Step 1: Pay Off High-Interest Debt

The less debt you have, the more of your income you can save and invest. Focus on paying off high-interest debts first, such as credit cards or personal loans.

Step 2: Build an Emergency Fund

Life is full of surprises, and not all of them are pleasant. Aim to save three to six months’ worth of living expenses in an easily accessible account. This will help you handle unexpected costs without going into debt.

Step 3: Start Saving for Retirement

It’s never too early to think about retirement. Thanks to compound interest, even small amounts saved now can grow significantly over time. Consider opening a pension account like a Lifetime ISA or a workplace pension.

Step 4: Get Insured

Protect yourself and your loved ones with appropriate insurance. This could include health, life, and income protection insurance. It’s an essential step to ensure financial security for you and your family.

Step 5: Invest in Your Education

Your earning potential is one of your greatest assets. Investing in further education or professional qualifications can open doors to higher-paying jobs and opportunities.

Step 6: Create a Budget

Knowing where your money goes is crucial. Use a budgeting app or spreadsheet to track your spending and adjust your habits accordingly.

Step 7: Improve Your Credit Score

A good credit score can save you money on interest rates and insurance premiums. Pay your bills on time, keep credit card balances low, and don’t open too many new accounts at once.

Step 8: Set Financial Goals

Having clear financial goals gives you something to work towards. Whether it’s buying a house, starting a business, or travelling the world, knowing your goals can help you plan your finances effectively.

Step 9: Learn to Invest

Investing can help your money grow faster than inflation. Start with low-cost index funds or ETFs and consider speaking to a financial adviser for more personalised advice.

Step 10: Live Below Your Means

Finally, living below your means is perhaps the most important step. It allows you to save and invest more, giving you a buffer against financial stress and the freedom to make choices that align with your values and goals.

By following these steps, you can build a strong financial foundation before you turn 30. Remember, the key to financial security is not how much you earn, but how much you keep and grow.