When you are officially 30, the constant advice you hear from parents and money experts is to save and start investing in your future. Even though, it may sound weird or annoying and you just want people to talk about it, they are right about it.

If you start investing in your future now you can be the one enjoying your lifestyle and not the one taking a part-time job to make ends meet.

  1. Get Rid of the Credit Card Debt

High interest credit card payments can be burden on you and removing them helps to increase your credit score (see number 5). This is the first as it is very essential for starting to invest in your future and it helps in removing your burden and let’s you go ahead.

  1. Plan A Monthly Money Routine

Consider a planning your monthly budget and stick to it! A lot of budgeting apps are available which will help you meet your needs. Include reminders of payment of bills, loans etc because late payments would be a setback for your credit score.

  1. Get Insurance

Get insurances and be assured to not spending more when the problems start creeping up.

  1. Create an Emergency Fund

Creating an emergency fund would be helpful and not stressful when unexpected problems like medical problems, sudden job loss, storm damage etc. arise.  The key to a successful emergency fund is to resist the urge to dip into those funds for everyday use.

  1. Establish a Good Credit Score

Maintaining a good credit score can give you better results in everything finance-related. The credit score helps you to gain loans faster and they can be used for further education, loans for buying homes, cars or your set goals.

  1. Start your Retirement Fund

We often suffer from a longevity bias and procrastinate. At 25, you feel retirement is 4 decades far away and there’s a ton of time left. Sadly, thats not the right approach. As the old saying goes – ‘kal kare so aaj kar, aaj kare so ab’. The same goes for retirement planning. A monthly deposit of 10% towards retirement isn’t going to hurt too much – but you’ll see the returns when you have a huge fund at 60 when you probably want to live at a farm or at the top of a hilltop. Afford to have the luxuries you dream of at 60 and the only way to achieve that is to START NOW.

  1. Set SMART Goals (Specific, Measurable, Achievable, Relevant, and Time)

You want to go to Iceland and see the Northern lights. Your childhood dream was to own a horse and go to Spain for sky diving!

What are you waiting for ? Make a list of the top 10 things and start setting time-bound goals. Life’s too short to keep those dreams waiting and old flames itching!

  1. Be Financially Literate

So you have your goals ready. How do you then set out to achieve those? Well, a clear road is to get financially literate. In today’s day and age it’s not enough to know how to read and write. Take that extra effort – get to know the equity market, bond markets, rights issue, IPOs and try your hand at why – even the futures and options markets.

Read, Watch, Discuss and execute to enable your money to work harder than you actually do.

  1. Save where You Can!

The mantra is Income – Savings = Expenses. Look at the likes of Narayan Murthy, Warren Buffet.

If they can, cant you?

  1. Investment

Being financially literate is different but investing in the right place counts! Invest in Mutual Funds, IPOs, Public Provident Funds, Fixed Deposits, Shares, Bonds, Debentures and many more. This will boost the amount for your savings for the long term!

For a complete financial plan, contact sachin@happyinvesting.co.in