6 Money Milestones To Reach By 30

As your 20s begin to fade and 30 draws closer, you may find yourself beginning to to worry about getting your finances in order and taking your parents advice to heart about sorting yourself out. These are our top picks for financial planning for your 30s.

Boost Your Credit Score

If your credit score isn’t in the 700s, it’s time to start focusing on boosting that number. A higher credit score will make lenders much more inclined to get you into your first home when you are ready or get that new(er) car.

Banish Debt

Pay off your credit card debt as soon as possible. This will help boost your credit score, but it will also free up your money to save, invest and play. Paying debt off quickly also saves you money on interest.

Student Loans

Unless you want to be paying your student loans off at 40, refinancing and paying off your student loans early can free up thousands of dollars that would otherwise go towards interest. Just make sure to check your loans for early payoff penalties.

Retirement

Unless you are independently wealthy, retirement is decades away. Start saving for it now by taking advantage of your employers 401k plan. Opt for the highest percentage matching and then double your contributions. You’re paying your future self with your 401k, so set yourself up to live comfortably.

Emergency Fund

In the current economic climes, so many people are living paycheck-to-paycheck and are one emergency away from financial ruin. Protect yourself by starting and consistently feeding your emergency fund. The ideal is to have 6 months of expenses tucked away in the event of an injury or unemployment. This gives you peace of mind that should the worst happen, you have some time to get your ducks in a row.

Life Insurance

No one wants to think about death. But by obtaining a life insurance policy, you’ll be protecting your loved ones. Establishing a life insurance policy in your twenties, when you’re young and healthy is cheaper and easier than when health issues begin to creep in later in life.