There’s no question that hitting your 30’s is a big milestone for us all. Whilst some of us may have started a family, bought a house, or even started a new career, this decade of our lives has a major financial impact for the coming years. For most folks, our financial responsibilities have likely grown and accommodating expenses and responsibilities with saving money for the future is more challenging than ever.
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 grow and seriously look at our financial circumstances. We have to prioritise commitments, like our children’s education and retirement balance, and take the most suitable steps to acquire a prosperous financial future for you and your loved ones. Life can definitely get more complex in your 30’s, however by focusing on a couple of vital aspects of your finances, your money doesn’t have to be nearly as complicated.
By making slight lifestyle changes, you can significantly enhance your financial circumstance now and in the years to follow, so here are some personal financial goals that everyone in their 30’s should consider.
Expand your emergency fund
Hopefully you set up an emergency fund in 20’s, saving enough funds for several months’ worth of expenditures. This is a terrific goal to attain in your 20’s, but making more money and having increased financial duties in your 30’s means that your emergency fund becomes considerably more 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. Just remember, moving back in with your parents is much more difficult in your 30’s, especially if you’re a parent yourself.
Assess your insurance plans
Usually, people’s circumstances change dramatically in their 30’s. You may have bought a new house, a new car, or have started a family, so it’s necessary that you evaluate your insurance plans so they’re up-to-date. It’s also a wise idea to have a look at income protection and life insurance along with your existing insurance policies. Even when your personal situation hasn’t changed in your 30’s, you should still review your insurance coverage several times a year to ensure you’re receiving the best rates and premiums.
Increase your retirement savings.
Now is the time where you should begin strengthening your retirement contributions, particularly if your employer offers a salary sacrifice plan. Making voluntary super contributions is a wonderful way to grow your nest egg, so if you receive a pay increase, consider using the additional income towards your retirement savings. Along with this, if you start a new job or career, always make sure that use the same super account which will markedly minimise costs and maximise your retirement growth.
Live well below your means.
When you find yourself having more financial commitments, you should evaluate 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 need to trim some expenses like eating in restaurants 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 as opposed to dollar amounts, as this makes it a lot easier to find out 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 difficult to meet mortgage repayments on time or you’re falling deeper into debt, seek financial assistance as soon as possible. Often, the sooner you act, the more choices will be available to you. Many people suffer financially for many 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 turmoil, so if you need any financial support, talk to Bankruptcy Experts Gold Coast on 1300 879 867, or visit our website for further information: www.bankruptcyexpertsgoldcoast.com.au