There’s no question that hitting your 30’s is a considerable milestone for everyone. While 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 many people, our financial obligations have more than likely grown and juggling costs and responsibilities with saving money for the future is harder 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 should grow and genuinely consider our financial situation. We need to prioritise commitments, like our children’s education and retirement account, and take the most appropriate steps to achieve a prosperous financial future for you and your family. Life can undeniably get more complicated in your 30’s, however by focusing on a number of crucial aspects of your finances, your money doesn’t have to be nearly as complicated.
By making minor lifestyle changes, you can greatly enhance your financial situation now and in the decades to follow, so here are some personal financial goals that everybody in their 30’s should contemplate.
Extend your emergency fund
Ideally you established an emergency fund in 20’s, saving enough funds for several months’ worth of expenses. This is a superb goal to obtain in your 20’s, but making more money and having increased financial responsibilities in your 30’s signifies that your emergency fund becomes considerably more important. Finance specialists recommend that folks in their 30’s should have at least 6 to 12 months of living expenditures saved in their emergency fund. Bear in mind, moving back in with your parents is much more difficult in your 30’s, especially if you’re a parent yourself.
Examine your insurance coverage
Usually, people’s circumstances change dramatically in their 30’s. You may have purchased your first house, a new vehicle, or have started a family, so it’s vital that you review your insurance plans so they’re up-to-date. It’s likewise a clever idea to take a look at income protection and life insurance in conjunction with your current insurance policies. Even when your personal situation hasn’t changed in your 30’s, you should still examine your insurance coverage several times a year to make sure you’re getting the best rates and premiums.
Strengthen your retirement savings.
Now is the time where you should begin strengthening your retirement contributions, especially if your employer features a salary sacrifice plan. Making voluntary super contributions is a superb way to grow your nest egg, so if you receive a pay increase, look into using the additional income towards your retirement savings. As well as this, if you begin a new career or job, always see to it that use the same super account which will significantly minimise costs and maximise your retirement growth.
Live well below your means.
When you find yourself having more financial obligations, you should evaluate your budget and make sure you’re living well below your means. The secret to enhancing your wealth is to increase the gap between what you earn and what you spend. You’ll most likely have to decrease some expenses such as eating in restaurants or cable television 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 as opposed to dollar amounts, as this makes it much easier to ascertain 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 a challenge to make mortgage repayments on time or you’re slipping deeper into debt, seek financial assistance as soon as possible. Normally, the sooner you take action, the more options will be available to you. Lots of people 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 assistance, phone Bankruptcy Experts Gosford on 1300 795 575, or visit our website for further information: www.bankruptcyexpertsgosford.com.au