For many adults, turning 30 means taking on new responsibilities, including marriage, children, and buying a house. When it comes to managing your financial situation, starting early can translate into significant financial gains in the future. With that in mind, here are five easy financial things you need to do before turning 30.

Open a High-Yield Savings Account

According to a 2017 survey, approximately 69 percent of Americans have less than $1,000 in savings, while nearly 30 percent of adults over the age of 55 have no retirement savings, at all. Opening a high-yield savings account before turning 30 can help you obtain the highest return for your money while creating an emergency fund.

While traditional savings accounts offer .01 percent interest, high-yield savings accounts often offer over two percent. By storing your money in a high-yield savings account, you can net a few extra hundred dollars per year. Since you’ll earn more interest with more money in your account, aim to contribute a set amount per month to your savings account. Investment experts recommend saving 20–25 percent of your monthly income.

Start Budgeting

Less than one-third of adults practice budgeting, and only 30 percent have a long-term financial plan for their savings and investment goals. Planning a comprehensive household budget and sticking to it can be challenging, but it’ll help you save more money in the long-term.

Budgeting involves assigning your income to a category and creating spending limits for each category, allowing you to keep track of where your money is going. To start budgeting, download a free personal budgeting app like Mint or You Need a Budget. Budgeting apps use information from debit and savings accounts to track expenses and make it easy for users to set spending limits.

Invest in Health Insurance

Selecting the right health insurance plan for your financial situation can seem overwhelming. Contrary to popular belief, employer health insurance plans aren’t always the best option, especially if you’re under 30 and in good health. Therefore, researching your options and selecting the plan best suited for your situation is imperative.

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Learn About Home Loans

Although most people know there are numerous types of home loans, understanding the process of obtaining an affordable mortgage can help you save money when you decide to buy a home. For instance, applying for a home loan requires specifying whether you intend to apply for an investment loan vs. home loan. Because each loan has distinct terms and variable interest rates, understanding the distinctions between the two can make a significant difference whether you decide on an offset mortgage, a fixed home loan, or construction financing.

Start Paying Off Debt

According to data from the Federal Reserve, national household debt currently totals $13.54 trillion. Paying off debt requires calculating your total amount of debt, including car loans, student loans, and credit cards.

Calculating your total amount of debt can seem stress-inducing. To take action against debt, investment experts recommend utilizing the snowball method. The snowball method involves listing non-mortgage debts from the smallest to largest balance, disregarding interest. Continue making minimum payments on all debts except the one with the smallest balance. Pay off the smallest debts one by one, and repeat this method until all balances are paid off.

Organizing your finances before you turn 30 can result in significant gains in the future. Ultimately, practicing these easy tips can help you take control of your financial situation.