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No matter what your position in life now, you need to understand that your earlier choices affect (i.e., make or break) your financial situation a few years down the road. This is why it is important to consider the 5 Essential Steps To Aid Your Financial Security At 30s…

1. KNOW THE IMPORTANCE OF PLANNING

Study has shown that those who plan for their future retire with more wealth than those who do not. Being goal oriented is one of the characteristics of a successful person. Aside from setting up goals, you must develop a realistic plan to achieve them.

Writing down 2 short-term and 2 long-term goals is the first step to financial freedom.

2. VALUE FINANCIAL LITERACY

Money management and investing are lifelong ventures. There can be a lot happening during that time such as inflation or unemployment. You must make objective decisions that are beneficial for your financial goals while considering these momentary hurdles. It only makes sense that the more knowledgeable and experienced you are in money matters, the fewer mistakes you will commit.

Read and understand materials about self-empowerment, investment, and money management. Here are some books to get you started with:

“The Intelligent Investor” by Benjamin Graham

“Why Stocks Go Up and Down” by William Pike

“Turning Pro” by Steven Pressfield

“Common Stocks and Uncommon Profits” by Philip Fisher

3. BEFRIEND TIME MANAGEMENT

I understand that some jobs require you to do overtime – most of the time. But striking a balance between your work and personal time is important to prevent stress and occupational burnout. Furthermore, you need to enjoy yourself while you are young. When are you planning to go for “sky diving” anyway? When your vision and muscles are optimum at your 20s or on your 75th birthday?

Befriend time by managing your sleeping hours and cutting down unnecessary activities that shorten your sleeping time like playing Smartphone apps. Also, you must remember balance your present spending with your future ones too. For instance, if your goal is to save money for your house then, do you really have to splurge on designer bags now? You cannot spend today as if it was your last.

4. BORROW MONEY WISELY

A witty strategy to start before you hit your 30s is to practice spending the money you already have by avoiding the use of credit cards. And in case you need to borrow money, keep in mind that you shall never borrow to finance a lifestyle you cannot afford! The constant borrowing to attain the “Luxurious Kardashian Lifestyle” will only pile up your credit, increase the cost of living, and save no money for investing.

Ideally, borrowing money must be used for investment purposes only wherein the gain outweighs the loan expenses such as investing for your education or for a house.

5. REFLECT ON YOUR CPF MONEY

Nearing your 30s without unforeseen emergencies would mean that you have a substantial amount of money in your CPF account. On average, your CPF account should reach approximately 5 digits (e.g., S$20,000). That said, you must reflect on productive ways you can use your CPF money namely: retirement fund, housing fund, investments, education, and insurances.

Image Credits: pixabay.com (License: CC0 Public Domain)

Certainly, the CPF account increases your financial assets.

You probably know how procrastination impacts some areas of your life such as being late for a reunion or getting scolded by your boss because you missed the deadline – again. However, you might not realize that constantly avoiding responsibilities can cost you not only with opportunities but also with money.

There are various reasons why people procrastinate with money and one of them is fear – fear of getting stuck or lost in the path. Then, the “avoider” in you will just make excuses in order to delay the tasks for a while or for a lifetime.

To illustrate how procrastination cause money loss, here are some examples:

1. WHEN PENALTIES PILE UP

Late payment fees, late return fees, reconnection fees, and other penalty charges may seem small at the moment but these things add up. For instance, if you borrowed a book in your school’s library and you failed to return it 1 month after the deadline then, the price you paid for late fees might be more costly than the book in the first place.

Also, being late in paying your credit card can cost you each day. Add that to the interest!

2. NOT TAKING PREVENTIVE ACTIONS

Preventive actions such as regularly going for health screening especially when you are in your 40s, can help detect or treat serious diseases. Waiting will do nothing but cost you for medical bills later. Some expensive repairs that can also be prevented by check-ups are: air conditioner’s filter maintenance and car’s tires maintenance.

3. LAST MINUTE SHOPPING

People are often to be less conscious of the price tag if they are shopping under pressure. Waiting the last-minute to purchase for anniversary gifts or weekend travel tickets can make you opt for the high-priced ones just to get it over and done with!

These examples are just some of the reasons why it is important to beat procrastination with all strength! Do it by following these tips:

1. AWARENESS

Constantly remind yourself that there are tasks to be accomplished and determine what phase you are on. It is easier to track your tasks by making a simple “to-do list” that even includes the tasks you are avoiding to pursue. Then, write the deadlines together with every task.

2. REMOVE THE DISTRACTIONS

The quickest way to stop procrastinating is by eliminating the possible distractions. Learning to reduce, ignore, and remove the unnecessary choices can be beneficial as you are able to make better choices.

For example: if you want others to read your blog, stop distracting them with buttons and ads. Also, if you want stronger arms, stop wasting your energy on Single-Leg Glute Bridge or other exercises that are not in lined with your goals.

3. REWARDS AND PUNISHMENTS

Create a reward and punishment system. Rewards (e.g., eating your favorite dessert) should only be given if you finished a task while consequences (e.g., no access to ice cream for a week) should be given whenever you avoid your task.

4. GET SERIOUS

Ask a your friend or your partner to help you complete the task. They should guide you and warn you when you deter form the task at hand. Focus on the success and happiness you will achieve after you finished your “to-do list”.

Image Credits: pixabay.com (CC0 Public Domain)

Sources:1 & 2

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