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.

Best Investment Plans
  • Guaranteed Tax Savings

    Under sec 80C & 10(10D)
  • ₹ 1 Crore

    Invest 10k Per Month*
  • Zero LTCG Tax

    Unlike 10% in Mutual Funds

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Top performing plans with High Returns*

Invest ₹10K/month & Get ₹1 Crore returns*

+91
View Plans
Please wait. We Are Processing..
Plans available only for people of Indian origin By clicking on "View Plans" you agree to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs #Discount offered by insurance company Tax benefit is subject to changes in tax laws
Get Updates on WhatsApp

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.

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!

Become a crorepati-1
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Invest more get more
capital guarantee
Investment Calculator
  • One time
  • Monthly
/ Year
Sensex has given 10% return from 2010 - 2020
You invest
You get
View plans

Investment plans articles

Recent Articles
Popular Articles
Union Bank of India RD Interest Rates

02 Dec 2022

Union Bank of India is a public sector bank in India with more
Read more
NSC Premature Withdrawal

21 Jun 2022

National Savings Certificate, popularly known as NSC, is a
Read more
Invest 40 Lakhs for Monthly Income

15 Jun 2022

With Rs. 40 lakhs to invest, you have a lot of options to create
Read more
Investment Plans for 10 Lakhs

14 Jun 2022

Investing a huge sum of Rs. 10 Lakhs calls for some caution on
Read more
Kisan Vikas Patra (KVP) Premature Withdrawal

14 Jun 2022

The Indian Post Offices issue Kisan Vikas Patra or KVP to
Read more
Best LIC Policies For Investment in 2022
When it comes to purchasing a life insurance plan, LIC policies can be a good investment choice given that it is a
Read more
Short Term Investments Options
Short-term investments can be described as temporary investments or marketable securities, which can be easily
Read more
Post Office Monthly Income Scheme - MIS Interest Rate 2022
Are you looking for an investment avenue that is safe and secure, earns substantial returns with a short locking
Read more
Best NRE Savings Accounts for NRIs in 2022
India is a growing economy and is getting a lot of global recognition these days. It has shown immense growth in
Read more
SBI Life Insurance Plans in India
SBI Life Insurance, a joint venture between State Bank of India (SBI) and BNP Paribas Assurance, provides
Read more

top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL