Everyone hopes their 30s will be better than or, at least, not much worse than their 20s. But the reality can be disappointing. There’s less time for fun, more back pain, and a lot of falling asleep at events. 

Perpetual exhaustion aside, being in your 30s means you’ve likely been in the workforce for quite a while. Ideally, this means you should have something to show for all these years of work. Maybe you should not be so dependent on your next paycheck, right? Well, wishes aren’t horses, so we must protect and utilise our earnings properly. 

To help you out, we’ve highlighted five money mistakes you are probably making. These are things you must avoid in your 30s…and maybe even before. 

1. Spending outside your budget

If there’s one lesson adulthood teaches you, it is that the older you get, the more responsibilities you have to juggle: family, car, property, health. Your financial obligations multiply.

The point is you’re not too young to start practising financial discipline. You must begin to train yourself to spend within a stipulated budget early. If you don’t have a budget, read this and create one right now. Avoid impulse purchases.

You don’t want to be older and still struggling with essential bills. This is one reason financial discipline is crucial for adults. 

2. Not having emergency funds

Emergencies are unexpected and happen to everyone. Your phone’s screen could get broken, your appendix might need to get removed — both could happen almost simultaneously.

These are instances where your emergency funds can come through for you. Even if not everyone makes enough money to pay their bills, let alone save, it is important that you know two things are essential to growing an emergency fund: saving before you spend and having a budget. 

In the absence of any emergencies, that money could help you navigate a big life change, like losing your job or having a baby. So, if you’re approaching 30 or in your 30s without any funds set aside for emergencies, then start saving with PiggyVest now!

3. Going through life uninsured 

Nobody hopes their car gets stolen. Nobody hopes to need major surgery. But these things happen. You want to be prepared. It’s better to have insurance and not need it, than need insurance and not have it.

Getting insured is one of the best forms of investments in yourself. And if you have people who depend on you and your income, getting a life insurance policy is a great way to protect their financial interests if something were to happen to you. 

4. Not saving towards retirement 

“I’m only in my 30s. Why should I be bothered about retirement when I’ve barely started living?” 

63% of Nigerians live under the poverty line, so it’s safe to glean that saving for a hypothetical future, where one stops working and starts eating the fruits of decades of work, sounds like a luxury dream. To see saving for retirement differently, however, think about how tough it is making ends meet presently, then picture yourself in 30 years. Would it be easier or harder to earn a regular income with frailer bones?  

The best time to start saving towards retirement is today. If your employment doesn’t have arrangements for a pension fund, then it’s up to you to set one up. The money you set aside monthly does not have to be a lot. You just have to be consistent. 

5. Putting all your investment eggs in one basket

One way to reach your financial goals involves a diversification of  investment portfolio. The smart investor will spread out capital across different investment vehicles. But different investments have different risk levels, so you would have to make a choice based on your risk appetite.

By diversifying your investments, you’re mitigating risk and protecting yourself. If one investment fails, another could restore your financial standing.