Achieving financial success is everyone’s dreams. Fiona, a personal finance blogger and founder of The Millennial Money Woman mentioned 10 points of financial goals that are better achieved before you turn 30. Find out all of them below!
Matching your budget to your financial condition, and staying true to it
When you are about to hit 30, you might want to know more about your money. Track everything: your income, expenses, loans, and others. Know where every penny comes and goes. Once you get to know about your own finance, set a budget. and pay attention to what’s more important after: committing to the budget you have set. Use Microsoft Excel or any other spreadsheet, or even phone apps to help you organize.
You are part of the financial goals: prioritize yourself!
You must have things you want for yourself, whether it is a car, a new house, or maybe a new Dior clutch bag. Well, hold your horses. Prioritizing yourself doesn’t mean going crazy on all those things. Instead, allocate more money to plans that could help you in the future such as a retirement plan, emergency saving fund, or maybe an investment portfolio.
Live debt-free, pay all your credit card debt
Credit card debt is dangerous. You go from one shop to another, swiping from one credit card terminal to another, and you end up with one million debt. Moreover, The Millennial Money Woman mentioned that credit card debt interest rate could range from 24% and higher. Think of how much bigger your debt could grow if you don’t pay it sooner. You never want to go beyond your limit. Pay off all your credit card debt before it piles more.
Emergency saving funds are part of the goals, check yours!
According to The Millennial Money Woman, at least 63% of Americans can not afford a $500 emergency attack, meaning that the people in the group have less than $500 in their savings. Hence, to pay for the emergency, they’ll need to opt for loans or credit card. What about you? How much do you have in your emergency saving account? Care to add more?
Achieving financial goals #5: maintaining a solid credit score
Maintaining a good credit score is important. A solid credit score is needed for taking loans and getting an option for loans with a lower interest. To maintain a good credit score, you will need to pay all your loans before the due date. However, try to check regularly on your credit score if possible. You could be a subject of identity fraud. A lot of times, the crimes are done unnoticed, but it’ll still leave a big scar on the victims’ credit score.
Read also: How to Have a Better Preparation for Your Finance
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