Bangalore: As they say, life is unpredictable, thus little bit of precautions won’t do any harm.  Inflation in each and every sphere of life like health care, education and standard of living had become a mounting factor.

However, in issues of financial planning, being young has big inference as well as huge advantages. Here are seven smart money moves that you should make before turning 30, as reported by Babar Zaidi of Economic Times.

1. Take a Term Insurance Policy

Buying a term insurance plan is one of the best moves to take when you are young. The earlier you buy the policy, less will be your premium amount. "It is best to lock in at a young age when you are hale and hearty," says T R Ramachandran, CEO and managing director, Aviva Life Insurance.

It is the only kind of the pure insurance policies, known as the term insurance. Term insurance policy will cover the risk of your death only for the term of your plan. The premium charged on term Plan is lower than the other form of life insurance plans, as it covers only the life risk.

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