Thirty may be the new twenty in terms of having kids, getting married, and owning a home, but hopefully you started saving far before your thirtieth birthday. More people are having kids later, and also saving for retirement later. Ideally, though, people should start saving as early as possible — hopefully in their twenties so that the money has time to grow. If you didn’t start saving in your twenties, you still have time, but an advantage to starting young is that you often have less bills and fewer people depending on you. In addition to saving money, there are many other financial habits that should be established in your thirties in order to have a financially secure future. Here are six financial habits that you should prioritize now in order to get your finances in order and be prepared for the future.
1. Save for retirement
If you haven’t started saving for retirement yet, now is the time. If you have started saving for retirement, save more. If so far you have focused on fairly safe options, like bank CDs, you may need to start considering other options. IRAs and 401(k)s are the ideal way to save for most people. An IRA will give you a break on your taxes. Which plan you choose will probably depend on what your employer offers, and how much extra income you have to save. It’s important to note that there is no exact amount of money that you need to become financially secure; one person may need $2 million saved for retirement, but another person might need twice that. It depends on your spending habits.