32-Year-Old Should Know These Things

T 32, you're likely in a phase of life where you're balancing career growth, personal goals, and possibly family responsibilities.

- PV SUBRAMANYAM

Here's a rundown of personal finance concepts and strategies that are relevant at this age:

• Budgeting and cash flow:

• Know how to track your income and expenses: By now, you should have a clear picture of where your money goes—housing, food, transportation, entertainment, etc.

• Aim for the 50/30/20 rule as a starting point: 50% of income to needs, 30% to wants, 20% to savings/debt repayment.

• Emergency Fund:

• Have 3–6 months' worth of expenses saved in an easily accessible account: At 32, unexpected events—job loss, medical issues—can hit if you've taken on more responsibilities (mortgage, dependent parents, or kids).

• Debt Management: