Money saving tips are always good to know no matter what stage you are in life. If you are wondering when is the best time to save up, the answer should always be now! Here are seven of the best money saving tips you can follow in your 30s!
Money Saving Tips: Maximize Your Saving Potential
1. Find a Stable Income Stream
Your 20s were about exploration, learning, and failures, so moving from job to job was reasonable. This phase lets you hone yourself to gain the necessary skills for your career. Now that you have a better grasp of what your strengths are, it’s time to pursue greener pastures. You can always go for an office job, a freelance job, or start a business. What’s important is to find a stable income stream and if time permits, find another job on the side.
2. Needs over Wants
— HaveLessDoLessBeMore (@mnmlstlifestyle) October 29, 2017
A few years ago, you were happy enough to live from paycheck-to-paycheck, even indulging in many impulse buys. Now, you must know how to control these impulses and start asking yourself if it’s only a want and not a need. With this mindset, you’ll be able to save up in no time.
3. Savings Take Time
Saving consistently is no easy task as there are plenty of unforeseen circumstances that may force you to shed some cash. Saving takes time and the formula you should always follow is this: salary – savings = expense. Also, it is a good idea to read up on how the richest men in the world maximize their cash flows and perhaps, you can pick up a page or two from their book of financial savviness.
4. Live Within Your Means
— Said Zokhrouf (@NoCOHome1) November 1, 2017
How much do you set aside for savings and expenses each month? It is very important to keep track of even the tiny expenses. This way, you will learn to live within your means. As the saying goes, “every penny counts,” so it’s best to think twice before pulling out some hard-earned cash from your wallet.
5. Leave Vices Behind
It’s perfectly understandable for you to pick up a few habits from your youth. It could be smoking or alcohol, but no matter what your vices are, it’s time to start cutting back or if possible, quitting entirely. What you spend on vices is eating up your money saving potential.
6. Get an Insurance Policy
As you grow older, your needs become more expensive. You don’t buy insurance because you’ll die someday, it’s because your income dies little by little as your list of needs and wants expand. Plus, getting a life insurance policy ensures your loved ones will be financially taken care of should anything happen. Insurance is a really good way to keep your finances intact during emergencies.
7. Save Up for Retirement
Wondering how to save up for retirement? https://t.co/hFznb4Hkg5
— Ihab Baghdadi (@IhabBaghdadi) October 29, 2017
You wouldn’t want to be caught without money in your old age – that’s for sure! You don’t want to be relying on your kids or relatives too since they have mouths to feed as well. To avoid that scenario, start off small when you start building your retirement fund. Start by allocating 10% of your income every month and then bump it up to 15% whenever you can!
Here are some more money saving tips from Pure Financial Advisors for those in their 30s:
Without a doubt, the 30s is the time to look at life more seriously. The future is unpredictable, and you’d be better off having money to dip into when times get rough. Always remember, wealth is measured not by how much you earn, but by how much you have in savings. G00d luck on your way to a frugal life!
Got any more money saving tips for the 30-somethings? Tell us in the comments!
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