Turning 30? Three Money Moves To Make Right Now

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shutterstock_50808202For many young Americans, turning thirty represents a huge milestone; as people begin to live longer, the time that we’re “allowed” by society to remain footloose and fancy free has begun to extend well into our twenties. But alas, this prolonged adolescence can’t last forever. As we Millennials begin to approach age thirty, the pressure to get our lives in order starts to get dialed up.

One such aspect of our previously carefree existence that definitely deserves some attention is our finances; for many people in their late twenties, money is still a confusing topic. In fact, just bringing up money matters to someone on the precipice of their thirties and you’re likely to be met with a shudder or a cringe. But finances don’t have to be scary or confusing. In fact, just honing in on a few simple money moves can make a big impact on your overall financial picture.

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So if your days as a twenty-something are numbered, seriously think about taking these three important financial steps as soon as you can:

Dial Up Your Retirement Savings

Many people begin saving for retirement with their first professional job, which is a great way to get on the path to a wealthy future. However, those same people often fail to reevaluate how much they’re saving and up their retirement contributions over time. As you approach the big 3-0, it’s important to make sure that you’re saving at least 10% of your current income, not the starting salary you were initially working off of. And it goes without saying that if you haven’t yet begun to save for retirement, it’s very important to get started right now.

Pay Off Your Credit Cards

Many of us made the serious financial blunder of charging up our credit cards in our twenties, not considering that they’d still be sitting on huge balances several years later. If this sounds like you, now is the time to get those cards paid off for good. You don’t want to spend your thirties paying interest on charges you made ten years ago, so kick your credit card debt repayment into high gear and you’ll be debt-free before you know it.

Consider Purchasing A Home

Before you dismiss homeownership as a goal that’s out-of-reach, at least look into how much it would cost to own in your part of the country. Many people are surprised to learn that, in some cases, it’s actually cheaper to buy than to rent in their neck of the woods. It’s also worthwhile to investigate right now because interest rates and home prices are still low, which might not be the case in a couple of years. After researching mortgages and home prices, you might find that now is not be the right time for you to buy, but you’ll never know if you don’t ask!

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Turning thirty doesn’t have to be scary (at least financially) if you get to work on improving your finances right now. A little extra effort with your money really goes a long way, so keep the tips above in mind to get on the road to responsible adulthood today!