There’s no question that hitting your 30’s is a big milestone for everyone. While some of us may have bought a house, started a family, or even begun a new career, this decade of our lives has a major financial impact for your future. For most individuals, our financial obligations have certainly grown and juggling expenses and responsibilities with saving money for the future is tougher than ever.
Many 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 think about our financial circumstances. We have to prioritise commitments, such as our children’s education and retirement balance, and take the most suitable steps to secure a prosperous financial future for you and your family. Life can certainly 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 alterations, you can greatly boost your financial circumstance now and in the decades to come, so here are some personal financial goals that everybody in their 30’s should look at.
Increase your emergency fund
Hopefully you set up an emergency fund in 20’s, saving enough funds for a couple of months’ worth of expenses. This is an excellent goal to attain in your 20’s, but making more money and having increased financial duties in your 30’s signifies that your emergency fund becomes increasingly important. Financial advisors stongly advise that people in their 30’s should have at least 6 to 12 months of living expenditures saved in their emergency fund. Keep in mind, moving back in with your parents is much more complicated in your 30’s, particularly if you’re a parent yourself.
Assess your insurance coverage
Usually, people’s circumstances change substantially 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 examine your insurance plans so they’re up-to-date. It’s additionally a wise idea to take a look at income protection and life insurance coupled with your current insurance policies. Even if your personal circumstances haven’t changed in your 30’s, you should still evaluate your insurance policies a few times a year to make sure you’re receiving the best rates and premiums.
Build your retirement savings.
Now is the time where you should begin growing your retirement contributions, specifically if your employer offers a salary sacrifice plan. Making voluntary super contributions is a great way to grow your nest egg, so if you receive a pay increase, look into using the extra income towards your retirement savings. Alongside this, if you begin a new career or job, always see to it that use the same super account which will significantly decrease 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 improving your wealth is to increase the gap between what you earn and what you spend. You’ll probably have to cut down some expenses such as eating in restaurants or cable television 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 in lieu of dollar amounts, as this makes it a lot easier to identify 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. Often, the sooner you do something about it, the more possibilities 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 options available for those in financial hardship, so if you need any financial aid, call Bankruptcy Experts Kalgoorlie on 1300 795 575, or visit our website for more information: Bankruptcy Kalgoorlie