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New Delhi: How many of you have often heard that age is just a number? Well, in money market, this number game could be very sensitive.


It is very important to take pragmatic decisions when age is on your side. Here are five smart financial decisions you should make before you turn 30.


Also read: Five things to keep in mind before investing


TAKE TERM INSURANCE


Once you turn thirty, there won't be any excuse to depend on someone. Rather it would be the start of a prime time when your family depends on you. So, it is advisable to take a term plan. And if you plan a life insurance at this age, you can get better plans with lower premiums.


TAKE HEALTH INSURANCE


Don't just be dependent on the company's mediclaim plan. Rather take a personal health insurance plan. Remember, if you are off job for a while, your company plan will become useless. Take health insurance plans that take care of hospitalisation. The early you start, the better. Once you are on the other side of 30, health issues crop up faster.


Also read: PPF Account: 5 key facts you must know


OPEN PPF ACCOUNT


PPF is the most tax-efficient fund and you can also claim tax deduction under Section 80C. Its 15-year lock-in period also makes it ideal for long term saving plans. You must open a PPF account as early as possible. It could prove to be very useful in funding your child's higher education.


Also read: Don't make these mistakes if you are planning for retirement


MAKE RETIREMENT PLANS


At 30 it might seem laughable to think of retirement plans. But the fact is, retirement plans are better planned ahead. Be very careful while calculating the fund. 30 years hence, nothing will be the same –neither buying power nor inflation.


MAKE CONTINGENCY FUND OR EMERGENCY CORPUS


Emergency always comes unannounced. You can't be prepared for that. But you can always create a fund for that. Start with a little and keep adding on. This corpus will be a big cushion during an emergency.