The 5 key financial rules you should be following by your 30s to avoid financial problems

Learn how to stick to a budget, understand your debt, and have a backup plan to make life easier in your 30s.

• It's never too early to start improving your personal finances.
• There are some financial lessons you should definitely learn in your 30s.
• Budgeting, having realistic goals, and tracking debt are key to securing your finances.

It takes a lot of time and discipline to understand how to manage money wisely. It's not something that happens overnight — some go their whole lives without learning to manage their money. 

While you may still feel young and invincible when you hit 30, the truth is that you're roughly halfway to retirement. The sooner you learn how to budget, the better off your finances will be in the long run.

Below are the most important financial lessons you'll need in your 30s. 

1. Stick to a budget 

Most 20-year-olds toy with the idea of budgeting or have used an app to keep track of their finances. 

However, very few are able to stick to a budget. Once you turn 30, it's time to start allocating where every dollar you earn goes. 

The overall goal of budgeting is to know where your money's going so you can make the right decisions.

Keep in mind that dollars spent add up over time. It's okay to spend money on fun purchases or trips, as long as they're in line with what you have budgeted and your savings goals. 

2. Leave 10%-20% of what you earn free for savings.

This is another piece of advice you need to keep in mind when you're in your 30s, and it's recommended by the vast majority of financial planners. 

When your pay comes in each month, you should know what needs to be spent on fixed expenses, variable expenses, and, finally, savings. 

It is always advisable to set aside 20% of the money that enters your current account each month. If your income is low, then set aside 10% instead.

3. Be realistic about your financial goals

Sit down and really think about your financial goals. Visualize the age at which you'd like to achieve them. Write them down and figure out how to make them a reality.

You're more likely to achieve your goals if you write them down and create a plan.

For example, if you want to go on vacation to Italy, stop daydreaming and make a game plan. Do some research to find out how much the vacation will cost you and then work out how much money you'll have to save each month. 

Your dream vacation can be a reality in a year or two if you take the right planning and saving steps.

4. Work out your debt situation

Many people become complacent about their debt once they reach their 30s. For those with personal loans, mortgages, or credit card debt, paying it off just becomes another way of life. You may even consider debt to be normal. 

The truth is, you don't need to live your whole life paying off debt. Evaluate how much leverage you have beyond your mortgage and create a budget to help you avoid going further into debt.

There are many methods to eliminate debt, but the snowball effect is popular for keeping people motivated. List all your debts from smallest to largest, regardless of interest rate. Pay the minimum payment on all but the smallest of your debts. 

Paying off your debts will have a significant impact on your personal finances. It'll allow your budget to stretch further and for you to add to your savings.

5. Start an emergency fund

If you don't have an emergency fund, you're more likely to use your savings or rely on credit cards to pay for unplanned expenses.

Make a plan to have a sufficient amount of capital to meet any contingency.