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Experts have mapped out money decisions you should make during the various milestones in your life to help set you up for a more stable financial future. In your 20s, these strategies are more sparse and flexible since the focus of many twenty-year-olds is not putting money into the security of their futures.
Once you hit your 30s, however, many have a better understanding of the importance of being more money savvy. As you get older, your mindset and your responsibilities will shift, maturing along with you. These are the money decisions you should make in your 30s that will affect your financial future:

Find a life insurance policy that fits your needs.

If you haven’t already done so, it’s time to invest in some sort of life insurance policy. If you are single, consider getting a lower plan so that, in case something were to happen to you, that life insurance money can help your loved ones front your funeral expenses. If you are married with children, this is just another way that you can help to provide for your family. Not only will this money help to cover your funeral costs, it will help to financially support your spouse and children for a period of time since there will now be a gap where your income once was.

Be mindful of how you spend your money.

Now that you have experience in the professional workplace, you will hopefully see a consistent increase in salary during your 30s. With this increase in income, it may be tempting to start spending more – buying a nicer car, upgrading to a more spacious home, etc. Your spending habits will not stay the same as they were in your 20s, and that’s okay, but don’t start overspending just because you are making more money. Lifestyle inflation is one of the reasons why people in their 30s aren’t saving as much as they should. Use this money, instead, to pay off your students loans and start investing in your future.

Put more money into your retirement.

It is important that you are spending less frivolously at this point in your life and, instead, are putting money into something that will affect you when you are older – your retirement. If you already have a retirement savings account, invest as much as you can every year. If you don’t yet have a retirement fund, now is the time to get one via an IRA or cash value life insurance policy and start putting money into it. The earlier you start, the better off you will be post-employment.
Following these strategies now will help build a stable foundation for you to continue to expand upon when you hit your 40s.