In Your 30s, It's Not Too Late To Make These Money Moves
The 30s are often when life speeds up financially. Many people have a better salary but also more responsibilities.
Financial experts say many people reach this decade carrying regrets about the money moves they delayed, ignored or misunderstood in their 20s.
Fortunately, experts also say your 30s are still early enough to change your financial trajectory. Here are six money moves you can still make in your 30s.
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Invest In Retirement
One of the biggest regrets financial planners see is waiting too long to invest consistently for retirement.
“What a lot of people don’t understand is the exponential effect of compound interest,” he said. “When you’re at your highest earning potential, it’s time to pave the way for things to come,” explained Jon Cavuoto, certified financial planner (CFP) and founder of First National Bullion.
Even modest investing contributions invested earlier often outperform larger contributions started later.
Avoid Lifestyle Inflation
Many people regret increasing their spending every time their income rises instead of building savings habits first.
“The sooner you start, the sooner you save,” he said. “Once lifestyle inflation sets in with a bigger salary, a mortgage, kids and all the expenses that come with them, things can get out of control quickly. Find ways to make saving a monthly habit,” Cavuoto said.
He also pointed out how smaller spending decisions accumulate over time. “Those extra coffees or cocktails, not getting to the grocery store, not getting to the doctor or dentist and not keeping up with car repairs … it all makes a difference,” he said. “Have a budget, stick to it and plan accordingly.”
Avoid Misusing Credit Cards
A lot of people regret using credit cards needlessly in their 20s, which often follows them well into their 30s.
“Credit cards … are an easy way to make regrettable decisions. Not using them wisely can have consequences that last a lifetime,” Cavuoto said.
“[Minimum payments] can be a trap and, over the years, your interest will become a burden quickly,” he said.
It also puts people at a disadvantage when emergencies arise.
It’s important to build credit strategically, because credit history and overall score affect your mortgage rate, rental applications and sometimes even job offers, Cavuoto said. “Ruining that early on will make a difference.”
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Build an Emergency Fund
Emergency savings may feel optional until life requires you to have them.
“People can derail their entire financial situation the moment life throws them a curveball with one small emergency,” Cavuoto said.
Matt Miller, CFP and founder of Upleft, said younger workers should spend less time chasing aggressive financial wins and more time protecting themselves from catastrophic setbacks first.
“The idea is to work backward from defeat,” Miller said. “Establish your defense against disaster. Once you feel financially bulletproof, you can go on the attack.”
Increase Your Income and Skills
A big regret for many thirty-somethings is not having improved either skills or income earlier.
“Invest in yourself,” Cavuoto said. “Skills, certifications and education will directly increase your earning potential and your worth as an employee or future employee with your next job. Increasing income has a far bigger long-term impact on financials than other short-term strategies.”
Failing to negotiate salary or staying too long in a comfortable role can become costly over time.
“Income affects future raises, savings, investing and lifestyle choices,” he said. “Staying too long in a role purely for comfort rather than actively managing income and investments can be too comfortable and too costly.”
Do Not Fall Behind
Even for people entering their 30s feeling financially behind, the most important move is simply getting started. Cavuoto advised people to work on paying things down and building a small emergency fund before focusing on investing.
“We all have regrets, but it's not a life sentence,” he said. “Even modest, consistent action in your 30s can dramatically change where you land at retirement.”
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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