There’s no doubt that hitting your 30’s is a huge milestone for everyone. Whilst some of us may have started a family, bought a house, or even started a new career, this decade of our life has a significant financial impact for the years to come. For most folks, our financial responsibilities have likely grown and accommodating costs and responsibilities with saving money for the future is harder than ever.
A lot of us have dusted off the mistakes of our 20’s and discovered a thing or two, however this decade of our lives is the time when we really have to grow and genuinely contemplate our financial situation. We need to prioritise commitments, like our kid’s education and retirement balance, and take the most suitable steps to achieve a promising financial future for you and your family. Life can certainly get more complicated in your 30’s, however by concentrating on a number of crucial aspects of your finances, your money doesn’t have to be nearly as complicated.
By making modest lifestyle changes, you can drastically bolster your financial circumstance now and in the decades ahead, so here are some personal financial goals that everybody in their 30’s should contemplate.
Strengthen your emergency fund
Hopefully you set up an emergency fund in 20’s, saving enough cash for several months’ worth of expenditures. This is a terrific goal to obtain in your 20’s, but earning more money and having increased financial duties in your 30’s indicates that your emergency fund becomes considerably more important. Finance specialists highly recommend that folks in their 30’s should have at least 6 to 12 months of living costs saved in their emergency fund. Just remember, moving back in with your parents is much more complicated in your 30’s, particularly if you’re a parent yourself.
Review your insurance policies
Often, people’s circumstances change dramatically in their 30’s. You may have purchased your first house, a new vehicle, or have started a family, so it’s necessary that you review your insurance policies so they’re up-to-date. It’s also a good idea to have a look at income protection and life insurance coupled with your existing insurance coverage. Even when your personal situation hasn’t changed in your 30’s, you should still review your insurance plans several times a year to make sure you’re getting the best rates and premiums.
Increase your retirement savings.
Now is the time where you should start increasing your retirement contributions, specifically if your employer offers a salary sacrifice plan. Making voluntary super contributions is an effective way to grow your nest egg, so if you receive a pay rise, consider using the supplementary income towards your retirement savings. In addition to this, if you start a new job or career, always make sure that use the same super account which will considerably decrease costs and maximise your retirement growth.
Live well below your means.
When you find yourself having more financial obligations, you should revise your budget and make sure you’re living well below your means. The key to improving your wealth is to increase the gap between what you earn and what you spend. You’ll probably have to decrease some expenses like eating out or cable television subscriptions, but the more money you save, the faster you’ll reach your financial objectives. It’s also advisable to look at percentage of income saved rather than dollar amounts, as this makes it much easier to identify which expenses can be decreased to ensure you’re always saving more than you earn.
Seek financial help sooner rather than later.
If you’re finding it difficult to make mortgage repayments on time or you’re plunging deeper into debt, seek financial assistance as soon as possible. Frequently, the sooner you do something about it, the more choices will be available to you. Many people suffer financially for several years prior to seeking help, and not only are they in a far worse position, but it is also completely unnecessary! There are many choices available for those in financial distress, so if you require any financial support, get in touch with Bankruptcy Experts Coffs Harbour on 1300 795 575, or visit our website for more information: www.bankruptcyexpertscoffsharbour.com.au