In Your 30s… Manage Your Debt & Insurance Coverage
You might find yourself having a taste of huge expenses as you welcome your 30s. Whether it’s to settle down, buy a home, or start a family; your 30s might be the mark of your first long-term or big-ticket financial commitments. This is why you’d want to start clearing off your debt – fast.
When it comes to paying off debt, you’d want to start with the most expensive one. This could be your college loan or even the credit card mess you created in your 20s. Other than that, pay more than the minimum balance each month and try to halt all credit card spending (cut them away!) to curb further credit card spending.
As you start to earn, spend and work more; it’s also important to get comprehensive insurance. You’d want to make sure you have proper health insurance, car insurance, property insurance or even life insurance to safeguard your income and wealth.
Money Benchmark: Have three to six times of your current salary in savings.