6 Money Mistakes You Need To Avoid In Your 30s

Saving is a way to accumulate money for future needs. Your retirement planning should start taking greater priority. The lure of tax saving and the urgency to get tax planning components in place at the end of financial year can push one to make unwise choices,” says Antony Jacob, CEO, Apollo Munich Health Insurance.

It might be drastic, but maybe you cut back on some of your long-term savings, like retirement or the kids' college education, to protect yourself in the short-run. If you start saving for retirement when you get your first job, even if it's a very small amount, you will establish the habit as well as start to build savings.

74% of people will go into debt to pay for their wedding, according to a survey by Student Loan Hero of over 1,000 getting married in 2018. Saving now is fine financial stewardship as it will secure your future but also enable you to better help others later. You can choose any blue-chip mutual fund or invest an ELSS, or equity-linked savings scheme.

Whether you're a young adult ready to start saving for retirement, a 50-something ready to pay off your mortgage or a senior citizen living on a fixed income, these tips can help you build savings, reduce debt, boost income and invest wisely. Choosing investments that result in long-term growth will help you take advantage of compounding interest and reach a comfortable savings by retirement age.

Think about the impact avoiding money mistakes earlier in life can do for you in the long-term. Your 30s are the time to get serious about getting out of debt for good. Assuming the crunch does end at some point I think we'll be okay but we've carried a bunch of debt from our 20's that we're trying to whittle down while simultaneously trying to save and also pay for life.

Teja is paying a premium of Rs 25,000 a year for an endowment plan that was bought for him by his father even though he doesn't need it. Your child's education and financial security are obviously very important, money but your top priority in your 30s should still be your retirement.