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The 6 Most Important Money Lessons You Must Know Before Turning 30

Sep 19, 2019 | 9 months ago | Read Time: 3 minutes | By iKnowledge Team
6 Most Important Money Lessons You Must Know Before Turning 30

As you approach the age of 30 you tend to shoulder more responsibilities in terms of career, financially, physically and family wise. As you prepare yourself for these changes here are few things to keep in mind so that you can be financially stable and secure.

Raising Children Requires Financial Stability

Based on a recent study, having a child and raising them is an expensive affair. Right from pregnancy to sending your child to college, it is advised to have a good source of income and be financially stable. The cost of education seems to inflate as the years go by and it is no longer about just studies. Due to the increase in competitiveness and skills, it is equally necessary to educate your child in terms of co-curricular activities. Wait until you have a higher income and good amount of savings before you start your own family.

Know What You Are Investing In

Before you blindly invest in any kind of plan, learn about all the pros and cons that come with making these investments. For example, Amit did not know much about the nature of stocks and that they take time to earn large returns. He hurriedly invested in stocks and did not see immediate results because of which he quit almost immediately. However, if he waited patiently, he would have seen better returns. When you blindly make investments that you know little about you might end up losing more money than you thought of making.

Promptly Invest in Your Health and Skills

It is known that with growing age one is more susceptible to illnesses. As you approach 30, it is recommended you invest in term plans with a secure insurance company like Aegon Life and protect yourself in case of unforeseen circumstances. Further, it is equally essential to maintain a healthy routine and not let bad habits define your lifestyle.  

Tax Saving Instruments Are Good

It is only a myth that planning your taxes gets easier when you are older and have a higher income. The truth is that individuals in their twenties can use tax-saving investments and start saving from a younger age itself. Tax-saving instruments like  a House Rent Allowance or getting an insurance coverage like a term plan can get you some extra tax income which, if planned well, can end up in a Systematic Investment plan in an equity mutual fund. In fact, when you buy term insurance, not only does it help to save tax but also acts as an excellent protection cover for you and your family.

Get Rid of Debts

Small debts turn out to be big ones with time. Clear off all your debts as and when you can and avoid using a credit card frequently. If you are unable to pay the monthly dues of your credit card bills, it cultivates with time and becomes a vicious circle to get out of. Instead of taking debts from others to meet an immediate expense, apply for a loan from a bank and pay monthly EMIs. Not only is this a safer method but also you clear the amount in a disciplined manner.

Create Emergency Savings

The 20s is an apt time to start saving small amounts to create an emergency fund in times of need. Keep aside at least 5% of your monthly salary regularly into the emergency fund to have at least three months of salary as savings as a back-up fund. If you don’t have this cushion to support you, it eventually leads you to a debt which can turn out to be a huge amount following you for years to come.

Now is the right time to learn important money lessons and buy term insurance to ensure a life where financial stability is your forte and you are able to fulfil the dreams and aspirations of your family. To know about Aegon Life’s life insurance products like term insurance and other products, visit our home page.


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