In many people’s lives, turning thirty, or the big 3-0, is perhaps the most significant financial turning point. Whether you are starting a new career, buying a home, or preparing for parenthood, how you handle this financial turning point may very well set the tone for how the rest of your finances will develop.

However, some doable suggestions can provide all the motivation you need to take control of your life and financial stability if you are willing to keep an open mind to the possibility of new ways of thinking.

These suggestions will change the way you think about handling your finances well into your 30s and beyond.

Be Tolerant and Postpone Pleasure

It is safe to assume that when you enter your 30s, you spent most of your 20s in college, subsisting on ramen noodles and fast food. When you reach your 30s, your natural instinct will be to buy a good house and a cool automobile and start living the American dream. However, be cautious not to accrue more debt than you have the income or assets to cover.

A House is Not a Valuable Asset

The majority of people have been conditioned to think that owning real estate and buying a home is the key to financial success. Actually, just a portion of this is true.

Your home is a liability, not an asset if it is depleting your finances (in the form of a mortgage) rather than generating income for you (in the form of rentals or home enterprises). Before making any significant purchases as you approach 30, make sure you know the distinction between assets and liabilities.

Reduce Your Vices

As you leave your college days behind, you might have amassed more vices than you like to admit, including fast food, alcohol, and cigarettes, to name a few. Sincerely, I’ve had more than my fair share of those late-night trips to the greasy Taco Bell after a night of drinking with buddies.

Even though these were special occasions, when you start a new decade, you come to a realization. Those nights are not only bad for your health, but they are also expensive.

Remember that what started as an enjoyable method to pass the time might become a damaging addiction or coping technique as you transition from a fun college to a demanding professional environment.

Don’t Be Satisfied with Being an Employee Only

You will undoubtedly find it very challenging to earn enough money to save and invest in this day and age of growing inflation and stagnating wages after covering the costs of basic survival necessities like food, clothing, and shelter—this misery results from decades of parents raising their kids to want to be employees.

People tell entire generations to work hard and find a stable job with perks. You are probably right if you feel smarter than the others in your position. Start planning strategies to amass the information that motivates you to produce something of societal value as soon as you become 30.

Set a Budget

Creating a financial plan and learning how to follow it may sound like common sense, but how many people do you actually know who have done so? Without creating a thorough budget, you are playing Russian roulette with your financial destiny.

Save Money First, Then Pay the Bills

Set a financial target and alter your way of living to reach it. You will always be broken if you set your savings goal to match your lifestyle. You should ideally be set aside between 25 and 30 percent of your income after taxes.

Today’s society follows the principle of paying bills first, then saving. This manner of thinking is characterized by wrong priorities and a love of material possessions. You must learn to put yourself first if you want to improve your financial situation and accumulate real wealth.

Examine your Credit/Debit Card Statements

Don’t just toss those bank statements in the trash; actually, read them. Consider it a declaration that describes your spending style or behavior.

Your bill may reflect those small transactions that add up to high costs if you are close to running out of money before the month is up. Use a highlighter to go over everything so you can color-code your spending. Your budget will be built with the aid of this system.

Your Most Valuable Asset is Time, Not Money

We all agree that we don’t have enough time, but it is also a resource that is mostly wasted.

Do you really think you are managing your time properly if you spend 10 to 12 hours a day in a job you don’t truly enjoy? If time is money, you should learn to spend it on activities that enhance your life and provide you joy.

Avoid Lending Money or Cosigning a Loan

As you age, you may find that family and friends come to you for financial aid in obtaining loans, as “the borrower is always a slave to the lender.” However, keep in mind that the bank has a cosigner requirement for a purpose.

There is a considerable probability that you will be targeted if the borrower skips a payment. As a result, be extremely wary of cosigning any loans. You run the risk of not only losing your money but also destroying a wonderful relationship.

Final Note

Even when you work to overcome your aversion to taking chances, fear shouldn’t be fully eliminated from the picture. Fear can occasionally be justified. You must reframe risk and realize it is not the same as danger and need not be intimidating if you want to take more risks with confidence.