Planning your finances at any age is a wise move. It not only helps you stay covered in times of financial crisis but allows you to build a corpus to rely upon. Especially when you are in your 30s building your wealth becomes tad bit important. So, here are some best practices which you can implement -

  • Do not have a large outstanding on your credit card. Maintain the 30% utilization rule on your card. This will allow you to keep at least the 30%limit on your card free. This will eventually impact positively on your CIBIL score with which you can easily obtain finance in the future from any of the lenders in the market.
  • Invest in saving schemes which help you build an emergency corpus. This will also help you develop a habit to save as you can save on a regular basis.
  • Instead of saving randomly try to make it a habit at a regular interval. You can even start by setting up a Systematic Investment Plan or SIP. thus, helping you meet all short and long-terms financial goals.
  • Buying property at this age is also a form of long term investment. With rising property prices you can be assured of having its value appreciated with time.
  • Build a diversified investment portfolio wherein you can invest in various saving instruments such as mutual funds, fixed deposit, stocks, bonds, etc. You can also plan to invest in schemes which offer a mix of long term and short term investment options to help you better plan your finances.