Smart Moves to Save Smart: Financial Decisions to Consider Before the Big 30

Financial decisions that seemed like distant goals suddenly tend to be at the top of your priorities list the moment you turn 30. Here are a few things you should start investing in, while you are in your twenties.

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To Buy or Not to Buy a House:

Buying a house is probably the first step to making a long-term decision. You must consider the pros and cons of either owning a house or renting one, and realise that this decision will make a huge impact on your future financial plans. Buying a house is probably the biggest investment you have to make.

Insure yourself:

Life is extremely unpredictable. One never knows what is going to happen next. The earlier you get life insurance the lesser you need to worry about paying high premiums. Life and medical insurance policies would also help you save tax under Section 80C and Section 80D.

Always remember that your employer's group health plan might prove inadequate when it comes to the kind of coverage you might require. Moreover, if you are between jobs, you may be rendered uninsured for a certain period. At this point, also consider setting up a small emergency fund for yourself. Calculate your monthly expenses including any EMIs, and set aside enough to tide you over for around 3-6 months in case of emergencies.

Take Calculated Risks

You might consider moving to a new city with better job prospects, or you might consider investing in a start up of your own. These financial risks are easier to face when age is still on your side. You can think about investing in mutual funds to earn profits—either over a short-term or a long-term. While they are subject to market risks, they also offer the highest chance of earning great profits. Once you want to invest in something stable, you can always turn to fixed deposits.

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Plan for Retirement:

Either they tend to start saving money too late in life or miscalculate to amount of money required after retirement. If you have always been independent and never had to rely on others for financial support, then having to depend on someone after retirement may not be an ideal situation.

Pay off Loans on Time:

Easy access to EMI schemes and loans has kept most Indians under debt. With education fees and other expenses increasing, taking a loan has become a necessity. However, it is best to pay off your loans before you turn 30. So the next time you get a salary hike or a bonus, then use that money and clear your debts, instead of spending it on the latest mobile phone or a laptop.

Plan for your Children:

Yes, you may not have children yet or you are not even thinking about having one. However, you do not know what the future holds. Therefore it is best to start planning for your children’s future. Education today is expensive and if you want your children to go to a good school, you have to be ready to shell out a lot of money. Kindergartens are charging more than a lakh, and a good MBA college will easily cost you 20-30 lakhs if not more. Make sure that you start a Systematic Investment Plan (SIP) for your child as soon as possible, so that when they do get into a good college, a lack of funding does not hold them back.

Monitor Expenses and Investments Well:

This actually goes without saying, but you must keep track of all the policies, plans and EMIs that need to be dealt with on a regular basis. There are several apps and online expense trackers that you can use, and update, and also set reminders on. Monitoring your expenses would prevent you from that next impulse shopping binge!

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˜The insurers/plans mentioned are arranged in order of highest to lowest first year premium (sum of individual single premium and individual non-single premium) offered by Policybazaar’s insurer partners offering life insurance investment plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

Past 10 Years' annualised returns as on 01-04-2026

^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.

Tax benefit is subject to changes in tax laws. Standard T&C Apply
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^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.

**Returns are based on past 10 years’ fund performance data (Fund Data Source: Value Research).