Keys for personal financial management at the age of 30

When we are at our 20, we can take the excuse of youth to postpone for financial management plan. However, when we reach the age of 30, we will self-assess our success via the achievements such as housing, vehicle, saving, check-in, preparation for marriage and so on.

For more confident at the preparation of midlife, you should have a clear point of view about personal finance and good understanding of financial management methods. Below are some financial lessons you should know before 30 to control you own pocket.

1. Have your finance plan

Firstly, you should review all of your expenses to identify the reason of wasting and rethink if we can cut it down. Thereby, you can have a good plan of spending and saving. The plan should be more objectives focused and proper with action items.

For example, if you would like to buy a car, instead of dreaming about it, then make a practical plan to achieve it. To reduce the pressure and avoid unrealistic goals, you should breakdown your goals to short-terms and long terms ones; and start one by one. Apart from preparing a certain amount of money, you can consider appropriate auto loan packages with your payment ability to buy your car and escape from financial burden.

2. Have your saving fund

Saving is the key to secure your future finance. Let’s practice saving for short-term objectives, then upgrading to long-term objectives. We should form the habits of spending 80-90% of our salary and saving 20-10%. Making a saving from your income can help you reserve a certain amount of money for your future and run away from being needy. After building the routine of financial management, you can gradually increase your saving.

3. Learn to invest

Normally, we only invest once we are stable at your own finance status. However, there are a lot of invested ways and you can begin from the small amount. Investing can help your money earn profits. Hence, you should learn to observe, study, find the opportunities, and consider carefully before making decisions to create another income for yourself.

4. Take advantage of financial solutions

Nowadays, prestigious financial providers offer a variety of finance products to help customers better their standard of living and manage personal finance. If you would like to purchase high value properties, instead of pay all one time, you can consider some installment loan, installment via credit card,… to breakdown your payment duty for less financial pressure and use the money for investment opportunities.

Especially, when you would like buy car, motorbike, repairing house, just think about vehicle loans, personal loan, etc. with balloon payment to balance your financial ability and meet your need of bettering your life. See available financial products from Shinhan Finance here.

Controlling and managing personal finance at the age of 30 are necessary for you to create a balance in your life, make your dream come true, and become a reliable breadwinner of your family. It is not too late and too difficult for you to start at this age, understanding of this practice and strictly following matter.