Bankruptcy can come at any age, and it can come sooner if you are not careful about your finances. The 30s are the period of one’s life when things are changing fast. You might be starting a family, advancing in your career, or making a move to another country, and finances can soon spiral out of control. It is time now to get serious about your money and prevent yourself from possible financial damage. Here are some tips to help you stay in financial control:

Pay Down Your Debt

Staying in debt only keeps you from accomplishing other financial goals. Once you have reached your thirties, you are very much settled in your life as compared to the twenties, so it is really a good time to aggressively start clearing out all your debt. Whether it is a car loan, student or credit card debt, make it a point to get it off your back as soon as possible so that you soon have money to spend on other useful goals.

Review Your Budget Periodically

Making your budget once shouldn’t be the last time you made it. Make sure you review it periodically so that it is aligned with your priorities. Some costs may still be relevant while others may not be, and perhaps there are new costs that need to be added in your budget. To make your budget work, it is necessary that you keep re-visiting it and making changes as your priorities change.

Start Making Specific Savings Plan

In your 30s, your financial goals are a lot of different from those in the 20s. They get bigger as you age and require specific planning and budgeting. You might have to save money to buy a house, put it away for college tuition, starting a family and the like. Getting a head start by planning your budget for these savings and knowing when you need it will give you an idea whether it is possible in the current budget, or whether you’ll have to look for new income streams or cutback on other areas.

Know What You’re Covered For

A big mistake that most people make is that they don’t know what’s covered in their insurance. When you have more people dependent on you and more assets, you need to make sure you have the necessary coverage to protect everything or what is most important from any unexpected damage. The basic coverage that you must have and should know everything about, is health, auto, and life insurance.

Start Planning For Retirement

You have reached your 30s; another 30 years and you will be hitting your 60s. Time flies by and the more money you are putting away right now into other financial goals, the better your retirement fund. As you age, your retirement savings should also be increasing, making sure that your retirement is secure for you to retire happily.