6 money goals you need to accomplish before you’re 30

You’re in your 20s, having the time of your life. Parties. Travel. Dinner outs. But don’t look now, 30s is already looming. Have you accomplished the essentials?

Before it’s too late, start getting your act together. It’s okay to have fun but you also need to think about and take care of your future. Here are six things you need to get done by the time you’re 30 (or even before!)

1. Be debt-free and stay that way!

By this time, you should already know to prioritize the payment of debts over anything else. This includes credit card purchases. Late and partial payments will mean interest added to your total purchases, which you can avoid if you pay on time and in full. As for actual debts and loans, don’t incur as much as you can.

2. Master money management.

Think of your 20s as a dry-run. By the time you turn 30, you should have already mastered financial management. You should have a daily or monthly budget and stick to it. You should have specific and correct allocations for your paychecks—basic necessities, savings, investments, and luxury.

3. Build an Emergency Fund.

By now, you should already have a bank account. No, not the one provided by the company for your salary but a personal one. This is where you put your savings.

But having a personal bank account is not just the goal but a part of it. The real aim is to have a tidy sum—at the very least 20 percent of your every salary combined—in there. Do you have this?

4. Have investments.

When you turn 30, you should already have any (or most, or all!) of these things in your name—time deposit, UITFs, bonds, mutual fund, stocks, investment plans . You should have already started to build your retirement nest egg. It’ll be good, too, if you are renting to own a condo, have a property somewhere, or a part-owner of a business.

5. Live within your means.

You already understand that you cannot spend what you do not have and just because you have a certain amount in your salary account every month does not mean you can spend them all.

By the time you’re 30, you should already know how to sacrifice and save for things that you cannot afford. Want a luxe bag? Give up those twice-a-day coffee runs and ₱300 lunch-outs. You don’t need to give up your wants. You just have to find a way to get it without touching money meant for other things.

6. Secure a life insurance.

We never know what will happen tomorrow and insurance plans help you make sure your future is taken care of. One thing you should know about insurance though is the younger you are, the smaller the amount you have to pay. That is because premiums (the amount that you have to pay every month) is age-based. So if you have not gotten one yet, don’t wait until you’re 50. Get one now! There are different kinds of insurance plans—health, life. FWD Insurance PH, for instance, has a plan that combines both life protection and investment.