There’s no doubt that hitting your 30’s is a serious landmark for everybody. Even though 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 your future years. For the majority of people, our financial responsibilities have more than likely grown and juggling bills and responsibilities with saving money for the future is more challenging than ever before.
Many 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 need to grow and genuinely look at our financial position. We have to prioritise commitments, like our kid’s education and retirement savings, and take the most suitable steps to acquire a bright financial future for you and your loved ones. Life can certainly get more complex in your 30’s, however by focusing on 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 bolster your financial circumstance now and in the decades to come, so here are some personal financial goals that everyone in their 30’s should think about.
Broaden your emergency fund
Ideally you launched an emergency fund in 20’s, saving enough funds for several months’ worth of costs. This is a wonderful goal to accomplish in your 20’s, but making more money and having increased financial responsibilities in your 30’s means that your emergency fund becomes significantly more important. Financial experts highly recommend that folks in their 30’s should have at least six to 12 months of living expenses saved in their emergency fund. Remember, moving back in with your parents is much more challenging in your 30’s, particularly if you’re a parent yourself.
Assess your insurance plans
Commonly, 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 plans so they’re up-to-date. It’s likewise a smart idea to take a look at income protection and life insurance along with your existing insurance plans. Even when your personal circumstances haven’t changed in your 30’s, you should nonetheless examine your insurance plans a couple of times a year to make sure that you’re receiving the best rates and premiums.
Grow your retirement savings.
Now is the time where you should begin boosting your retirement contributions, especially if your workplace features a salary sacrifice plan. Making voluntary super contributions is a fantastic way to grow your nest egg, so if you receive a pay rise, look at using the additional income towards your retirement savings. As well as this, if you begin a new job or career, always make certain that use the same super account which will markedly minimise fees 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 trick to boosting your wealth is to increase the gap between what you earn and what you spend. You’ll probably need to reduce some expenses such as eating out or cable television subscriptions, but the more money you save, the quicker you’ll reach your financial goals. It’s also recommended to look at percentage of income saved instead of dollar amounts, as this makes it a lot easier to establish 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 make mortgage repayments on time or you’re falling deeper into debt, seek financial assistance immediately. Normally, the sooner you do something about it, the more choices will be available to you. Many individuals 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 choices available for those in financial turmoil, so if you require any financial aid, call Bankruptcy Experts Maitland on 1300 795 575, or visit our website for more information: www.bankruptcyexpertsmaitland.com.au