There’s no doubt that reaching your 30’s is a considerable landmark for all of us. While some of us may have bought a house, started a family, or even begun a new career, this decade of our lives has a significant financial impact for the years to come. For the majority of individuals, our financial commitments have perhaps grown and accommodating expenses and responsibilities with saving money for the future is more challenging than ever before.
The majority of us have dusted off the mistakes of our 20’s and learned a thing or two, however this decade of our lives is the time when we really should mature and genuinely think about our financial circumstances. We need to prioritise commitments, like our kid’s education and retirement savings, and take the most appropriate steps to obtain a prosperous financial future for you and your loved ones. Life can undoubtedly get more complex in your 30’s, however by concentrating on a few key aspects of your finances, your money doesn’t have to be nearly as complicated.
By making slight lifestyle changes, you can dramatically enhance your financial circumstance now and in the decades to follow, so here are some personal financial goals that everyone in their 30’s should contemplate.
Strengthen your emergency fund
Ideally you launched an emergency fund in 20’s, saving enough funds for several months’ worth of expenditures. This is a wonderful goal to accomplish in your 20’s, but making more money and having increased financial obligations in your 30’s signifies that your emergency fund becomes increasingly important. Finance specialists stongly advise that individuals in their 30’s should have at least 6 to 12 months of living expenses saved in their emergency fund. Don’t forget, moving back in with your parents is far more problematic in your 30’s, particularly if you’re a parent yourself.
Evaluate your insurance plans
Often, people’s circumstances change dramatically in their 30’s. You may have bought 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 additionally a smart idea to have a look at income protection and life insurance combined with your current insurance plans. Even if your personal situation hasn’t changed in your 30’s, you should nevertheless assess your insurance policies several times a year to be sure you’re getting the best rates and premiums.
Boost your retirement savings.
Now is the time where you should start growing your retirement contributions, specifically if your employer features a salary sacrifice plan. Making voluntary super contributions is a terrific way to grow your nest egg, so if you receive a pay rise, look into using the supplementary income towards your retirement savings. As well as this, if you begin a new career or job, always see to it that use the same super account which will markedly reduce costs and maximise your retirement growth.
Live well below your means.
When you find yourself having more financial obligations, you should examine 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 likely need to decrease some expenses like eating in restaurants or cable television subscriptions, but the more money you save, the quicker you’ll accomplish your financial goals. It’s also recommended to look at percentage of income saved as opposed to dollar amounts, as this makes it much easier to ascertain which expenses can be minimised to ensure you’re always saving more than you earn.
Seek financial help sooner rather than later.
If you’re finding it difficult to meet mortgage repayments on time or you’re plunging deeper into debt, seek financial assistance immediately. Normally, the sooner you do something about it, the more choices will be available to you. Many people suffer financially for years before seeking help, and not only are they in a far worse position, but it is also completely unnecessary! There are many options available for those in financial difficulties, so if you require any financial help, talk with Bankruptcy Experts Bunbury on 1300 795 575, or visit our website for additional information: www.bankruptcyexpertsbunbury.com.au