Ah, 35! The age where you’re too old to be called a young adult, and you’re too young to be called an oldie. Oftentimes, when people turn 35, they start to reassess their life. They ask gut wrenching questions like, “am I in a good place financially, physically, and mentally?”
In a society like ours, it is often expected there are financial milestones that you ideally should achieve before hitting this golden age. But at KingsVine Luxury, we prioritize mental health over everything. However, if setting age-related milestones is your thing or you would like to get life-changing saving tips in your adulthood, keep reading!
35 is an age where life starts getting serious. You might be thinking of raising a family, having kids, or realizing your role in taking care of aging parents. Whatever your motivation, finances inevitably plays a major role. This is why in this blog post, we will discuss 7 money-saving tips you can do before hitting 35 years. Let’s get into them.
1. Start Little with a Short-Term Goal
Setting a short-term goal would help you save more successfully. Many people who applied this strategy are able to save successfully. For example, committing to saving $30 a week or a month for 5-6 months is much more attainable than setting a goal to save $400 a month for a year. Once you achieve your short-term goal, you will have created a habit of saving and you’ll be able to keep going strong with a new goal.
2. Plan Your Expenses in Advance
Your expenses such as line rental, car insurance premiums, gym membership fees, utility bills, data subscription can often be cheaper if you pay them annually instead of monthly. You could save a lot by ensuring you have enough cash stored away to pay these annually in one go.
Additionally, there are many products that tend to cost less at certain times of the year, if you can plan most of your purchases to coincide with these discounting times, it will help you to make big savings. Cultivate the habit of planning your expenses in a spreadsheet against your sources of income. This will help keep track of how much money you spend and to maintain a budget.
3. Budget
This brings us to the most essential factor – Budgeting. It is important to learn how to budget your money and spend less than you bring in. A lot of young people seem to find themselves in trouble when they do not take the time to budget their finances and usually end up spending more money than they make. Therefore, learning how to budget will help you save more money before hitting 35 years.
4. Aim to have multiple income streams
While you may be thinking you already have a job; you should know by now that a job is not enough. You have to learn how to make money by other means than just your employment. You can sell items on eBay, work online, or any other means you are not at the mercy of your employment.
5. Pay Yourself First
Wondering what it means by paying yourself first? Well, it means putting a wedge of cash aside before you pay bills or start spending on day-to-day expenses. This is figuring out how much you can save and then automating this amount by direct debit from your day-to-day spending account into another separate account.
6. Start Saving as Early as Possible
Only a few people get rich through their wages alone. But know that it’s the miracle of compound interest, or earning interest on your interest over many years, that builds wealth.
7. Start Investing
Get rich slowly by starting to invest. You can start with $10, simply setting up accounts gets you into the habits of knowing exactly where to put your money once you get it. This will help you get more money before hitting 35.
In conclusion, it’s always in the best interest of an individual to start planning their income and expenditure from a young age. A penny saved or invested today is worth more than a penny invested tomorrow. The sooner you start, the greater the benefits before you hit 35 years.
Are there other money-saving tricks you’d like to share? Leave a comment below.
We don’t have all the answers and no one really does, but making money is about having the humility to learn and adjust to market changes. We hope these tips kick-start you or motivate you to press onward! KingsVine Luxury is a growing e-commerce marketplace that provides a platform for you to get quality essentials at a very affordable price. We offer the best in customer service and swift delivery, making us a perfect solution to your lifestyle. We love to empower our customers and brand fans so that they can enrich themselves, so thanks for visiting our BlogSpot.