21. Save to purchase a home

Saving to purchase a home is a fantastic goal to have well before a woman turns 30. If you intend to apply for a mortgage, it helps if you have a sizeable down payment. Your goal should be to save between 3.5 percent to 20 percent depending on your type of loan. We recommend starting early with this saving goal.

22. Learn the pros and cons of renting versus buying a home

There is a common belief that rent money is dead money. This isn’t necessarily so. Renting has some financial benefits over paying a mortgage. For example, when renting, you are not responsible for property taxes, and financial upkeep of wear and tear on the property you are renting. If you can find a low cost rental property, you can use this as home base from which to work smart and save quickly so that you can eventually purchase that future dream home.

23. Find the best interest rates for loans

Loans, oh loans. It all depends on the type of loan, the duration of the loan and the interest you will be paying. Do your research in advance before signing on the dotted line. Ask questions about early repayment penalties. The earlier you pay it off, the better and the interest really won’t matter.

24. Understand the difference between simple interest verses compound interest

This bit of financial jargon is something that women well-versed in financial management understand well. Interest charged by a lender is basically a sum owed by the borrower for the privilege of being loaned the principal sum. In essence, it is profit for the lender. Simple interest and compound interest are two different ways of calculating interest and how it will be paid by the borrower. Simple interest is, just that: the sum charged simply on the principal amount. Compound interest is charged on the principal plus any interest accrued until the point of time at which interest is being calculated. In other words, it all adds up! Or does it? If not, speak to your financial advisor.

25. Understand your pay check and how to get the most of your money

When receiving your paycheck on Friday, it’s an exciting day. As exciting as it may be, you want to know your way around your paycheck and understand its various components. You should know about Social Security, Medicare and Federal income tax withholdings that are taken from each check. Make sure you speak to a tax professional to have the right amount of money withheld from each check so that you won’t have problems during tax filing season.

26. Negotiate your salary to fit your lifestyle

Most women have heard about the gender-based wage-gap. Is it fact or fiction? Well, it doesn’t matter. Statistically, men are much more assertive (read: aggressive) when it comes to making sure they are paid what they are worth. There is no reason why you can’t do the same. Play nice, but don’t be a pushover. Ask and ye (might) receive. Plan your pitch and believe in yourself. You can’t expect your boss to pay you more if you don’t value yourself.

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27. Give back—it pays off!

As they say, what goes around, comes around. Giving to charity can give you a feel-good buzz. Just make sure you get your tax receipt so come tax time, it can be added to your deductibles. Also, by 30 we have a better understanding of how giving back to the community creates a good reputation for us and opens up doorways to new business partnerships. Savvy networking begins at 30! In addition, green investment is all the rage right now; this means buying shares in ethical companies only. Keeping companies accountable pays off in so many ways. You are investing in your children’s financial and environmental future.

28. Understand your tax return and the benefit of deductions

The benefit of itemizing your deductions makes tax time an exciting time of year. There are many deductions you can claim on your taxes to decrease your liability based on your profession. You can visit www.irs.gov or visit your local tax professional for additional tax benefits.

29. Create a will—it’s important

When approaching 30, we are a little more realistic with understanding that death is a part of life. We are also clearer on who we love and what we would like to leave them once we leave the earth. While this is subject to change when we sashay into our 40s, we should at least ensure our Last Will and Testament is drafted and in good hands by the age of 30.

30. Lend to friends and family only what you can afford to GIVE

By the age of 30, you have likely experienced enough well-intended loans to friends who never paid you back. Only lend what you can afford to GIVE. Our advice: if you can’t afford to GIVE it, you can’t afford to LEND it. Don’t let money be the cause of the end of a relationship or friendship.

Now that you’ve had the opportunity to learn about these 30 simple money tips to know by the age of 30, it’s your time to put them in action. There’s no time like the present. It’s YOUR money, make it COUNT!

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30 Things About Money That Every 30-Something Should Know  was originally published on hellobeautiful.com

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