There’s no doubt that reaching your 30’s is a big milestone for everyone. Even though some of us may have bought their first home, started a career, or even a family, this decade of our lives has a critical financial impact for your future years. For many folks, our financial responsibilities have most likely grown and accommodating bills and responsibilities with saving money for the future is more challenging than ever.
Most 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 mature and genuinely look into our financial position. We have to prioritise commitments, like our children’s education and retirement balance, and take the most appropriate steps to obtain a bright financial future for you and your family. Life can unquestionably get more complicated in your 30’s, however by prioritising a number of key aspects of your finances, your money doesn’t have to be nearly as complicated.
By making minor lifestyle alterations, you can drastically strengthen your financial situation now and in the decades to follow, so here are some personal financial goals that everyone in their 30’s should take into consideration.
Expand your emergency fund
Hopefully you set up an emergency fund in 20’s, saving enough money for a few months’ worth of expenses. This is a fantastic goal to accomplish in your 20’s, but earning more money and having increased financial duties in your 30’s signifies that your emergency fund becomes considerably more important. Finance specialists suggest that people in their 30’s should have at least 6 to 12 months of living expenditures saved in their emergency fund. Bear in mind, moving back in with your parents is far more complicated in your 30’s, especially if you’re a parent yourself.
Assess your insurance policies
Typically, people’s circumstances change significantly in their 30’s. You may have purchased your first home, a new vehicle, or have started a family, so it’s very important that you assess your insurance policies so they’re up-to-date. It’s additionally a sensible idea to have a look at income protection and life insurance together with your existing insurance coverage. Even when your personal situation hasn’t changed in your 30’s, you should still assess your insurance coverage a few times a year to make sure that you’re receiving the best rates and premiums.
Develop your retirement savings.
Now is the time where you should start growing your retirement contributions, particularly if your workplace offers a salary sacrifice plan. Making voluntary super contributions is a terrific way to grow your nest egg, so if you receive a pay increase, look at using the extra income towards your retirement savings. Along with this, if you begin a new job or career, always make sure that use the same super account which will markedly decrease fees and maximise your retirement growth.
Live well below your means.
When you find yourself having more financial responsibilities, you should revise your budget and make sure you’re living well below your means. The secret to boosting your wealth is to increase the gap between what you earn and what you spend. You’ll most likely have to trim some expenses such as eating out or cable television subscriptions, but the more money you save, the faster you’ll achieve your financial objectives. It’s also recommended to look at percentage of income saved instead of dollar amounts, as this makes it much easier to identify 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 tough to meet mortgage repayments on time or you’re plunging deeper into debt, seek financial assistance immediately. Normally, the sooner you take action, the more possibilities will be available to you. Many individuals suffer financially for years prior to 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 trouble, so if you need any financial assistance, call Gold Coast Bankruptcy Centre on 1300 795 575, or visit our website for further information: www.goldcoastbankruptcycentre.com.au