go. It can be done in four steps:
- Write down your total monthly income.
- List all your expenses. (#ProTip: Take advantage of online bill pay to have one less thing to worry about.)
- Subtract expenses from income to equal zero.
- Track spending throughout the month.
4. Start an emergency fund
It’s recommended to have 6 months of living expenses saved up in your emergency fund. Tip: Consider directing part of your tax refund into an emergency fund account.
5. Plan for retirement
Even if it feels like a lifetime away, it’s important to start saving for retirement. Enroll in your employer’s 401(k) plan, if available – especially if they’ll match your contributions. #Asked: How are IRAs different? Answer here.
Check out more helpful financial tips from the pros at TVFCU. Ⓟ
