/In Your 30s? Heed These Retirement Tips

In Your 30s? Heed These Retirement Tips

If you’re in your 30s, you’re used to spending money. From weddings to down payments and child care costs, expenses quickly add up.

But you can take control of your finances. Chris Reining, who left work at age 37 after achieving financial independence, stuck to three simple rules: Save more, earn more, and invest more.

CNNMoney’s Anna Bahney explains the Reining way to stay ahead in your 30s:

Best case scenario, you’re entering your 30’s having expanded your earnings and built up some savings in your 20’s.

But even if you’ve done neither, some big life expenses can come at you. And that’s to say nothing of student debt that may still be lingering.

Many people in their 30’s will be getting married, having children, or buying a house. While there’s no reason to avoid those life milestones, each of those expenses can be dialed up or down, says Reining.

As a couple you may opt to mark your wedding in an understated way and put the $10,000 you might have spent on it into investments. The cost of children is dominated by child care expenses. As you’re looking at where you might live and work, opting to be close to family who can help, even part time, with child care can dramatically cut costs.

When looking for real estate, Reining suggests taking the long view.

“Get rid of the notion of a ‘starter house,’” he says, “because that implies you’re going to move up. Instead find a house you’d be willing to live in for 20 or 40 years.”