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10 Money Rules Every 30 Year-Old Should Know

July 7 // 9 Comments // 4 Minute Read

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Mistakes in life can lead to financial disaster, but if you follow this fundamental financial advice for your 30s, you’ll quickly find yourself back on track!

This post may contain affiliate links. Read my full disclosure policy here.

Please join me in giving Natalie from NatalieBacon.com a warm welcome! As I approach the big 3-0 in the next couple of months, it had me wondering what sort of financial advice I should follow for this decade. You are going to love Natalie’s tips no matter your age, but especially if you are in your 30’s!

When it comes to financial planning in your 30s, it's all about avoiding money mistakes and smart planning for retirement. These money tips for your 30s are exactly what you need to kick your butt in gear! Don't just read it, follow the advice!!! #financialhabits #moneyrules #inmythirties #moneymanagement #budgeting

For most of us, life is uncertain in our 20s. Relationships, career, and money are all over the place. And if that’s not true for you, consider yourself lucky.

For the rest of us, when our 20s end and we enter our 30s, it’s a time when life is more consistent and stable. You may be settled down with a spouse, have kids, a house, and be in one career that you plan to stay in.

Life is more serious in your 30s. And it’s the time to take your money seriously, too.

The 10 money rules below can help you take your money more seriously and lead you toward a path of financial success.

1. Maximize your retirement contributions

Your 30s is the time to start saving aggressively for retirement.

Depending on your employment status (whether you’re self-employed or work for an employer), you have different options for retirement savings. You may be eligible to contribute to a:

  • 401(k)
  • 403(b)
  • Roth IRA
  • Individual IRA
  • or other retirement account

Each of these accounts is different with respect to eligibility and contribution limits. Look into which plans you can contribute to and what the maximum annual contribution limit is for you. Then, contribute that amount.

The value of compound interest is too important not to start as soon as possible.

2. Build a solid emergency fund

As you enter your 30s, your responsibilities increase, and consequently, so does the need for a stable emergency fund.

Whether it’s a home repair, a car breakdown, kids, or something else, emergencies happen. You need to have enough money in liquid savings to cover these emergencies so that when they happen they’re not financially difficult. A credit card is not an emergency fund, either!

Typically, professionals recommend anywhere from 3-6 months of your expenses saved, depending on your specific situation.

3. Pay off debt

It’s hard to accumulate savings and investments for your retirement if you’re in debt. So, you need to clean up your mess—particularly any type of consumer debt or student loan debt (but also mortgage debt if you’re feeling really zealous!).

Paying off your debt is the only way to guarantee a rate of return.

For example, if your student loans have a 6.5% interest rate that you’re paying, by repaying that debt, you’re guaranteeing yourself 6.5% because you no longer have to pay it once it’s paid off. Getting out of debt is a prerequisite to building wealth.

4. Save for major purchases

Your 30s is a time where you are likely to make some of the biggest purchases of your life (e.g.: vehicles and/or houses). Save ahead of time for these items and save aggressively. The more you can buy with cold, hard cash – the better.

Related: 6 Non-Traditional Ways to Become a Homeowner

5. Make sure you have the right insurance coverage

You need to make sure you have the right insurance coverages when you’re in this phase of life. This includes:

  • Medical insurance
  • Homeowner’s insurance
  • Property and casualty insurance
  • Auto insurance
  • Umbrella insurance

Use an independent insurance broker to help you find the best insurance companies and policies for you.

6. Get an estate plan in place

If anyone would be affected with you passing away, you need to look into an estate plan (including a will, trust, power of attorneys, etc.).

Although it’s true that your assets could pass to your spouse without an estate plan, there are important reasons for you to have an estate plan in place (like avoiding probate).

The best way to do this is to fork over a few thousand dollars and pay an estate attorney to build an estate plan specifically for you. Yes, it’s expensive, but it’s worth it.

7. Focus on career advancement

You may have job-hopped in your 20s (or even changed careers entirely, like I did). Your 30s is the time to focus on one career and advance as much as you can. This will help you financially and with your work, professionally.

Need some ideas? You can:

  • Become a Professional Blogger
  • Become a Virtual Assistant
  • or turn any hobby into a profitable business

8. Avoid mistakes, like cosigning a loan or lending money

Alongside things you should do, there are things you should not do.

While every situation is unique, be very careful considering cosigning a loan or lending someone money. Consider gifting money so there are no strings attached and your own financial security isn’t jeopardized based on someone else’s decisions (which would happen by cosigning a loan).

Bottom line is don’t put your financial future at risk.

9. Educate yourself on investing basics

As you accumulate assets in your 30s, take time to learn about investing.

You don’t need to be a professional, but you would greatly benefit from learning investing basics. This will help you understand how and why retirement planning is so important. It will also enable you to make the best decisions for your money.

The book I recommend to get started is I Will Teach You to Be Rich by Ramit Sethi. It’s a very easy to understand book that taught me a lot about investing (even though there’s more in it besides investing!)

10. Consider hiring a professional to help you invest

Finally, consider hiring a financial professional to help you with your investments and financial plan. The most important point here is to make sure you hire the right person.

The best advice I have is to make sure you hire someone who is a fiduciary. This means the financial professional has a duty to act in your best interest. This may not seem like a big deal, but it is. Learn more about fiduciaries HERE. You can simply ask the professional if she is a fiduciary and she will tell you.

If you hire someone who is a good fit, it can be a life-changing experience for your family.

Which Money Rule do you need to focus on?

Natalie Bacon | Blogger, Financial Planner, Recovering Attorney, and Personal Development Junkie

Natalie Bacon is the blogger behind NatalieBacon.com. Natalie is a blogger, financial planner, recovering attorney, and personal development junkie. Things she loves include, God, coffee, wine, and podcasts.

 

Disclosure: Some of the links in the post above are affiliate links. This means if you click on the link and purchase the item, I will receive an affiliate commission. Rest assured, I only recommend products or services I use personally and believe will add value to my readers. Read my full disclosure policy here.

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Comments

  1. Adriana @MoneyJourney says

    April 12 at 5:09 am

    Yup, this pretty much sums up the steps needed to start building a financial future.
    We paid our debts and started thinking about savings and an emergency fund way before we both turned 30. However, we would probably still be in debt right now if it wasn’t for the rough times a few years back! A good financial scare can do wonders for someone in their 20s 😀

    Reply
    • Kalyn Brooke says

      April 14 at 10:37 am

      Financial scares are never fun at the time, but you learn big lessons from them for sure! You always hope that the last lesson you experienced is the last one you’ll have to learn. 🙂 {It rarely is though 🙁 }

      Reply
  2. Alexis @FITnancials says

    April 30 at 9:15 pm

    An emergency fund is crucial at any part in life, especially in your twenties. I’m only 24 and have found that I’ve needed money for health and car emergencies.

    Reply
    • Kalyn Brooke says

      May 4 at 8:49 am

      Absolutely!

      Reply
  3. Chris says

    May 13 at 3:44 pm

    You didn’t tell readers to buy disability insurance LTD which hardly any employer offers. Long-Term Disability insurance counts far more than anything else. Big fail in NOT listing this under the insurance coverage everyone needs to have.

    Reply
  4. Lola says

    February 7 at 2:39 pm

    Love your advices. I’m in my late 20’s but this guide seems usefull for the future 😀

    Reply
    • Kalyn Brooke says

      March 13 at 11:53 pm

      Never too early to start planning!

      Reply
  5. MSimon says

    February 28 at 3:36 am

    I started saving like… 3 years ago and I’m 36. There is always time for a change.

    Reply
    • Kalyn Brooke says

      March 2 at 1:56 pm

      Absolutely! The only time that is too late to start saving is “tomorrow.” It’s awesome that you’ve been saving for 3 years now, keep it up!

      Reply

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When you want to “make over your finances”, wh When you want to “make over your finances”, what first comes to mind? 🤔💭

Cutting back on a few expenses? Overhauling your budget? Establishing an Emergency Fund...or increasing its size? 💰

These are ALL worthy endeavors. 👏

But none of those things matter if you don’t check in on your finances on a regular basis. 😳

It only takes a couple of days (or weeks) for that motivational wave of “I’m gonna become a financial rockstar” to wane... then fizzle out completely. 🤯

That’s why the most important financial habit you’ll ever create is a weekly finance routine. 📆

In this newly-released blog post, I’m sharing why a weekly finance routine will influence your bottom line more than anything else, as well as dish ALL the details of what I do, every Friday, to get in tune with my bank accounts and budgeting app. 📱

Want the link? Leave a money bag emoji in the comments below! 💰

If you have a similar routine (or want to adopt one for the first time!), I’d love to hear about it! 👇🏻
Over the past six months, I’ve changed. ⁣ ⁣ Over the past six months, I’ve changed. ⁣
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1️⃣ Joseph and I adopted a plant-based diet.⁣
2️⃣ I got the tattoo I’ve been wanting for years.⁣
3️⃣ And last November, we bought a motorcycle.⁣
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Needless to say, people have commented about my recent changes too.⁣
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Most are positive. 🥰⁣
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Others are not. 😳⁣
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But you can't live your life by other people's expectations of you.⁣
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I'm not saying to disregard what anyone has to say or ignore every opinion that doesn't line up with your way of thinking. Listen to wise counsel and learn everything you can from those who've walked whatever road you want to travel. 💞⁣
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But know the difference between wise counsel and someone who wants to subconsciously direct your life.⁣
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You do. 🥳
I’ve seen a lot of new faces follow me this mont I’ve seen a lot of new faces follow me this month—welcome! 👋

My name is Kalyn (swipe right to see my husband, Joseph, and I shivering at the beach). We travel full time in an RV, but are Floridians at heart. 60 degrees is NOT warm enough for a beach day! 🏝️

I started blogging in 2012 to share my love for saving money. Today, I help thousands of women live a more minimalist lifestyle, establish planning systems and routines, and pursue positive personal growth. 💪

It is a huge privilege to connect with you here. 🥰

Other random facts: I love to read (lately I’m a fan of psychological thrillers), crocheting relieves my anxiety, and I’m five months into eating a plant-based lifestyle. 🌱

I used to hate meal planning and being in the kitchen but going vegan helped me fall in love with cooking nutritious meals. 🍽️

New or not, thank you for adding me to your feed. I’m so grateful we connected on social media. 

Now it’s your turn! Share a random fact about yourself in the comments. I want to get to know you better! 💞
Minimalism ≠ Deprivation.⁣ ⁣ Sadly, I find m Minimalism ≠ Deprivation.⁣
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Sadly, I find most people resist minimalism because they can't wrap their head around "having less." People tend to equate this movement with blank walls, white IKEA furniture, and decluttering everything in your home down to practically nothing so you can live full-time in an RV. Like me. 😉⁣
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But, while minimalism could be all that, this mindset misses the point. Minimalism is not only about “having less.” 🚫⁣
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It’s so much more than that.⁣
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This week on the blog, I'm sharing the REAL definition of minimalism (that people who love their stuff can totally get behind!) as well as practical ways to incorporate minimalism into your life. 🎉⁣
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Drop a heart emoji in the comments below and I'll send the link to your DM's! 💖
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I wrote this in my journal the other day: 📓⁣ I wrote this in my journal the other day: 📓⁣
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“I’ve been thinking about what tech boundaries I want to instill, including boundaries related to work and productivity. I’ve become less careful about my media consumption, and it’s having a negative affect on my mental health.” 💞⁣
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Have you ever felt a similar tug? ⁣
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I can’t begin to tell you how many times I pick up my phone because I’m bored or lonely or jealous or unhappy. It almost always makes me feel worse. And yet...I struggle to stop. 😝⁣
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Here are the ideas I’ve been trying this month and I’m already seeing a positive effect:⁣
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➕ No logging into social media after 8pm. I need to wind down for the night, not get lost in my phone! 📲⁣
➕ Open Instagram with a purpose—either to post or to interact. Stop endlessly scrolling.⁣
➕ My only screen time before 9am should be for Bible Study apps or News. 🗞⁣
➕ Turn my phone on Do Not Disturb during Tiger Time (when I need the most focus for work) 💪⁣
➕ Work no more than 4 hours on my business per day. If a task isn’t complete, push it to the next day. This time frame has really helped me prioritize! 💻⁣
➕ Watch one show per day (or two if they are short!) and leave movies for the weekend. 📺⁣
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What tech boundaries have you set up? Are any new as of this year? I’d love to hear your ideas! 😃
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