There’s no doubt that hitting your 30’s is a serious milestone for everyone. Even though some of us may have bought a house, started a family, or even begun a new career, this decade of our life has a considerable financial impact for the coming years. For the majority of people, our financial obligations have perhaps grown and juggling expenses and responsibilities with saving money for the future is tougher than ever.
Most 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 have to mature and seriously look at our financial situation. We have to prioritise commitments, such as our children’s education and retirement savings, and take the most suitable steps to procure a promising financial future for you and your loved ones. Life can unquestionably get more complicated in your 30’s, however by targeting a few crucial aspects of your finances, your money doesn’t have to be nearly as complicated.
By making minor lifestyle changes, you can noticeably strengthen your financial situation now and in the years ahead, so here are some personal financial goals that everybody in their 30’s should consider.
Expand your emergency fund
Hopefully you launched an emergency fund in 20’s, saving enough funds for a few months’ worth of expenditures. This is a fantastic goal to achieve 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. Financial experts recommend that individuals in their 30’s should have at least six to 12 months of living costs saved in their emergency fund. Just remember, moving back in with your parents is much more difficult in your 30’s, especially if you’re a parent yourself.
Review your insurance plans
Typically, 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 vital that you examine your insurance policies so they’re up-to-date. It’s likewise a good idea to take a look at income protection and life insurance coupled with your existing insurance policies. Even when your personal circumstances haven’t changed in your 30’s, you should nonetheless evaluate your insurance plans a few times a year to make sure you’re receiving the best rates and premiums.
Develop 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 fantastic way to grow your nest egg, so if you receive a pay increase, look at using the supplementary income towards your retirement savings. Along with this, if you begin a new career or job, always ensure that use the same super account which will substantially reduce 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 boosting your wealth is to expand the gap between what you earn and what you spend. You’ll likely have to trim some expenses such as eating in restaurants or cable TV subscriptions, but the more money you save, the quicker you’ll achieve 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 establish which expenses can be reduced to ensure you’re always saving more than you earn.
Seek financial help sooner rather than later.
If you’re finding it a challenge to make mortgage repayments on time or you’re plunging deeper into debt, seek financial assistance as soon as possible. Generally, the sooner you take action, the more choices will be available to you. Lots of folks 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 possibilities available for those in financial trouble, so if you need any financial aid, speak to Bankruptcy Experts Northern Rivers on 1300 795 575, or visit our website for additional information: Bankruptcy Northern Rivers