Hitting your thirties is an exciting milestone.
At this point in your life, you might find that you’re starting to think about settling down, buying a home, or even starting a family. Whatever your future looks like, the chances are you’ll need to start thinking more carefully about the way you spend your money.
Ultimately, cash might not make the world go around, but it’s something you’re going to need to learn how to use cleverly if you want to have the best possible quality of life. Here, we’re going to look at some of the best money habits you can begin building in your thirties to set yourself off on the right track.
Learn How to Budget
The first step in taking control of your finances, no matter your age, is figuring out how to budget. Budgeting can be as simple as sitting down with a bank statement and a piece of paper and tracking where all of your money goes each month. If you think you might need a little more help than this, you could always consider downloading an app onto your phone that helps you to track your spending too.
Once you’ve figured out how much money you have coming in, and how much is going out each month, you can also start looking for places that you can cut down on your expenses. Generally, it’s a good idea to start with the luxuries that you don’t need, like takeaways or lunches at work when you can simply pack your own meal.
2. Compare Everything
Another great way to cut down your spending is to make sure that you’re not paying more than you need to for any of the “necessary” expenses in your life. For instance, if you simply let your insurance bills renew by themselves every month, then you might be spending a lot more than you need to on things like protecting your car and your home.
A better option is to compare everything you need to pay for on a monthly basis – including your loans. When you decide to take out a loan, make sure that you compare all of the deals available online, even for bad credit products along with the APR that comes with each loan option. That way, you’ll spend a lot less on interest.
3. Automate Spending and Saving
If handling your money every month sounds like too much of a headache; you can begin to reduce some of the stress by automating your saving and spending practices. For instance, set your bank account up so that it withdraws a small amount of money from your income each month and places it into a savings account. That way, you’ll be less tempted to spend that extra cash.
At the same time, make sure that you also set up direct debits for the things you have to pay each month, like your mortgage, rent, insurance payments, energy bills and so on. This way, you ensure that everything gets paid on time.
4. Embrace the DIY Lifestyle
When you want to save money in your 30s, you’re in great position to start becoming more self-sufficient. For instance, instead of paying someone to come and do simple things like paint your dining room, or fix a broken tile, learn how to do it yourself. There are plenty of articles and videos available online to help you out.
Speaking of embracing the DIY lifestyle, you don’t have to limit this approach to fixing things at home either. You can also spend more time cooking your own packed lunches at home, so you don’t have to buy food at the office and learning how to make the perfect latte too. If you’re particularly creative, try making your own cleaning products and beauty items at home as well!
5. Grab Every Opportunity to Save
Finally, with big life milestones just around the corner in your thirties, you might find that you have a lot more to save for now than you did in your twenties. That means that you need to make every penny count. Look for as many opportunities as possible to cut your spending. This could mean simply avoiding over-spending on luxuries like drinks with friends and inviting them to come to your house for a night in instead.
On the other hand, finding opportunities to save could be as simple as signing up with a coupon and voucher group on Facebook, so you’re the first to know about new deals and discounts when they arrive in your local area.