Smart Financial Habits to Build in Your 20s and 30s 

As you enter the workforce and start earning your own income, you also need to learn how to manage your finances. After all, you aren't just making money, but you're also spending it on many things as you take on more responsibilities in life. 

The beginning of your career is a good time to begin building smart financial habits that can set you on the path to a financially secure life. Here’s where to start. 

Build a strong foundation in your 20s. 

Saying goodbye to student life means saying hello to the real world and all the adult responsibilities that come with it. Money takes on a greater significance as you realize how much hard work goes into your every paycheck. 

Knowing this helps you become more mindful about how you spend that money. Create a budget that not only allows you to keep track of your income and expenses on a regular basis but also allocate your earnings according to your priorities. Beyond just covering your basic needs, you can make short-term financial goals like saving for a vacation or buying the latest gadget. 

But don’t lose sight of the future, as you never know what can happen in the next year or even the next month. Save an emergency fund that can cover any unforeseen expenses, like home or car repairs, sudden illness, or unemployment. Build this habit of consistently saving so that even if you do end up spending the money on an emergency, you can easily rebuild that fund and prepare for more rainy days ahead. This way, you’ll always have peace of mind that you’re ready for any emergency. 

Prepare for the future in your 30s. 

When you’ve been working for almost a decade, you likely feel more settled in your career and your finances. You’ve built the habit of saving, you’re able to stick to your budget, and you’ve acquired many money-savvy skills. So, what’s next? 

Having more than enough to cover your basic needs means this is the best time to dream big. Start by setting medium-term financial goals like buying your own car, building a fund that lets you pursue higher studies, or investing in other personal growth opportunities. 

Such goals may require you to take some risks with your income to accelerate growth, so look into investment opportunities like mutual funds, high-interest deposit accounts, and start-up businesses. For example, if you’re ready to invest a million pesos, you can open a Salmon Time Deposit account at the Rural Bank of Sta. Rosa Laguna, where it can earn 8.88% interest per annum*. This means your investment of one million pesos can earn PHP88,800 in a year! 

As you get into the habit of finding ways for your money to grow, you can plan for the far future with goals like having your own home, saving up for your children’s education, and building your retirement fund. 

Of course, envisioning your future and mapping out the steps you need to take to turn your dreams into a reality is a good practice you can adopt at any age. After all, that picture of tomorrow can help you make decisions on how you spend and invest your money today. The sooner you start building smart financial habits, the more secure your future will be! 

To learn more about opening a Salmon Time Deposit account with an investment starting at PHP50,000, visit our website. 

*Interest earnings are subject to 20% withholding tax.
Rural Bank of Sta. Rosa (Laguna), Inc. is regulated by the Bangko Sentral ng Pilipinas (http://www.bsp.gov.ph ). Deposits are insured by PDIC up to ₱500,000 per depositor.

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