8 dos and dont’s for saving money in your 30s paid usbank
When you’re young, it’s easy to live in the now and not think long term. But saving money in your 30s can help set you up for financial success and help you meet goals later in life. Here are eight tips to navigate those years wisely and stay focused on saving.1. Do pay off credit card debt
According to the Federal Reserve, half of Americans can’t pay off their credit card debt in full each month. If you find yourself in that camp, it’s time to get strategic. A 2016 Harvard Business Review report supports the approach advocated by many financial experts: pay off the smallest debt first. Why? Doing so will likely have a powerful effect on your sense of progress. Plus, small wins will keep you motivated to continue paying down debt.
That may sound high, but remember your employer’s 401 contribution or match counts toward that 15 percent. Plus, upping your 401 may help lower your tax burden and have a positive impact on your paycheck. 6. Don’t keep saving the same amount of money each month after you receive a bump in salary, either because of a job change or a promotion
Approach saving as a percentage of your income, not as a fixed dollar amount that stays stagnant over time. In other words, look at salary increases as an opportunity to save more – not spend more. If you’re really motivated, try not to make any significant changes in your spending for a year after a salary bump.It’s tempting to spendyour tax return, holiday bonus or birthday money on something fun. Instead, consider spending a set percentage on something rewarding and put the rest into savings.
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