|March 30, 2018||0|
There’s no question that reaching your 30’s is a significant landmark for us all. Whilst some of us may have bought their first home, started a career, or even a family, this decade of our lives has a serious financial impact for the coming years. For most folks, our financial responsibilities have more than likely grown and juggling expenses and responsibilities with saving money for the future is harder than ever.
A lot 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 mature and seriously consider our financial position. We have to prioritise commitments, such as our children’s education and retirement savings, and take the most suitable steps to obtain a promising financial future for you and your loved ones. Life can most certainly get more complex in your 30’s, however by prioritising a couple of key aspects of your finances, your money doesn’t have to be nearly as complicated.
By making slight lifestyle adjustments, you can considerably boost your financial situation now and in the years to follow, so here are some personal financial goals that everybody in their 30’s should take into consideration.
Increase your emergency fund
Ideally you created an emergency fund in 20’s, saving enough cash for several months’ worth of costs. This is a terrific goal to reach in your 20’s, but making more money and having increased financial obligations in your 30’s means that your emergency fund becomes considerably more important. Finance specialists recommend that people in their 30’s should have at least 6 to 12 months of living expenses saved in their emergency fund. Always remember, moving back in with your parents is much more problematic in your 30’s, especially if you’re a parent yourself.
Review your insurance plans
Often, people’s circumstances change significantly in their 30’s. You may have bought a new house, a new car, or have started a family, so it’s imperative that you examine your insurance policies so they’re up-to-date. It’s likewise a practical idea to take a look at income protection and life insurance together with your current insurance plans. Even if your personal situation hasn’t changed in your 30’s, you should still examine your insurance plans several times a year to be sure you’re getting the best rates and premiums.
Develop your retirement savings.
Now is the time where you should begin growing your retirement contributions, specifically if your workplace features a salary sacrifice plan. Making voluntary super contributions is a terrific way to grow your nest egg, so if you receive a pay increase, consider using the additional income towards your retirement savings. In addition to this, if you start a new job or career, always make sure that use the same super account which will significantly decrease fees and maximise your retirement growth.
Live well below your means.
When you find yourself having more financial responsibilities, you should examine your budget and make sure you’re living well below your means. The key to boosting your wealth is to increase the gap between what you earn and what you spend. You’ll probably have to reduce some expenses such as eating out or cable TV subscriptions, but the more money you save, the faster you’ll achieve your financial objectives. It’s also recommended to look at percentage of income saved as opposed to dollar amounts, as this makes it much easier to establish which expenses can be lowered 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 immediately. Usually, the sooner you act, the more options will be available to you. Lots of folks 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 choices available for those in financial trouble, so if you require any financial help, speak with Bankruptcy Cassowary Coast on 1300 818 575, or visit our website for further information: http://www.bankruptcy-cassowarycoast.com.au/