Gaining financial independence in your 30s is a major achievement, but keeping it is just as important. From smart money management to backup plans like title loans and signature installment loans, having the right approach can help you stay in control of your finances, even in tough times.
Let’s go over a few simple dos and don’ts to help you stay financially secure.
Dos and Don’ts for Financial Independence in Your 30s
Your 30s are a unique period in your life for several reasons. That’s especially true regarding your finances, as your income will likely increase along with your financial obligations.
While everyone’s situation is unique, everyone in their 30s can navigate their financial independence more effectively by remembering these simple dos and don'ts:
Watch for Lifestyle Inflation
‘Lifestyle inflation’ is a popular term you’ll often hear in your 30s. It refers to how people upgrade to more expensive lifestyles as their income grows, which typically happens in their 30s.
While it’s nice to see your bank balance grow, you must take steps to avoid overspending. Spending all your new income or, worse yet, spending more than what you have through debt will only threaten your financial independence.
Enjoy your hard-earned money! Just remember that you have plenty of other priorities that also require funds.
Track All Your Spending
Being financially independent doesn’t mean you shouldn’t monitor your money. That’s why another important ‘do’ is to record every dollar that comes in or goes out of your accounts.
Start by budgeting to give every dollar a clear job to do. Then, track your spending to keep track of wastage and understand your spending patterns.
Budgeting and tracking are easier than ever to do. That’s thanks to the many mobile and computer apps that help you do things on the go!
Don’t Ignore Your Taxes
Your tax bill is one that you don’t want to ignore or overlook, especially in your 30s! On the one hand, your tax obligations will increase along with your growing income. On the other, you might be entitled to more tax benefits than before, like if you start a family and have children.
That’s why you must learn as much as you can about your taxes and ensure that you pay the correct amount. Be sure to talk to qualified professionals for added peace of mind!
Use Debt Smartly
Debt is a great financial tool but also a double-edged sword. For one thing, it can empower you to overcome a financial hurdle.
Unfortunately, it can also take away your financial independence if you misuse it too much for frivolous purchases. So, keep a close watch on your debt to ensure it doesn’t get out of hand! If you need emergency cash, consider safer options like title loans or signature installment loans (more on those below).
Don’t Forget About Retirement
Retirement might seem like a lifetime away, but you must prepare for it as early as possible. The best time to start saving for retirement is in your 20s, but the second-best time is in your 30s. The sooner you start saving, the more time your money has to compound and grow to give you a comfortable retirement!
Prepare for Emergencies
Earlier, you read about how misusing debt could threaten your financial independence. The same is also true of financial emergencies.
You can prepare yourself to handle financial emergencies in two ways. Start by gradually building an emergency fund that you add money to every month. That fund must have enough money to cover at least 6-12 months of living expenses.
Building an emergency fund that covers at least 6 months of expenses, and learn what loan options in Delaware can help you during urgent times.
Emergency Loan Options in Delaware
1. Title Loans in Delaware
A title loan is a way you can qualify for up to $15,000 in emergency money by using your lien-free car title as collateral. The exact amount of money you could get depends on your car’s value, which a friendly representative will assess.
Learn more about our title loans.
2. Signature Installment Loans
Meanwhile, you could get up to $1,250 through a signature installment loan without any collateral. You’ll only need to provide your driver’s license, proof of income, and a checking account statement in your name.
Both these options can be helpful during emergencies for several reasons. The most notable one is that they work quickly, with fast processing times and short disbursement periods. For example, you could get the money after approval as early as the same day or by the next business day!
Learn more about our signature installment loans.
Stay Secure with Smart Choices
You’ve worked hard to gain financial independence in your 30s. Protect it by staying on top of your money habits, planning ahead, and knowing your financial safety nets.
When emergencies hit, Delaware Title Loans, Inc. is here to help. Explore your options by filling out our quick online form, and a representative will contact you shortly.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
