Planning is everything. We plan doing on a lot of things in life and try our best to achieve them. But many a time things do not go according the plan and you will have to make a plan B and stick to it. Plans change all the time. Let’s take for an example here; you are in your twenties, fresh out of college and are finding a job. You land up in your dream job with a hefty salary and start making plans for your future. You wish to fulfill every dream of yours which you considered to do when you were a kid. You start spending less and slowly it becomes an addiction to spend on things which are not needed. Your lifestyle changes and by the time you enter your thirties, you realize a lot of things which you must have considered earlier.
You and your friends plan to start up a business and the idea is so great that you plan to bank big on it. When it comes to investing money, your friends easily say yes for the initial investment, but you are in a fix on how would you invest because you do not have money to invest on the first place. Due to lack of planning, you will have to bail out on the startup idea because you do not have funds to support your claim as a co-founder. Will you consider taking a personal loan?
This is just an example; there will be many such cases where you may need funds and because of your poor financial decisions you will have to suffer and even make your family suffer for the same.
Today we will sight you some money mistakes we make in our thirties and how to avoid them,
Living in luxury
Many of us make this mistake of trying to live in luxury, even though it’s not needed. You should consider living in your means and not to over exaggerate your presence just to woo someone. Living in luxury will compel you to spend on things which are not needed, which you will cause you extra problems in the future.
You should always consider what is best for you. Best for you does not mean it should be expensive, you can find happiness and satisfaction in various aspects as well which can be cheaper.
Not saving for emergencies
Emergencies in life will not knock your door first. Emergencies can happen overnight and you will have to be prepared for the same. Many of us do not take emergency situations seriously and end up messing up at least five years of your future by taking debts. Imagine having a medical emergency at your place and you do not have insurance in place. You will have to pay all the money from your own pocket and if by chance you have not saved money for the same, you will have to take a personal loan in such a situation, before applying for a loan get your free cibil report so that you know where you stand as far as credit worthiness go.
Not saving for retirement
If you do a quick poll around you and ask people if they have planned their retirement, they will not have an answer to it. In your thirties, is really important to make a retirement plan and start saving for the same, so that you don’t have to bother about the money when retired. There are many banks and companies who have amazing schemes for retirement which you can consider to opt.
There are many things apart from these which you can do financially in your thirties which will help you settle your future.
Your email address will not be published. Required fields are marked *
Individuals love their credit cards, and the lifestyle it will probabl ...
Nice Article. There is always pros and cons of every aspect. Indian Cu ...
Thanks for finally writing about >Why Indian women fall short on cr ...
Daily Tips to stay Credit Healthy
© All Rights Reserved at Credit Sudhaar