There’s no question that reaching your 30’s is a big landmark for everyone. Whilst some of us may have started a family, a new career, or perhaps bought their first home, this decade of our lives has a critical financial impact for your future years. For most people, our financial responsibilities have likely grown and juggling costs and responsibilities with saving money for the future is more difficult than ever.
The majority 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 need to mature and genuinely look into our financial circumstances. We need to prioritise commitments, like our children’s education and retirement savings, and take the most suitable steps to achieve a promising financial future for you and your family. Life can surely get more complex in your 30’s, however by concentrating on a number of crucial aspects of your finances, your money doesn’t have to be nearly as complicated.
By making small lifestyle adjustments, you can considerably boost your financial circumstance now and in the years to follow, so here are some personal financial goals that everyone in their 30’s should think about.
Grow your emergency fund
Ideally you set up an emergency fund in 20’s, saving enough funds for several months’ worth of costs. This is a superb goal to obtain in your 20’s, but earning more money and having increased financial obligations in your 30’s means that your emergency fund becomes significantly more important. Finance specialists strongly recommend that individuals in their 30’s should have at least six to 12 months of living costs saved in their emergency fund. Keep in mind, moving back in with your parents is much more difficult in your 30’s, especially if you’re a parent yourself.
Evaluate your insurance policies
Frequently, people’s circumstances change significantly in their 30’s. You may have purchased your first house, a new vehicle, or have started a family, so it’s very important that you evaluate your insurance plans so they’re up-to-date. It’s likewise a wise idea to take a look at income protection and life insurance along with your existing insurance policies. Even if your personal circumstances haven’t changed in your 30’s, you should nonetheless evaluate your insurance coverage a few times a year to be sure you’re receiving the best rates and premiums.
Develop your retirement savings.
Now is the time where you should start boosting your retirement contributions, specifically if your employer features a salary sacrifice plan. Making voluntary super contributions is an effective way to grow your nest egg, so if you receive a pay rise, consider using the additional income towards your retirement savings. As well as this, if you start a new career or job, always make certain that use the same super account which will substantially 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 key to improving your wealth is to expand the gap between what you earn and what you spend. You’ll most likely need to decrease some expenses like eating in restaurants or cable TV subscriptions, but the more money you save, the quicker you’ll reach your financial objectives. It’s also advisable to look at percentage of income saved rather than dollar amounts, as this makes it much easier to determine which expenses can be decreased to ensure you’re always saving more than you earn.
Seek financial help sooner rather than later.
If you’re finding it hard to meet mortgage repayments on time or you’re plunging deeper into debt, seek financial assistance immediately. Typically, the sooner you act, the more options will be available to you. Many people 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 turmoil, so if you require any financial assistance, get in touch with Bankruptcy Experts Darwin on 1300 795 575, or visit our website for further information: Bankrupt Darwin