Top Tips for Money Management Past 29

(NC) Our spending habits evolve and mature from the time we start work, so by 30 years of age, a little more guidance is a good idea. Lifestyle changes such as marriage, home ownership, or saving for other goals, all have an impact on whether to spend, or save more.

“Lifestyle goals drive many financial decisions, and getting to a certain age only makes that dynamic more powerful,” says Farhan Hamidani, Chief Operating Officer and Managing Director, at HollisWealth. ‘The sooner you start thinking about how your financial goals are going to give you a better lifestyle, the better off you’ll be.”

Keep these financial dos and don’ts in mind, especially past the age of 29:

DO

• Set realistic financial goals tied to lifestyle choices. Saving for your first home or upcoming nuptials are great motivators.

• Mind your taxes. There are a wide range of tax benefits available, know what they are and reap the benefits.

• Be budget conscious. Know what your financial plan is inside and out so you can create a budget for everything.

• Track your progress. Keep a journal to make a note of all income and expenses. If you’re in the red, you’ll know.

• Ask for help. Finances can be confusing, but finding the answers to your questions can help you get right back on track.

DON’T

• Spend your savings. Try an automated savings program to help you save with ease.

• Get bogged down by debt. Pay more than your principal balance and be debt-free faster.

• Ignore your money problems. Make a habit of reviewing bills on a monthly basis to readjust spending as required.

• Be passive with your bank balance. It’s never too early to start thinking about growing your money through investments.

• Forget about retirement planning. Think about how much you’re setting aside for the future –consider it an investment in yourself.

The key to a successful financial plan in your thirties and beyond is working with an experienced financial advisor to help set your lifestyle goals, develop a plan to meet those goals, and then to ensure you stay on track over the long term.

More information is available online at holliswealth.com.