10 Financial Commandments For Your 30s

Over at MSN Money there is an article on the 10 Financial Commandments For Your 30s. This is a list that everyone in their 30s needs to pay attention to so that they can have a better financial future.

Pay off your nonmortgage debt.

I have no mortgage and I am really working on the credit card and car loan right now. I have been applying my snowflake payments to credit cards and I have managed to get rid of a few of them already.

Kick the debt cycle altogether.

I have not been adding to my debt so I guess I am on the right track right now. The only time I might need to take on more debt would be if I had to get a new car, which is something I do not see happening in the near future.

Get serious about retirement.

I have been adding money to my Never Go Back To Fresno Fund as well as investing small amounts through ING and Sharebuilder.

Diversify your investments.

Having all of your money in one account is dangerous and if you only invest in one company and it fails then you will lose all your money. Spread it around to have a little safety net.

Continue to learn.

Education is KEY and it does not only have to be a formal education. You can teach yourself some new things and improve your lifestyle greatly by just reading a few books or going online.

Protect your assets.

If you think paying for insurance is a pain, think of the hurt that comes from NOT having insurance when something bad happens.

Live simply.

I have been simplifying my finances more and more as my zero based budget rolls over every month.  I realize that I also need to simplify my life as well, so I have been reading some small articles on Feng Shui as well as getting more organized and clearing out clutter.

Make your will known.

I don’t have a will right now and I know this is something I need to get started on in the near future since I am getting closer to 30. (shhhhhh)

Get a life . . . insurance policy.

Life insurance might seem like distant goal for now but you cannot predict when you will die and it makes sense to leave something to tide your family over.

Be charitable.

I give money to my church every Sunday (and double up when I miss a Sunday) so I think I am okay on this one.

I have also taken to sponsoring a student every now and then in an unofficial manner. It is not a lot, since they usually ask for something small like a happy meal and it is not very often.

All of these are the things that thirty-somethings need to focus on so that they do not run into financial problems later in life and can get started on getting the retirement funds ready.

Author: Lulu

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10 Comments

  1. Good points, I would also add have an emergency fund that is different from your retirement or any other account. You never know what may happen so have some money stashed away just in case.

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  2. These really give you some food for thought….
    Amazing how those 30s creep up on you 🙂

    You got any financial commandments for those in their 20s?

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  3. I definitely think that when you live simply – you can save a lot more money. I’m able to save $1000 every month just because of this concept.

    I don’t go shopping for things I don’t need (i.e. no starbucks, eat only 1 and a half meals(small lunch, normal dinner), no crazy shopping splurges on clothes, makeup, and knicknacks, no tv, don’t decorate anything, don’t buy magazines, etc.)

    You may think because I opt out of all these things I have nothing else to do – but because I don’t buy these things, I am able to go traveling, bought my first brand new car this past weekend, have a lap top, do outdoor activities, go boating, etc – and all because of this very simple way of living.

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  4. These really give you some food for thought….These really give you some food for thought….

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  5. The 30’s creep up alright and just when you are comfortable, you’re 45!

    All the bad habits of spending and not earning enough will stay with you too, if you don’t get it under control – speaking from personal experience of course.

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    • Yes, I think you really need to make a start on these things earlier as otherwise it’s not easy to change your habits later. Also, with things like pensions you find that money paid in at a younger age is worth more than when you’re older, so starting small in your 20’s can be worthwhile.

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  6. Non Mortgage debt is always the biggest drag on finances – primarily because it carries the highest interest rate. If it is not possible to pay that off completely, it is better to shift to mortgage debt, because that would come with a much lower rate of interest, and you end up saving money

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  7. It is certainly worthwhile to get ahead in your 30’s. As it is often said, if you work hard in the 1st half of your life, it will make the 2nd half of your life much easier, especially in terms of your finances.

    The “Live simply” financial commandment resounds well for me. A lot of people seem to put themselves under unnecessary financial strain due to the demands of their lifestyle.

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  8. Very sound advice. In your twenties you tend to be so busy jetting around and having fun and then your thirties sneak up and it is time to get serious about finance. I am about to turn 30 and have started thinking seriously about this sort of thing. Thanks for highlighting the tips.

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  9. I was curious when I read the headline of the post 🙂 Anyway, I totally agree with the last one. According to Malachi, God promises to pour His blessings to those who give their tithes and love offering. So I’m glad you included this in one of the financial commandments 🙂

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