Eight Essential Financial Goals Everyone Should Reach by 30

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Whether you are in your teens or twenties, you are never too young to start creating financial goals you want to reach by the time you are 30. Your teens and twenties offer freedom, flexibility, and the opportunity to enjoy various adventures.

Think of this time of your life as your time to invest in yourself and start developing a solid foundation in personal finance that will pay off later. To help get you started creating the goals you want to reach, here are several everyone should strive to achieve by the time they turn 30.

  1. Start building your savings. Every paycheck you get, you should automatically remember to pay yourself by putting part of your money into a savings account. It can be $5 or $10 a paycheck or whatever you can afford. One of the benefits of saving with a credit union is you can split the direct deposit on paychecks so part goes directly into your savings automatically each pay period.
  2. Learn how to create a budget and stick to it. Budgeting is a skill that takes time to develop. Make a list of all your expenses and compare this to your income. The key objective is to have more money coming in than what is going out. If this is not the case, look for expenses you can cut and eliminate. Don’t forget to include saving money in your budget too!
  3. Become financially independent of your parents. A good goal to try to reach is to be completely financially independent by the time you turn 25. This means you can afford to pay rent, utilities, buy food, and pay all of your bills on your own.
  4. Get a credit card and use it responsibly. You want to start building your credit as soon as possible. You can use the credit card for small purchases like gas, groceries, and other such things. Then take the cash you would normally spend and pay the card off each month.
  5. Make sure to pay bills on time to avoid late fees. You don’t want to be late on bills, as you will get charged late fees. Not only do you get charged a late fee, but it could also hurt your credit. You can set up auto-bill pay through the credit union so you are never late on payments.
  6. Enroll in your employer’s 401k or another retirement plan. Most employers offer a 401k or some form of retirement plan. They also tend to offer “matching” benefits, which are essentially free cash. By starting to set aside money now for retirement, you will be surprised by just how much you could end up later when you retire—we’re talking millions with weekly contributions!

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  1. Break the habit of overdrawing your checking account. It is easy to overspend and rely on overdraft debt protection. This is a bad habit you need to break now. Every time you overdraw your account, not only do you have to pay back that money, but possibly a fee and interest.
  2. Pick a career path you enjoy. It can be hard deciding what you want to be when you grow up. By the time you are in your mid-twenties, you should have a good idea of the career you want to follow. Securing employment in the career you want now can make a huge difference later and bring job security.

If you can start working on these financial goals in your teens and twenties and achieve them all by the time you are 30, you will be well on your way to a secure financial future.

To open share savings, checking, or retirement accounts, or to apply for a credit card, please feel free to stop by your nearest The People’s Federal Credit Union branch or call us at 806-359-8571 today!

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