Thursday 27th February 2020
There's every chance that your 30s could present a whole new set of challenges - but don’t let money management be one of them.
By the time you've reached this age, it's a good idea to have a solid grasp on your finances.
If you're approaching this decade, or are already there and struggling to know what to do with your cash, follow these 4 tips below.
Budget Your Finances
While this may seem obvious, you might not realise just how much a financial plan could benefit you.
By writing out a detailed budget at the start of every year, you’ll know how much you can afford to save.
Saving is crucial not just for the long-term, but for the short-term as well, as you never know when the boiler is going to break down, or you need to replace worn-out car tyres.
If you haven't yet managed to put any cash aside for emergencies, you always have the option of borrowing from a trusted lender. Many lenders will allow you to pay it back in fixed monthly instalments over a certain period of time.
Build A Credit Score
When you have established a good credit score, your financial life will become much easier.
Not only will it provide you with a better chance for credit card and loan approval, it will also make it easier for you to get a favourable rate on a mortgage for an apartment or house.
In order to maintain a good credit score, you will need to pay your bills on time, keep any credit card balances low and be strategic about taking on new debt.
Consider Paying Into More Than
One Pension
It's no secret that we're all living longer, which is why you need to consider covering the cost of those years when you are no longer working.
Don't rely on your State Pension to keep you going in retirement - it may provide a foundation, but it might not be enough to live on.
It's vital that you save enough to be able to have a good standard of living when you retire.
Open A Savings Account That You
Won't Touch
On top of that private pension, a separate savings account is a great idea, too.
If you imagine yourself owning a holiday home in France when you've finished work for good, you can turn that into a reality by putting some money away now.
When payday arrives at the end of the month, ensure that you have set up a direct debit to transfer money straight into your savings account, so it's gone before you can spend it!
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