(Disclosure: The following is a sponsored post from Freedom Debt Relief on steps you can take to improve your financials in your 30s)
It seems like each and every day, we see another slew of stories about how millennials are ruining this or that, but the fact of the matter is, life for millennials is a lot different than it is for people from previous generations. The financial market, job market, job outlook, expected earnings, and the like, are all very different than they were in times past, which can make giving solid financial advice to millennials a bit more complicated than in times past. Rather than blaming millennials for the position they find themselves in, Freedom Debt Relief offers some helpful tips and hints that will help 30something individuals put their best financial foot forward in today’s unstable times.
Entering our 30s is a time of immense change, even under the best of conditions. Many of us are getting married, having children, and beginning to move up in our careers. Along with these positive changes comes new stresses such as being able to afford a mortgage or save for college. Freedom Debt Relief offers a few pieces of advice to today’s 30something that will help them make the most out of their earnings and stay on top of their finances.
Continue to Live Below Your Means
Freedom Debt Relief notes that one of the most common reactions to seeing a bump in pay, which 30somethings moving up in the corporate ladder often experience, is to increase your spending. You might see that increase in pay as the perfect opportunity to buy a nicer car or a bigger house, but just because you are earning more doesn’t mean you should spend more. You need to prepare for later, which is best achieved by continuing to live as though you have a smaller paycheck than you actually have. The money you aren’t spending can be put into savings and investments so as to provide more for you and your family in the long run.
Percentages, Not Dollars
It is incredibly important that you put money away, any amount of money, but it can become far too easy to just look at the dollar amount you are putting away. Freedom Debt Relief recommends that you look to put a certain percentage of your income away for savings, retirement, investments, etc., rather than a particular dollar amount. This means, as your income rises, so will your contributions to your future without a lot of “sticker shock” at the change.
Stay On Top of Your Finances
One of the biggest mistakes that Freedom Debt Relief points to for people in their 30s is not paying enough attention to your finances. It helps to be familiar with your basic dollars in/dollars out transactions. Not only will this help keep you on track, it will show you where your money goes. This provides opportunities for savings as well as ensuring that there are no errant or unapproved charges made to your account.
Rather than blaming millennials (or blaming your parents if you are a millennials), how about providing the advice and financial knowhow that is needed for the 30somethings of today to make the most of their finances and make the smartest decisions possible for themselves and their families. As Freedom Debt Relief notes, one’s 30s are where a lot of huge lifestyle changes happen, and it is also a time where we can expect to put away the bulk of our savings if we play our proverbial cards right.