Entering Your 30s? Don’t Make These Major Money Mistakes

Your 30s are typically the decade where you start really getting your life together. You may be thinking about purchasing a house and starting a family, or getting married and traveling the world. Whatever your big life plans may be, they’ll inevitably require tapping into your savings. But unfortunately in today’s world, after factoring in the basic cost of living, saving up money is harder than it’s ever been, and for that, you’ll need some financial savvy. So without further ado, here are five financial mistakes you should avoid at all costs if you’re in your 30s.

Not Having a Safety Net for Emergencies – Unfortunately many of us are just one medical emergency away from poverty at any given time, and given the outrageous cost of healthcare in the United States, this is an impending reality for many people. You can try to cushion the burden a bit by putting some money into a savings account that you never touch, and if you have the income for it you can plan to set aside a predetermined amount every month from your paycheck into said savings account.

Not Job-Hopping – Let’s just be blunt here for a second: it’s not the 1970s anymore and most jobs nowadays don’t offer employees the opportunity to move up the corporate ladder like they used to. As such, if you want to see a much-deserved promotion and/or a pay raise, it’s likely that you’re going to have to switch jobs and simply negotiate your way toward more pay.

Going to Grad School – Nowadays pursuing a graduate (and even sometimes an undergraduate) degree isn’t always the most financially smart decision. Think about it this way: you’ll take out $100,000 in student loans and then more often than not you’ll end up with a minimal pay raise at best, and at worst you won’t be able to find a job at all (and don’t forget about all of that student debt!). In short, if you don’t have plans to be a lawyer, doctor, or some other lucrative profession that requires a graduate degree, consider skipping grad school altogether!

Not Knowing How to Cook – A lot of people live on takeout food throughout their 20s and don’t pay attention to how much money is actually being wasted on food. Once you hit your 30s, it’s good to have at least some basic cooking skills so you don’t have to rely on eating out for every single meal. Want some further convincing? The average cost of a meal through Uber Eats is well over $20, whereas cooking for yourself is only a couple of dollars per meal. Not to mention, cooking your own meals at home tends to be a lot healthier!

Not Having a 401k – We get it, retirement can seem really far off when you’re in your 30s, but just like everything else in life, it’ll come at you faster than you’d like. If you’re fortunate enough to have a job that offers a 401k, take advantage of it! If your employer doesn’t offer that, look into starting a Roth IRA – an individual retirement account under US law. Trust us, you’ll be thankful you did once you enter your golden years!