Reaching certain financial milestones can help you build a strong foundation for your future and set you up for long-term financial success.
Here are five money milestones you should aim to hit before you turn 30:
- Developing a budget and sticking to it: One of the most important things you can do to manage your money effectively is to develop a budget and stick to it. This means racking your income and expenses and making a plan for how you’ll use your money.
- Building an emergency fund: Another important milestone to hit before 30 is building an
emergency fund. This is a savings account that you can use to cover unexpected
expenses, such as car repairs or medical bills. Aim to save enough money to cover at
least three to six months’ worth of living expenses. - Paying off your debt: If you have debt, it’s important to start working on paying it off as
soon as possible. This might involve paying off high-interest credit card debt or student
loans. Paying off your debt can help you free up more money to save and invest in the
future. - Starting to save for retirement: While it might seem far off, it’s important to start saving
for retirement as early as possible. This might involve contributing to a 401(k) or IRA, or
setting aside money in a separate savings account. The earlier you start saving, the more
time your money has to grow.
By reaching these financial milestones before you turn 30, you can set yourself up for long-term financial success and build a strong foundation for your future.
If you’d like to get started with a financial advisor, you may schedule a complimentary first meeting with us via the link below. We’ll work with you to craft a plan that fits your current lifestyle. Schedule an appointment today, and let’s get to work!
Advisory Services are offered through MRA Advisory Group, a Registered Investment Adviser. It is general in nature that the statements herein are not a complete statement of all information necessary for making an investment decision and is not a recommendation or a solicitation to buy or sell any security. The investments and strategies mentioned may not be suitable for all investors. Past performance is no guarantee of future results. Nothing herein, nor any attachment, shall be considered to constitute (i) an offer to sell, nor a solicitation of an offer to purchase, any security, or (ii) tax or legal advice.