“You may still feel young and invincible even in your 30s, but the terrifying truth is that you’re halfway to retirement. Therefore, it is necessary to take the financial reins, control spending and know what you have to do at all times: from saving to having to invest, “advised Business Insider.
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5 financial rules to avoid financial problems
Learn to follow a budget
Very few young people are able to consistently follow financial guidelines, such as sticking to a budget or using mobile applications to control their finances. When you reach 30 it is essential assign where each peso that is gained goes. That is, if you only want to spend $ 1,000 a week on coffee, you will have to rethink whether you are going to spend more than that amount.
“The general objective of preparing a budget is to know where your money is going to be able to make the right decisions”, he pointed out. “It’s okay to spend money on fun shopping or trips, as long as they are adjusted to what has been budgeted and the savings goals”He added.
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Vecteezy
Save between 10% and 20% of income
“Free up 20% of income to be saved”is one of the laws of life that every centennial must take into account and that is recommended by the vast majority of financial planners as the 30-year threshold approaches.
Against the monthly income, you must know what your fixed expenses, variable expenses and savings are. It is recommended that each month you set aside 20% of the capital that enters the checking account. In the event that your remuneration is very low, it is recommended that, at a minimum, this saving reaches the 10% of salary.
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Courtesy: The Effete
Be realistic about your financial goals
You always have to ask yourself: “What are your financial goals?”. “Really sit down and think about them. Visualize at what age and how you would like to achieve them. Write them down and discover how to make them come true, but with your feet on the ground”Recommended Business Insider. “You are more likely to achieve your goals if you write them down and create a plan,” he added.
For example, the vacation of your dreams can be a reality in a year or two if you take the correct planning and saving decisions.
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Kindness: Pexels
Monitor the status of your debts
“The truth is, you don’t need to live your whole life paying debts. Evaluate how much leverage you have beyond the mortgage and create a budget that helps you avoid getting into more debt “he advised.
Many people – for example, those with personal loans or a credit card in the red – can make the mistake of considering debt as a normal situation. However, there are many methods to eliminate debt, but the risk of generate liabilities it is more frequent than what is believed.
Analysis recommended write down all your debts from lowest to highest, regardless of the interest rate involved. And meet the minimum payment of all your debts, except the smallest, which can be completely canceled. Thus, you will have more money released for savings and financial goals.
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Establish a strong emergency fund
A background is important for your finances. In case you do not have it, and pay for emergencies with a credit card, draw a plan to have a minimum amount of capital, but enough to face any contingency.
Source From: Ambito
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