There’s no question that hitting your 30’s is a huge landmark for us all. While some of us may have started a family, a new career, or perhaps bought their first home, this decade of our lives has a vital financial impact for your future. For most people, our financial obligations have probably grown and accommodating expenses and responsibilities with saving money for the future is harder 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 have to mature and seriously contemplate our financial situation. We need to prioritise commitments, such as our children’s education and retirement savings, and take the most appropriate steps to procure a promising financial future for you and your loved ones. Life can surely get more complicated in your 30’s, however by focusing on a number of vital aspects of your finances, your money doesn’t have to be nearly as complicated.
By making small lifestyle alterations, you can drastically strengthen your financial situation now and in the years to follow, so here are some personal financial goals that everybody in their 30’s should take into consideration.
Increase your emergency fund
Hopefully you established an emergency fund in 20’s, saving enough cash for several months’ worth of costs. This is an excellent goal to obtain in your 20’s, but earning more money and having increased financial duties in your 30’s means that your emergency fund becomes significantly more important. Financial experts highly recommend that people in their 30’s should have at least six to 12 months of living expenditures saved in their emergency fund. Remember, moving back in with your parents is far more complicated in your 30’s, especially if you’re a parent yourself.
Review your insurance plans
Frequently, people’s circumstances change dramatically in their 30’s. You may have bought a new home, a new car, or have started a family, so it’s necessary that you evaluate your insurance policies so they’re up-to-date. It’s also a clever idea to take 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 nevertheless examine your insurance policies a few times a year to ensure you’re getting the best rates and premiums.
Build your retirement savings.
Now is the time where you should start strengthening your retirement contributions, especially if your employer features a salary sacrifice plan. Making voluntary super contributions is a great way to grow your nest egg, so if you receive a pay rise, look into using the supplementary income towards your retirement savings. In addition to this, if you begin a new job or career, always ensure 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 commitments, you should examine your budget and make sure you’re living well below your means. The trick to improving your wealth is to expand the gap between what you earn and what you spend. You’ll most likely have to reduce some expenses such as eating out or cable TV subscriptions, but the more money you save, the faster you’ll achieve your financial goals. It’s also advisable to look at percentage of income saved instead of dollar amounts, as this makes it a lot easier to find out which expenses can be lowered to ensure you’re always saving more than you earn.
Seek financial help sooner rather than later.
If you’re finding it hard to make mortgage repayments on time or you’re plunging deeper into debt, seek financial assistance as soon as possible. Generally, the sooner you do something about it, the more possibilities will be available to you. Lots of people suffer financially for many 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 hardship, so if you need any financial support, speak to Bankruptcy Experts Brisbane on 1300 795 575, or visit our website for further information: www.bankruptcyexpertsbrisbane.com.au