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15 Big Financial Mistakes you Should Stop Making by 30


During 20s many of us make mistakes and learn from them. It is a time when everyone tend to splurge in luxuries and spend in unnecessary things. The idea of no need to save for future and live in the moment is highly prevalent in early twenties.

But as one is approaching their thirties, it turns out to be a wake up call to do something serious about life especially in financial terms. Many of them are married and tend to have children, hence it also becomes essential to do substantial in terms of money.

financial mistakes stop by 30

15 Big Financial Mistakes to Avoid in Your 30s:

1. Not making any retirement plans:

Many of the people in thier twenties do not understand the importance of making a retirment plan. It is good to start planning for it, sooner the better. At the age of sixty the income of money is reduced and the body tends to get weak with issues of weak knees and weak muscle strength.

It is good not to be dependent on your children about forty years down the line, but be independent. Consult a financial advisor who can explain you more about various retirement plans, discuss with them about your financial status and what your plans are for future.

2. No insurance for future:

Insurance is another most neglected part of saving. Insure your vehicles and other necessary requirements. Mishaps can happen any time and the best thing one can do is be prepared for it beforehand.

With insurance one can be financially secured and recover the money in case of any loss. It is an important asset management which is helpful during the financial fallback. Check various options available for insurance and select the one which is apt for you. Discuss with those who have good knowledge about it and take guidance from the experienced.

3. Financial planning before marriage:

Once a person gets married, everything changes from personal lifestyle to money spending habits. It is advisable to discuss your financial structure and plan for it with your spouse. Knowing each other’s financial expectation will be helpful.

Not only it helps in money matters but also makes the relationship strong and good for both. Discuss each other’s expense and saving habits, also an estimate of individual’s earning.

4. Excessive shopping:

With so many fashionable brands becoming affordable and with so many tv ads constantly showing the benefits of purchasing their products, are highly tempting to make huge purchases.

But most of the things one buys are hardly of any use, be it clothes, gadgets or any other fancy thing. Plan your purchases, know what you require and what you will use. With planned shopping one will realise the amount of money that can be saved and put up in a fund.

5. Extravagant expenditure:

Luxury vacations, buying a car, is also a form of unncessary expenditure. Ask yourself if you really need that car now or it is necessary now to go on extravagant holidays. Vacations are good for health and mind but the bill that one sees after adds up the stress.

The twenties is a tricky phase where salaries tend to be low and most of the mistakes are made during this time. Extravagant lifestyle can be lived easily, but it is important to know that this is the right time. If this spending unnecessarily adds your stress level then better to prevent it.

6. Assumptions for money:

The common attitude for the twenties is to believe that money can be earned at any point of time in life and does not pay attention towards the saving part. But the fact is one cannot earn money forever, the body tends to deteriorate after a certain age and the energy level goes down.

After a certain age, one is not able to work hard as in the twenties and thirties. So better to be aware of the future scenarios and start saving from today.A timely attitude towards your earning will generate a long-term return.

7. Not paying your debts:

During early twenties many people are under various debts especially for the college education. Once you get your first job make sure to clear your debts as soon as possible. Because the interest rate will keep on adding and will later add up to a huge amount. It is also harmful to your credit score if in future you plan to apply for a house loan or any other loan. Therefore, paying your loan should be your first priority while you are young.

8. Piling up credit cards:

With banks coming up with various schemes and offers many of them tend to have credit cards from various banks and during the times when one is short of money they splurge with credit cards, Best thing is to do is to not to use credit cards or in first place not to own one. They are a tricky form of payment where one ends up paying more in the form of EMI’s when compared with the actual costs.

9. Not having health insurance:

Health insurance should be done as soon as one gets the job. it is of extreme help whenever one is in a medical emergency. Medical insurance helps in balancing the additional cost of expenditure on health. With so many plans put up by the insurance companies choose the best which fits for you and is reliable.

10. Spending under peer pressure:

Another issue that generally comes up in unnecessary spending is because of peer pressure or competition. If your neighbour or friend owns a fancy car or a luxury item it does not neccessarily means that you need to buy the same thing.

Understand if you really need the same product or if that is required and know if you are ready to spend that much. Impulsive buying always leads to troubles ahead.

11. Paying high rent to live:

After staying in a hostel with friends and saving up on luxuries another part where most of the people tend to overspend is by paying the rent for a living. Most of the youngsters tend to find their jobs in the big cities where the cost of living is already high.

Do a reality check and know if you are ready to pay high rent. Finding a reasonable place with good rent might take some time but one can surely get it. Also, sharing the place with friends is also a way to manage the rental expense.

12. Asking financial help from parents:

If one plans and works best for their finances then financial dependence on parents can be eliminated. Control your money and do not ask help from your parents. The twenties are the time when one is required to learn and grow not to be dependent on family. Cutting the financial cord from parents is equally important as being successful in life, it reflects your personality in other aspects of life too.

13. Not spending when required:

Money is always limited, therefore, one should save and spend when required. Spending money on the regular necessities is important rather than splurging it. Go to a good doctor when required, take the right medicines, spend for your health. This will work for your betterment as it will healthy you to earn more. Health is of utmost important, hence essential to budget some spending on it too.

14. Looking for kids education rather than retirement fund:

Generally by late twenties many of the people become parents. The joy of having a kid is beyond description and every parent puts their child’s needs ahead of theirs. Similarly goes for the education funds, good institutions have become extremely expensive these days and people tend ot ignore their retirement plans. But making a small investment for your retirment will also generate high value in future.

15. Spending excessively on the wedding:

A fairy tale wedding is something what everyone is looking at, what are the expectations of your future partner and what you want. But know that it is not necessary to spend blindly. Sit with your future spouse and family understand the requirments of a wedding ceremony. Plan a budget and discuss it with family and see what best can be done within it. With so many interesting options available around, creating a fairytale wedding won’t be impossible if done right.


Keeping the above points in mind will help prevent making money mistakes, Money management is not difficult to achieve, but with constant management and knowledge of money-saving plan, one can eventually save a lot of money. The importance of money management is good to start with, sooner one start for it easier and better it is. If you find trouble managing it alone then take help from friends and family or find various online tutorials which are quite helpful. The benefit of savings will generate benefits in later age of life.