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Money Saving Tips for your 30s

People in their 30s are in the financial carry over from their 20s: still paying off debt for credit cards and student loans, and building savings. However, in this decade of life is when people start thinking about purchasing a home, and possibly starting a family.

Set financial goals that are attainable, maybe 3 big goals to focus on during this time in your life, and here are some tips to do just that:

1. Keep on cutting debt. In your 30s you should be almost finished paying off your student loans. For loans with small interest rates there is no hurry to pay large payments, and the low interest rates allow you to add to other financial goals. However, if interest rates are above 6%, make it top priority to pay off the loans ASAP! For credit card debt, pay the card with the highest interest rates while continuing to make minimum payments on all other cards. Doing this will help you to save more money and pay less in the long run.

2. Invest in your kids. Think about your kid's future by starting a 529 plan for them. Starting to save for college now can help with tuition costs by the time they are in college. However, it is important to remember to research saving plans for your children; private investment companies usually charge higher fees than government plans.

3. Insurance is necessary. During your 30s there are a lot of factors that should cause you to make sure your insurance is meeting your needs and the needs of your loved ones. For your dependents, you should invest in life insurance to help them maintain financial security, if anything should happen to you.

Long-term and short-term disability insurance is also something to look into, if by chance an accident should happen that disables an income from being brought into your home. One can look for insurance through their employer, or look around for life and disability insurance rates.

Your 30s are a time to feel financially stable; if you feel like you're struggling managing money and debt, contact an attorney who can advise you on how to become financially independent.

Works cited:

3 Crucial Money To-Dos for Every Decade of Life (The Huffington Post)

By: , LearnVest. http://www.huffingtonpost.com/learnvest/3-important-money-todos-f_b_6075662.html?utm_hp_ref=money&ir=Money

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