Let’s face it! People in their 20s hardly think about better financial planning. This is the time that when you will be completing your graduation, will set your feet towards your career by getting the first job, and chances will be there that you will be getting married and start your own family too. However, whether you like it or not, the 20s is the most crucial age of your life and the action you take now will decide the major part of things that you will be seeing the coming future.
Therefore, apart from having fun and travelling, you also need to think about your future; how financially balanced you want to see yourself in the coming years. Most of the people in their 20s are busy in living the life that they always wanted to like buying their own car, moving out to their own apartment, and many other things. If there is one thing that 20s people miss or consider last is planning the long term goal which is really important in building a stable and secure life.
Yes, it is quite confusing to set financial goals when you have so much on your plate. But either way, you have to do in order to make sure that you have to get rid of most of your financial liabilities before you turn 30. Here, in this blog, we have prepared a list of financial goals that you should accomplish before you turn 30 years old. So, let us see them one by one.
Financial goals that you need to achieve before you turn 30
Find a stable job with a good income
The first step thing that you need to do is find a steady income job where you can work easily for years without any worries. This is the age where you no longer rely on your parents for your expenses, as you have turned into an adult and completed your graduation. You should find a way to support yourself financially and try to become financially independent. When you will be earning by pouring your sweat and blood, then you will get the clue how tough is to earn money in this world. Also, it is you now, who should be supporting your family and parents, rather than depending on them for the support.
Try to clear all your debts
If you have taken debts such as home loans, auto loans and student loan, then try to get rid of them all. Having the burden of so many debts can pose a great challenge as well as risk afterwards in your life when your expenses will be at sky high. Well, you might not be able to clear all of them but try to reduce them as much as possible. Among all the debts, try to finish the ones that have higher an interest rate so that you won’t have to pay interest for the rest of your life. If you certainly lack the fund, then you can take financial assistance to pay the big debts. You can apply for Installment loans no credit check from direct lenders in the UK such as Big Loan lender, Light Finance, Likely Loans and others who offer such loans.
Learn the art of saving
If you are thinking that it is really difficult to manage the finance at this age, then wait for the coming years. After getting married as your family will grow, you will come face expenses that you have never seen in your life before. From your child education to buying a new home for the growing family, from going for a family trip every summer to family insurance. These are just a few of them and if you could not make yourself financially stable, then things could get really tough for you in the coming years. Thus, to make sure that this doesn’t happen with you, learn the art of saving as only then you will be able to manage any huge expenses that may come in the future.
A business approach
The number of responsibilities that you will have during your 20s will be comparatively lower than what you will be having in your 30s. Thus, it’s golden time to give a try to start your business and escape the rat race forever. You may succeed or may not, but the main thing here is that you tried to do something that most of the people fears to do in their whole life. You took the risk and came out of your comfort zone to try something new and challenging. The failure will act as guidance for you in the next time when you will again try to start your own business and also the number of mistakes you will be doing would be lowered.
Learn about finance as much as possible
Sadly, finance was not part of our syllabus in the school and we were barely taught anything about it. However, the more you know about finance, the better will your money making the decision. Try to learn from books, videos or attend seminars of finance experts in your free time in order to keep yourself enriched to topics and trends related to finance.
Wrapping up, being stable is something that all of us desire, but the only fraction of them is able to do it. You could also include yourself in this limited list if you try to complete all these financial goals mentioned above.