Once you hit thirty, you're probably growing out of the awkward young-adult stage and moving onto new and exciting challenges. For example, you might be thinking about buying a home, planning an international vacation, or having a child- or even a second one. While your 30's is a thrilling time to enjoy, Freedom Debt Relief Reviews has found that many are not prepared to deal with the new financial challenges that they are about to face. After all, once you've begun to make a bit more money and your student loan debts are beginning to dwindle, what's there to worry about? Your 30's can be a crucial time for your financial health because Freedom Debt Relief Reviews has found that the decisions you make regarding your money during these years can have an effect on your quality of life for decades to come. We've rounded up some of the best tips from financial planners for managing your money in your 30's- try implementing some of them early, and enjoy a more fulfilling life later on.
Live as far below your means as possible. You've probably already heard the advice that you need to live below your means if you want to build your wealth- but what does that mean? After all, if you make $4,000 a month and spend $3,999, you are technically living below your means. However, if you want to reach your financial goals faster and improve your quality of life in the long-term, you need to be living as far below your means as possible- Freedom Debt Relief Reviews recommends savings as much money as you can in your 30's and reinvesting it to build your wealth.
Avoid the temptation of a lifestyle creep. Freedom Debt Relief Reviews has found that the 30's is when most people begin to experience what's known as the "lifestyle creep," a trap that catches many consumers and destroys their ability to invest for the future. The lifestyle creep is when a consumer begins to make more money and, instead of saving their additional income, uses it to up their lifestyle and make purchases that will decrease in value; this usually comes in the form of moving into a more expensive apartment, unnecessarily upgrading their wardrobe, or purchasing a fancy new car.
The best way to combat the lifestyle creep? Focus on saving a percentage of your income instead of a set dollar amount. That way, you'll avoid the temptation to stagnate your savings when you begin to make more money or you get a raise.
Think through your spending. When you're in your 30's and have been working at your career for a while, you're probably making substantially more than you were when you were younger- and thinking that you can spend more. While that's technically true, many people spend without really thinking about what will make them happy. For example, when you see one of your friends enjoying a vacation on social media, you might think that taking your own trip abroad might bring you the same level of joy. However, this will only turn out to be the case if you are the type of person who values these types of expenses. Instead of spending just because you have the money, consider your values and spend intentionally.
Freedom Debt Relief Reviews knows that your 30's can be a difficult time when it comes to money management- and we're here to support you. Just like a personal trainer can motivate you and help you find the right exercises for your individual goals, financial advisers and planners can help you create a route to your money goals. If you need assistance managing your assets, feel free to contact us- we may be able to help.