Money Mistakes You Should Stop Making by 30

Written By Jeff Hindenach
Last updated December 8, 2020

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December 4, 2015

Simple. Thrifty. Living.

Your priorities change as you grow older, and the things you once spent your money on might change as well. Additionally, you begin to focus more on saving rather than spending, especially once you reach your 30s. At that point in your life, you are probably thinking about retirement plans, investment, loans, credit card offers and many other financial matters you must now consider more seriously.

Unfortunately, many in their 30s are still making plenty of money mistakes. Are you one of them? Consider some of the most common money mistakes people continue to make into their 30s, and learn how you can break the mold.

If you have your own apartment or home, chances are you are already budgeting. If not, you better learn before you find yourself without money for food or bills. Your 30s is the time to take responsibility and ensure you have enough money on hand each month to take care of the essentials before using it for other things such as going out to dinner or buying that new iPad. Just don’t forget to budget for these things.

Now is the time to start thinking about retirement savings. Starting to save in your 30s greatly improves your ability to live comfortably when you retire, without having to work extra years. You can save for retirement through your job or with your bank via other means.

Credit card debt is one of the biggest problems Americans face today. If you relied on credit cards before, it’s time to stop before you wind up with debt you can’t pay off. Take a lesson from your budgeting plan and only charge what you need to out of necessity, and only if you can pay it off quickly. Otherwise, the interest will soon add up.

If you are already drowning in credit card debt, getting out of that debt before you turn 30 is critical, since we tend to take on more bills the older we get. If you can’t pay down your debt, you can look into a debt relief service that can help you consolidate your debt.

Debt can also drag down your credit score, which can be harmful if you are at the age where you are buying a house or taking out other large loans. Paying off your debt can obviously help raise your credit score, but if you are still having credit score issues, you can hire one of the best credit repair agencies to help you out.

Health insurance in your 30s is a must because, unfortunately, this is when you might start experiencing various health issues (not to mention unexpected injuries like broken bones). Life insurance is not a necessity, but getting it early keeps premiums low, and ensures that your loved ones will be well taken care of in the event of an unfortunate incident.

There are, of course, other things you can do in your 30s to better manage your money, and it might be useful to speak with a financial planner to help you keep your finances in excellent condition.

About the Author

Jeff Hindenach

Jeff Hindenach is the co-founder of Simple. Thrifty. Living. He graduated from Bowling Green State University with a Bachelor's Degree in Journalism. He has a long history of financial journalism, with a background writing for newspapers such as the San Jose Mercury News and San Francisco Examiner, as well as writing on personal finance for The Huffington Post, New York Times, Business Insider, CNBC, Newsday and The Street. He believes in giving readers the tools they need to get out of debt.

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