8 Money Mistakes You Want To Avoid In Your 30s

Saving is a way to accumulate money for future needs. Teaching your child the basic concepts of saving money can be one of the most important financial concepts you can teach them. That's why Dave recommends people of all ages work with an experienced financial consultant who can answer your questions and show you how to get your retirement savings started the right way.

By focusing on living within your means and having a plan for the future, you can accomplish anything, financially and mentally. A good plan for retirement will most likely see that we have a future that is desired during retirement. I don't plan on going to school when I retire, and saving for your kids will only kill your retirement account.

Occasionally, even well planned outings can go unexpected wrong, so it's important to purchase travel insurance that will keep you protected financially and offer emergency medical treatment and evacuation if required. In conclusion, I would say, take full advantage of your 20s, dream and work towards achieving your financial goals, so that one day your thirty-something self will thank you for the smart money moves you made early in life.

Next, save up an emergency fund of three to six months of expenses. Essentially, to build credit , you need to show creditors that you're capable of making on-time payments. Those who have started saving for retirement started at age 23 and others that have delayed saving stated they plan to start at age 33. And, 60% of Millennials have less than $10,000 saved so far.

Get a second job, work over time, live at home, get a roommate — do what you need to do to knock out that few thousand dollars in credit card debt that is hanging around. Instead of putting your extra income to lifestyle inflation, it might be better being put towards your retirement through a salary sacrifice arrangement.

Start by taking the time to reassess your goals and when you want them achieved. Some people also prefer to use credit cards to tide over financial emergencies, but remember that traps these are useful only if you restrict the credit to one month. Shyam also started investing Rs. 1,000 a month but started when he was already 35 years old and continued till he reached his retirement age of 60 years.