Your 30s is the time when you’re building your life. You’re learning to balance personal and professional goals and whatever else life throws at you, so you have to keep your finances in check. Budgeting, saving, investing, and planning for emergencies may not be the most exciting thing, but they’re necessary for a good future.
It doesn’t matter if you choose to have a family or a career — adulting can be expensive! Here are ten money rules that every woman in their 30s should know.
Set Financial Goals
Create specific, achievable, and measurable goals. Save up for a down payment on a house or invest in a retirement plan. Knowing what you’re saving for will help you stay on track and motivate you to reach your goals.
Maintain a Good Credit Score
Your credit score can impact your ability to get a loan or buy a house. Always check your score, dispute any incorrect information, and make sure to pay your bills on time.
Create an Emergency Fund
Set money aside for life’s unexpected events, like job loss, medical bills, or car repairs. Aim for three to six months of expenses in your emergency fund.
Live Within Your Means
Track your income and expenses to understand where your money goes. Make a budget and stick to it. Avoid impulse purchases and focus on the things that bring you joy.
Pay Off Debt
Make a plan to pay off any high-interest debt like credit card balances or personal loans. Consolidating high-interest debt into a lower-interest loan could be something to look into.
Start Investing Now
The earlier you start saving for retirement and other opportunities, like mutual funds or index funds, the more money you’ll have later in life. Consider a financial adviser to help you maximize your options.
Negotiate Your Salary
As you gain experience, knowledge, and skills, negotiate your salary. Don’t be afraid to ask for what you deserve.
Budget for Big-Ticket Items
From buying a home to purchasing a car, big-ticket items can be tempting for anyone. Always shop around, do your research, and avoid buying more than you can afford.
Maximize Employer Benefits
Many companies offer benefits like health insurance, 401k, or stock options. Make sure you take advantage of what’s available to you.
Financially Plan with Your Partner
If you’re in a committed relationship, it’s important to have open and honest conversations about your finances. Discuss financial goals, budgets, and spending habits to make sure you’re on the same page.
Manage Your Money, Honey
These are the basics to help secure your future. To learn more about financial literacy, books and podcasts teach concepts like 401(k)s, high yield savings accounts, investment portfolios, and the difference between a Traditional IRA versus a Roth IRA. How you think about money consciously and subconsciously can also affect how you manage it or how much you have overall. If you find yourself lacking finances, reflect on what you learned about money. That influences your relationship with it.
It’s never too late to take control of your finances. Start by creating goals that fit your lifestyle and needs, not ones to keep up with others. And while it’s great to stick to your goals, don’t be so hard on yourself if you need to adjust them as needed. Everyone has different plans for their life.
