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By the time you hit 30 years old, you should definitely have a few money milestones in sight. While you likely won’t be wealthy at that age, aiming for financial-related goals is possible no matter your level of income. Setting and attaining goals with financial planning at a young age will put you ahead and allow you more long-term financial security.
Although you should certainly enjoy your 20's, out on your own and making a living, there are plenty of things you can be doing to make sure that you aren't drowning in debt by the time you hit 30. Here are some money milestones to aim for with financial planning so that you go into your third decade with confidence.
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Eliminating Credit Card Debt
Credit cards are a major convenience. They are so handy that young people often find themselves drowning in credit card debt because they misunderstood how much of a toll interest actually takes. By age 30, you should be able to live on your own paycheck without having to resort to credit cards. Budgeting in order to keep track of your money can go a long way towards living free from you from your credit card. Financial planning will help you create a budget you can live with to ensure you get both what you want and what you need.
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Buying a Home
By age 30 you will also want to either own a home or have a plan to acquire one. Start saving for a down payment so that you can get a reasonable mortgage with a good interest rate. Remember that buying a home will likely be the biggest financial decision of your life and that you should put in plenty of thought in the process. Financial planning should be in place before purchasing a home, and should always include the idea of owning a home at some point. The sooner you own a home, the better off you are, as you can use the equity to finance several things you may need later in life.
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Saving for Retirement
Although not many 30-year-olds are thinking about retirement, it’s a good age to start the preparation. The sooner you start building up your retirement funds, the easier it is to guarantee yourself a high level of living in your golden years. Waiting until later in life to start saving for retirement is a risky proposition.
Many of the toughest decisions in life come after age 30, so you will want to have a strong financial foundation to see you through the challenging times. By using careful financial planning, you should be able to tackle any financial obstacle that comes into your path.